MIRA INFORM REPORT

 

 

 

Report Date :

22.02.2008

 

IDENTIFICATION DETAILS

 

Name :

NORTH GUJARAT SAT ISABGUL INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

R S No. 1361, 3rd Floor, State Highway (North Gujarat), Unjha - 384170, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

17.04.1976

 

 

Com. Reg. No.:

04-2894

 

 

CIN No.:

[Company Identification No.]

U01135GJ1976PTC002894

 

 

IEC No.:

0888024967

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMN01860F

 

 

PAN No.:

[Permanent Account No.]

AAACN5173E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing, Supplying and Exporting of Supreme Psyllium Products and accessories such as Psyllium Husk, Psyllium powder, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 82000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track records. Directors are reported as experience and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

The company has not filed any financials with the Government Departments. We spoke to Mr. Himanshu Patel, who parted some general information, but refused to part with latest financials.

 

LOCATIONS

 

Registered Office/ Factory/ Godowns :

R. S. No. 1361, 3rd Floor, State Highway (North Gujarat), Unjha - 384170, Gujarat, India.

Tel. No.:

91-2767-253602

Mobile No.:

91-9824387785/ 9825031099

Fax No.:

91-2767-252404

E-Mail :

northgujarat@hotmail.com

ngsi@d2visp.com

Website :

http://www.northgujarat.com

Area :

1100000 sq. ft. (per floor)

Location :

Owned

 

DIRECTORS

 

Name :

Mr. Patel Narendrakumar Kanjibhai

Designation :

Director

Address :

K. L. House, Ganesh Park, Ambapura, Unjha – 384170, Gujarat, India.

Date of Birth/Age :

05.09.1954

Date of Appointment :

17.04.1976

 

 

Name :

Mr. Patel Kiritkumar Gangaram

Designation :

Director

Address :

4, Mahavir Bunglows, At. Unjha, Mehsana – 384170, Gujarat, India.

Date of Birth/Age :

17.07.1951

Date of Appointment :

17.04.1976

 

 

Name :

Mr. Patel Dhanjibhai Gangaram

Designation :

Director

Address :

Divya Colony, Taluka Unjha, Mehsana – 384170, Gujarat, India.

Date of Birth/Age :

30.10.1940

Date of Appointment :

17.04.1976

 

 

Name :

Mr. Patel Navinchandra Kanjibhai

Designation :

Director

Address :

12, Bharat Colony, Nr. Sardar Patel Colony, Ahmedabad – 380 014, Gujarat, India.

Date of Birth/Age :

18.10.1944

Date of Appointment :

01.02.1978

 

 

Name :

Mr. Harshadray Natwarlal Raval

Designation :

Director

 

 

Name :

Mr. Kanjibhai Lalludas Patel

Designation :

Director

 

 

Name :

Mr. Himanshu Narendra Patel

Designation :

Additional Director

Address :

Nr. G.L.Patel High School, At. Unjha, Mehsana – 384 170, Gujarat, India.

Date of Birth/Age :

01.02.1980

Date of Appointment :

15.06.2006

 

 

Name :

Mr. Mihir Narendra Patel

Designation :

Director

Address :

K. L. House, Ganesh Park, Ambapura, Unjha – 384170, Gujarat, India.

Date of Birth/Age :

28 Years

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Narendrakumar Kanjibhai Patel

 

3500

Padmaben Narendra Patel

 

2600

Himanshu Narendra Patel

 

1650

 

 

 

Total

 

7750

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Supplying and Exporting of Supreme Psyllium Products and accessories such as Psyllium Husk, Psyllium powder, etc.

 

 

Products :
  • Psyllium Husk
  • Psyllium Powder
  • Industrial Powder
  • Cattle Feed

 

 

Exports :

 

Products :

All Products

Countries :
  • USA
  • European Nations
  • Middle East
  • Korea
  • Japan
  • Australia
  • Middle East
  • Europe
  • USA

 

 

Terms :

 

Selling :

L/C and Cash

 

PRODUCTION STATUS

 

Particulars

Unit

Actual Production

 

 

 

Psyllium Husk, Psyllium Powder, Industrial Powder and Cattle Feed

M.T Monthly

450-500

 

 

GENERAL INFORMATION

 

Customers :
  • Wholesaler
  • Retailer
  • Manufacturer

 

 

No. of Employees :

Around 50

 

 

Bankers :
  • Dena Bank

Unjha Station Road, Unjha, Gujarat, India

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

N Shah and Company

Chartered Accountant

Address :

Unjha

 

 

Memberships :
  • Pharmexil
  • Export Promotion Council

 

 

Associates/Subsidiaries :

Patel Kanjibhai Lalludas

Address : State Highway (North Gujarat), Unjha - 384170, Gujarat, India

Activities : Trading and Commission

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.100/- each

Rs.1.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.100/- each

Rs.1.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

200.000

180.000

 

 

 

 

 

Expected Sales (2007-08): Rs.250.000 Millions

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Reference:

 

 

 

 

 

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 exist 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.40.07

UK Pound

1

Rs.77.98

Euro

1

Rs.59.02

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

47

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

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

 

 

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