MIRA
INFORM REPORT
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Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
NAVJIVAN MOTORS PRIVATE LIMITED |
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Registered Office : |
Shiv Ashish Society South Zone, Office Road, Devchand Nagar, Surat –
395 001, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.03.2003 |
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Com. Reg. No.: |
04-42117 |
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CIN No.: [Company
Identification No.] |
U50103GJ2003PTC042117 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTN00946B |
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PAN No.: [Permanent
Account No.] |
AABCN7197D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer of Hyundai Motors India Limited |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 84000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Shailesh Patel |
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Designation : |
Administrator in Accounts |
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Contact No.: |
91-9376824000 |
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Date : |
14.07.2008 |
LOCATIONS
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Registered Office : |
Nr. SMC Udhna, Shiv Ashish Society South Zone, Office Road, Devchand Nagar,
Surat – 395 001, Gujarat, India |
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Tel. No.: |
91-261-3206001 / 3206007/ 2631000 / 2632000 / 2633000 / 2634000 |
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Fax No.: |
91- 261-2631010 |
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E-Mail : |
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Website : |
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Area : |
15000 Sq.fts |
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Location : |
Owned |
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Corporate Office : |
Opposite Gitanjali Patrol Pump, Near Police Station,
Varachha Road, Surat. Gujarat, India |
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Tel. No.: |
91-261- 3222723 / 2548777 / 2558777 / 2559777 / 2569777 |
DIRECTORS
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Name : |
Mr. Dipakkumar Jashwantlal Gajjar |
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Designation : |
Director |
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Address : |
18 Kadampalli Society, Timaliwad, Nanpura, Surat – 395 001, Gujarat,
India |
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Date of Birth/Age : |
05.04.1962 |
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Date of Appointment : |
11.03.2003 |
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Name : |
Mr. Hitendra Kumar Jashwantlal Gajjar |
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Designation : |
Director |
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Address : |
18 Kadampalli Society, Timaliwad, Nanpura, Surat – 395 001, Gujarat,
India |
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Date of Birth/Age : |
25.01.1959 |
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Date of Appointment : |
11.03.2003 |
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Name : |
Mr. Jashwantlal Durlabhram Gajjar |
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Designation : |
Director |
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Address : |
18 Kadampalli Society, Timaliwad, Nanpura, Surat – 395 001, Gujarat,
India |
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Date of Appointment : |
11.03.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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Mr. Dipakkumar J Gajjar |
23000 |
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Mr. Jashvantlal D Gajjar |
4000 |
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Mr. Hitendra Kumar J Gajjar |
23000 |
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Others |
600 |
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Total
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50600 |
Equity Share Breakup (Percentage of Total Equity):- [As on 31.03.2007]
:-
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Hyundai Motors India Limited |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
· ICICI Bank · HDFC Bank · The Sarvodaya Sahakari Bank Limited, “Shrinidhi”, Khand Bazar, Surat– 395 003, Varachha Road, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
DSI and Company Chartered Accountants |
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Address : |
G -32-33, Corner Point Complex, City Light Petrol, Pump Lane, City
Light, Surat – 395 007, Gujarat, India |
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Name 2 : |
Gaurang P Vekaria and Company Chartered Accountants |
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Address : |
101/102, Tulasi Arcade, Opposite Gabani Hospital, Lal Darwaja Road,
Surat – 395 003, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50600 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.506
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.506 |
0.506 |
0.506 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.171 |
9.430 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.677 |
9.936 |
0.506 |
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LOAN FUNDS |
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1] Secured Loans |
126.297 |
86.351 |
113.453 |
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2] Unsecured Loans |
5.143 |
3.506 |
0.934 |
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TOTAL BORROWING |
131.440 |
89.857 |
114.387 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.209 |
0.298 |
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PROFIT & LOSS ACCOUNT |
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4.375 |
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TOTAL |
148.117 |
100.002 |
119.566 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.871 |
15.684 |
9.694 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.750 |
0.018 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.018 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
108.353
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56.858 |
75.493 |
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Sundry Debtors |
13.628
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27.972 |
69.464 |
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Cash & Bank Balances |
13.199
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5.810 |
3.900 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
22.195
|
13.535 |
2.303 |
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Total
Current Assets |
157.375
|
104.175 |
151.160 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.126
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16.712 |
16.514 |
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Provisions |
4.771
|
3.184 |
24.816 |
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Total
Current Liabilities |
23.897
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19.896 |
41.330 |
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Net Current Assets |
133.478
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84.279 |
109.830 |
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MISCELLANEOUS EXPENSES |
0.018 |
0.021 |
0.024 |
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TOTAL |
148.117 |
100.002 |
119.566 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.31
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11.04 |
307.74 |
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Current Ratio (Current Asset/Current Liability) |
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6.59
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5.24 |
3.66 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the company
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NAVJIVAN MOTORS PRIVATE LIMITED |
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Presented By |
Mr. Dipak Kumar J Gajjar |
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1) Date and description of instrument creating the change |
02.07.2003. Hypothecation
of Plant and Machinery |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.200
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 |
All tangible
movable plant and machinery (both present and future) whether installed or
not anywhere lying loose or in case at site or in transit or which may at nay
time during the installed or lying loose or in cases or being in or upon or about borrowers premises society, near
south zone office, Udhna Magdalla Road, Udhna, Surat. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 15%
p.a |
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5) Name and Address and description of the person entitled to the charge. |
The Sarvodaya
Sahakari Bank Limited, “Shrinidhi”, Khand Bazar, Varachha Road, Surat ,
Gujarat, India |
NOTES:
· Subject also has two showrooms in Surat
WEBSITE DETAILS:-
Subject was began as a Hyundai Authorised Service Center in October 10th
2000 in Surat.
In July 13th 2003 they
awarded Hyundai Dealership to serve the existing and future Hyundaians of
Surat.
BRIEF HISTORY
Subject is a private limited company incorporate under companies Act,
1956. The company is a dealer of Hyundai Motors India Limited. The company was
incorporated on 11th of March in the year 2003. Till date the company has
extender its ramifications and penetrated in its workings to the fullest extent
and has achieved a good related diversification in the automobile industry. The
company is formed under the directorship of Mr. Jashwantlal D. Gajjar, Mr.
Hitendrakumar J. Gajjar and Mr. Dipakkumar J. Gajjar.ISO 9001 : 2000
CERTIFICATION Adding to its achievement, it has achieved an ISO 9001 : 2000
CERTIFICATION on 15th of November, 2004 and has maintained its quality in sales
and service through out till the date.
MANAGEMENT TEAM
Mr. Dipakkumar J Gajjar Since last 15 years, he is looking after the
trading and marketing of Textile Machinery parts in the name of M/s Navjivan
Traders, which has a turn over of around 3.000 millions. Since last 3 years he
is also looking after the yarn division in name of M/s. New Tech industries,
turnover of which is around 16.300 millions Along with he also monitors Hyundai
Authorised Service Center, of which turn over is about 25.000 millions.
Mr. Hitendra J Gajjar Since last 15 years he is looking after the
engineering unit of Textile Machinery and machinery parts in the name of M/s.
Navratna Industries. The last year turnover of which was above 10.000 millions.
He is also looking after yarn division in the name of M/s. Navjivan yarn the
turnover of which is around 7.500 millions. Additional to this he is looking
after trading and marketing of engineering items in the firm name M/s. Navjivan
Engineers the turnover of which is 5.000 millions. Since last 3 years he is
controlling the processing unit.
Mr. Jashwantlal D Gajjar - Basically he is a marketing personnel and
worked for the Northern India Rubbers Mills Private Limited, Chandigadh as an
Area Manager for 32 Years and during his service he has shown remarkable result
in sales and administration field. Presently he is actively looking after
administration side of all the sister concern of Navjivan Group.
OTHER BUSINESS PROFILES –
M/S. New Tech Industries It is a partnership firm established in year 2000
by the members of Gajjar family with the object of processing and selling of
yarn. The yarn is processed in TFO, Twisting machines and sells them in the
market. Surat is known as silk city, having lacs of loom machines using yarn as
a raw material.
M/S. Navratna Industries The said firm was established in 1989 and engaged
in the business of manufacturing of Textile machines (Dyeing and Processing
Mills). The firm is also doing repairing and servicing of machineries sold and
also modification and up gradation of textile machines as per the requirement
of the customers.
M/S. Navjivan Traders It is a proprietary concern established in 1980 by
Smt. Chandanben J. Gajjar and under the firms name activity of trading of
textile machinery parts is undertaken since last 22 years.
NAVJIVAN YARNS
Navjivan Engineers Achievements -
TARGETS - The company has almost achieved all the targets given by Hyundai
Motors India Limited since its inception of dealership.
ISO 9001 : 2000 CERTIFICATION - Adding to its achievement, it has achieved an
ISO 9001 : 2000 CERTIFICATION on 15th of November, 2004 and has maintained its
quality in sales and service through out till the date. -
Record Breaking Sale Of Sonata - Under a scheme for Sonata car the company
achieved a thrilling record figure of 76 Sonata car sold between 3 to 5
December 2004 which stands as a record for a single Hyundai agency in the
entire Gujarat region. -
Automation Of Workshop -The company has a fully automated workshop which has
around 12 bays. The daily traffic is around 50 cars. The workshop employs about
70 employees who are allotted the work according to their respective skills. -
Varachha Branch - The company has its branch at Varachha and also
has an authorized service station along with it. The same is located in the
most beneficial and central area of the city which adds to the profitability of
the business.
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.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
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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 |
|
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 |
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