MIRA
INFORM REPORT
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Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
NAV BHARAT METALIC OXIDE INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
308/309 Konark Shram 156, Tardeo Road, Tardeo, Mumbai – 400 034,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.05.1983 |
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Com. Reg. No.: |
11-30102 |
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CIN No.: [Company
Identification No.] |
U13200MH1983PTC030102 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN10124C |
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PAN No.: [Permanent
Account No.] |
AAACN3472G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Zinc Oxide |
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 391895 |
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Status : |
Satisfactory |
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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. Pawar |
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Designation : |
Account Manager |
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Date : |
19.07.2008 |
LOCATIONS
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Registered Office : |
308/309 Konark Shram 156, Tardeo Road, Tardeo, Mumbai – 400 034,
Maharashtra, India |
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Tel. No.: |
91-22-22850219/23524770/23524771/23524772 |
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Fax No.: |
91-22-23524773 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft. |
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Location : |
Rented |
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Factory : |
Plot No. W 6, 7, 8 and 9, Survey No. 482, Near Check Post,
Village Dabhel, Daman, Union Territory – 396 210, India |
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Area : |
12000 Sq. ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Vinod B. Agarwal |
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Designation : |
Director |
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Address : |
8, Sudhakar, 26, Narayan Dhabholkar Road, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth/Age : |
28.02.1952 |
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Qualification : |
B.Com |
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Date of Appointment : |
01.01.1991 |
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Name : |
Mr. Satish C. Agarwal |
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Designation : |
Director |
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Address : |
401-A, Sagar, Swapna Nagari, Bal Rajeshwar Road, Mulund (W), Mumbai – 400
080, Maharashtra, India |
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Date of Birth/Age : |
04.07.1949 |
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Date of Appointment : |
07.06.1993 |
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Name : |
Mr. Dhaval S. Joshi |
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Designation : |
Director |
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Address : |
Gala Nagar, Nahur Road, Mulund (W), Mumbai – 400 080, Maharashtra,
India |
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Date of Birth/Age : |
11.10.1975 |
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Date of Appointment : |
19.11.2001 |
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Name : |
Mr. Ankit V. Agarwal |
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Designation : |
Director |
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Address : |
8, Sudhakar, 26, Narayan Dhabholkar Road, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth/Age : |
11.06.1976 |
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Qualification : |
M.Com. |
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Date of Appointment : |
03.01.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2005)
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Names of Shareholders |
No. of Shares |
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Vinod B. Agarwal |
108850 |
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Usha V. Agarwal |
138320 |
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M/S Dataquest Electronics Private Limited |
138110 |
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Ankit V. Agarwal |
133130 |
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Vinod B. Agarwal – HUF |
133070 |
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Rashi V. Agarwal |
133080 |
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Kumpal V. Agarwal |
133070 |
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Dhaval S. Joshi |
112140 |
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M/S Harod Investments Private Limited |
105840 |
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K. C. Kasam |
60 |
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M/S Ankit Agarwal HUF |
25510 |
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M/S Nisha Kedia |
10 |
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Manohar Narwekar |
10 |
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M/S Agarwal Brothers |
10 |
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Arti Poddar |
10 |
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Uday Kumar Poddar |
70 |
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M/S Swastik Dyechem |
10 |
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Ravindra Kumar Agarwal |
10 |
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Arvind Pathare |
70 |
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Avni A. Agarwal |
140 |
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Dhaval S. Joshi HUF |
63070 |
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Slugs India Limited |
175280 |
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Shankutala Shah |
10 |
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Meena Makwana |
10 |
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Aditya Poddar |
10 |
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Adishree Poddar |
10 |
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Rameshchandra Agarwal HUF |
10 |
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Sushila Agarwal |
10 |
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Manish Agarwal |
10 |
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Rajesh Kumar Jain HUF |
10 |
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Rima Agarwal |
10 |
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S. Kedia |
10 |
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Namrata Agarwal |
10 |
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Kanhaiya Kulkarni |
10 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Bodies corporate |
19.95 |
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Directors or relative of directors |
67.52 |
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Other top fifty (50) shareholders |
12.53 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Zinc Oxide |
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Products : |
Specifications
GRADE NB-02 Specifications
GRADE NB-03 Specifications
GRADE NB-04 Specifications
GRADE NB-05 (Feed Grade) Specifications
GRADE NB-06 Specifications
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Terms : |
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Selling : |
Cash and Credit (30 days - 60 days - 90 days) – depends upon customers |
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Purchasing : |
Credit (30 days) |
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GENERAL INFORMATION
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Customers : |
v OEM’s |
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No. of Employees : |
Total : 125 (Office : 25 Factory : 100) |
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Bankers : |
v Union Bank of
India Bhat Bazar Branch, Anant Deep Chambers, 273/277, Narsi Natha Street,
Mumbai – 400 009, Maharashtra, India |
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Facilities : |
CC Limit – 100.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
J. Kotwal and Company Chartered Accountants Address : 14, Ambalal Doshi
Marg, Rajabhadur Mansion, Fort, Mumbai – 400 023, Maharashtra, India ·
Samria and Company Chartered Accountants Address : Marine Lines |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1400000 |
Equity Shares |
Rs.10/- each |
Rs. 14.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
14.000 |
14.000 |
14.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
64.379 |
42.638 |
33.364 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
78.379 |
56.638 |
47.364 |
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LOAN FUNDS |
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1] Secured Loans |
83.209 |
115.436 |
110.092 |
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2] Unsecured Loans |
5.703 |
11.676 |
20.955 |
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TOTAL BORROWING |
88.912 |
127.112 |
131.047 |
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DEFERRED TAX LIABILITIES |
6.186 |
3.743 |
1.979 |
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TOTAL |
173.477 |
187.493 |
180.390 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.251 |
30.784 |
34.632 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.606 |
0.606 |
0.432 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
47.550
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82.153 |
74.006 |
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Sundry Debtors |
96.519
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80.960 |
97.740 |
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Cash & Bank Balances |
9.044
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9.425 |
13.377 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
14.180
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13.590 |
16.360 |
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Total
Current Assets |
167.293
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186.128 |
201.483 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
23.834
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23.649 |
52.904 |
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Provisions |
7.839
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6.376 |
3.253 |
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Total
Current Liabilities |
31.673
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30.025 |
56.157 |
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Net Current Assets |
135.620
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156.103 |
145.326 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
173.477 |
187.493 |
180.390 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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635.737 |
377.562 |
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Total Income |
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635.737 |
377.562 |
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Profit/(Loss) Before Tax |
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18.199 |
13.858 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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18.199 |
13.858 |
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Earnings in Foreign Currency : |
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Export Earnings |
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6.459 |
NA |
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Total Earnings |
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6.459 |
NA |
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Expenditures : |
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Interest |
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19.462 |
14.827 |
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Depreciation & Amortization |
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4.341 |
4.653 |
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Other Expenditure |
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593.735 |
344.224 |
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Total Expenditure |
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617.538 |
363.704 |
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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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PAT / Total Income |
(%) |
2.86 |
3.67 |
--
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Net Profit Margin (PBT/Sales) |
(%) |
2.86 |
3.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.86 |
3.67 |
--
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
0.24 |
--
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Debt Equity Ratio (Total Liability/Networth) |
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0.40 |
0.53 |
1.18
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Current Ratio (Current Asset/Current Liability) |
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5.28 |
6.20 |
3.59
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LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
MRF Tyres – Madras
·
Ceat Limited – Mumbai
·
Alpro International – Pune
Form 8
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Corporate identity
number of the company |
U13200MH1983PTC030102 |
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Name of the
company |
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Address of the
registered office or of the principal place of business in India of the company |
308/309 Konark Shram 156, Tardeo Road, Tardeo, Mumbai – 400 034,
Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Union Bank of India Bhat Bazar Branch, Anant Deep Chambers, 273/277, Narsi Natha Street,
Mumbai – 400 009, Maharashtra, India |
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Nature of
instrument creating charge |
Supplementary
Agreement to Hypothecation Agreement of Goods and Debts |
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Date of instrument
Creating the charge |
22.03.2007 |
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Amount secured by
the charge |
Rs.95.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 13.25% per annum with monthly rests ·
Terms of repayment On Demand ·
Margin As per sanction terms ·
Extent and
operation of the charge To secure Cash Credit (Hypothecation) against Stocks and Book-Debts
facility of Rs.95.000 millions granted by the Bank to the Company. |
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Particulars of the
property charged |
The Hypothecated
Goods Book-Debts and Movable Property covered by the Principal Hypothecation
Agreement shall continue to be security for the enhanced Cash Credit
(Hypothecation) (Stocks and Book-Debts) facility of Rs.95.000 millions granted
by the Bank to the Company. |
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Particulars of
the present modification |
Vide this
modification an additional sum of Rs.17.500 millions has been granted by the
Bank thereby enhancing Cash Credit (Hypothecation) against Stocks and
Book-Debts facility from Rs.77.500 millions to Rs.95.000 millions and The
Hypothecated Goods Book-Debts and Movable Property covered by the Principal
Hypothecation Agreement shall continue to be security for the enhanced Cash
Credit (Hypothecation) (Stocks and Book-Debts) facility of Rs.95.000 millions
Modification dated 24.02.2004 was registered on 30.03.2004. |
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 :
The 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.
The 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. 42.33 |
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UK Pound |
1 |
Rs. 84.32 |
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Euro |
1 |
Rs. 66.75 |
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 |
YES |
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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
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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. |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
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