. Summary Information
|
Company Name |
BHARAT NAVIGATION PRIVATE LIMITED |
Principal Name 1 |
Mr. Ravjeet |
|
Status |
New Company |
Principal Name 2 |
-- |
|
Street Address |
Gut No. 1231, Mohitewadi, Shel –
Pimpalgaon, Tal – Khed, Pune – 410 505, Maharashtra, India |
||
|
Established Date |
07.11.2006 |
SIC Code |
-- |
|
Telephone# |
91-9767893324 / 91-9860090001 |
Business Style 1 |
Manufacturer |
|
Fax # |
-- |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Automatic Navigation
System |
|
|
# of employees |
20 |
Product Name 2 |
-- |
|
Paid up capital |
-- |
Product Name 3 |
-- |
|
Shareholders |
-- |
Banking |
Bank of Maharashtra HSBC Bank |
|
Public Limited Corp. |
NO |
Business Period |
2 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public Enterprise |
NO |
Rating |
Ca |
|
Related Company |
|||
|
Relation (Associates) |
Country India |
Company Name |
Satnav Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
-- |
Current Liabilities |
-- |
|
Inventories |
-- |
Long-term Liabilities |
-- |
|
Fixed Assets |
-- |
Other Liabilities |
-- |
|
Deferred Assets |
-- |
Total Liabilities |
-- |
|
Invest& other Assets |
-- |
Retained Earnings |
-- |
|
|
|
Net Worth |
-- |
|
Total Assets |
-- |
Total Liab. & Equity |
-- |
|
Total Assets (Previous Year) |
-- |
|
|
|
P/L Statement as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Sales |
-- |
Net Profit |
-- |
|
Sales(Previous yr) |
-- |
Net Profit(Prev.yr) |
-- |
MIRA
INFORM REPORT
|
Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHARAT NAVIGATION PRIVATE LIMITED |
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Formerly Known As: |
Delta International Private Limited |
|
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Registered Office : |
Gut No.2131, Mohitewadi Shel – Pimpalgaon, Talkhed, Pune – 410 505,
Maharashtra. |
|
|
|
|
Country : |
India |
|
|
|
|
Com. Reg. No.: |
129192 |
|
|
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|
CIN No.: [Company
Identification No.] |
U18101PN2006PTC129192 |
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Date of Incorporation : |
07.11.2006 |
|
|
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Manufacturer of Automatic Navigation System. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
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|
Litigation : |
Clear |
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Comments : |
Subject is two years old company and yet to file its first financials with
the Government departments. The management parted general details but declined to part with
financials. No further details could be made available. The company can be considered for business dealings with slight
caution, initially. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ravjeet |
|
Designation : |
Chief Executive Oficer |
|
Contact No.: |
91-9922930001 |
|
Date : |
17.12.2008 |
LOCATIONS
|
Registered Office/Factory : |
Gut No. 1231, Mohitewadi, Shel – Pimpalgaon, Tal – Khed, Pune – 410
505, Maharashtra, India. |
|
Mobile. No.: |
91-9767893324 / 91-9860090001 (Mr. Summit ) |
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E-Mail : |
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Website : |
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Area : |
5000 Sq.ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
1 to 5, SP Height, Above Sony World, Next to Bank of Maharashtra, Pune
– 410 504, India. |
DIRECTORS
|
Name : |
Mr. Prabhakar Salunke |
|
Designation : |
Director |
|
Address : |
S. No. 86/1/2, Siddheshwar Park, R House, A-1, Pimple Gurav, Pune –
411 027, Maharashtra, India. |
|
Date of Birth/Age : |
08.11.1961 |
|
Qualification : |
Undergraduate |
|
Din No : |
00409798 |
|
Date of Appointment : |
07.11.2006 |
|
|
|
|
Name : |
Mr. Umesh Changude |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Summit Salunke |
|
Designation : |
Director |
|
Qualification : |
MBA |
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E-Mail: |
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|
Name : |
Mr. Vijay Dhawangle |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ravjeet |
|
Designation : |
Chief Executive Oficer |
|
Mobile No : |
91-9922930001 |
|
E-Mail: |
ravjeetnagi@gmail.com |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As On (30.06.2008)
|
Names of Allottee |
No. of Shares |
|
Mr.Anand Vitthal Hule (Jointly with) Mrs. Vandana Anand Hule |
10000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automatic Navigation System. |
|
|
|
|
Imports : |
|
|
Countries : |
Korea |
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Terms : |
|
|
Selling : |
On Cash |
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Purchasing : |
On L/C |
GENERAL
INFORMATION
|
Customers : |
Distributor |
|
|
|
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No. of Employees : |
Around 20 |
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|
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Bankers : |
|
|
|
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Facilities : |
-- |
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Banking
Relations : |
-- |
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|
|
|
Associates/Subsidiaries : |
Delta Works Ware Register off add Activity: Manufacturer of Shoes and Garments. |
They are Joint Ventured with J Com (Korea
based company)
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- Each |
Rs.5.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs. 10/- Each |
Rs.0.200 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
Expected Sales (2008-09) : Rs.3000.000 millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Satnav Limited – Chennai
- Mahindra Automotive
AS PER WEBSITE:
Bharat
Navigation, Korean co set up plant in Chakan
Pune,
November. 25 The first navigation system plant has been set up by
Pune-based Bharat Navigation Private
Limited and the Korea-based J Communication Company Limited.
The plant is located at
Mohitewadi in Chakan and is a 50:50 joint venture. The venture would be known
as Bharat Navigation Private Limited and would deliver GPS equipment comprising
video and audio players along with picture viewer and GPS tracking unit.
Mr Sumeet Salunkhe,
Managing Director, Bharat Navigation Private Limited talking to Business
Line said the company would initially deliver 3.5, 4.3 and 7 inch car
navigation products.
He said the production
capacity of the unit is a maximum of 900 units on an eight hour shift basis and
a minimum of 50 units. The full capacity utilisation would be reached by March
2009, he said. He said the plant is spread over an acre of land.
He said the company is
looking at sales of one lakh units by March 2010 and of this about 40 per cent
will go for exports. Japan will be the first export market followed by
Thailand, Singapore and other APAC countries. The exports will begin early
2010, he said.
“The growing automobile
market ensures immense potential for GPS equipment in the country. The car
accessories market will also cross Rs 56,000 crore in another three years. We
are trying to explore market opportunities in this segment through our new
venture. The sales target for the first financial year is Rs. 500.000 millions
,” he said.
Mr Salunkhe said by October
2009, the second phase of expansion would be completed, which would be spread over
the next two acres adjoining the current land. The second phase production unit
would look at automotive black box, speed camera, electronic digital meter,
mobile phone manufacturing, security surveillance devices etc. The investment
would be close to $5 million, which would be invested by both the partners.
Mr Salunkhe said initially,
the plant would be bringing in the products of the Korean company and would be
retailing it. “Depending on the Indian customer requirements, the products
would be customised and made available. Even for the second phase, the modus
operandi would be the same,” he said.
J Communications is into
production and supply of global positioning system (GPS) module, bluetooth GPS,
GPS application, and two-way radio systems
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.47.33 |
|
UK Pound |
1 |
Rs.73.92 |
|
Euro |
|
Rs.66.69 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|