MIRA
INFORM REPORT
|
Report Date : |
07.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NORTH GUJARAT SAT
ISABGUL INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
R S No. 1361, 3rd
Floor, State Highway (North Gujarat), Unjha - 384170, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.04.1976 |
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Com. Reg. No.: |
04-2894 |
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CIN No.: [Company
Identification No.] |
U01135GJ1976PTC002894 |
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IEC No.: |
0888024967 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMN01860F |
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PAN No.: [Permanent
Account No.] |
AAACN5173E |
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Legal Form : |
Private Limited Liability
Company |
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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 |
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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 82000 |
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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 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
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Registered Office/ Factory/ Godowns : |
R. S. No. 1361, 3rd
Floor, State Highway (North Gujarat), Unjha - 384170, Gujarat, India. |
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Tel. No.: |
91-2767-253602 /
255851 |
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Mobile No.: |
91-9824387785/
9825031099 |
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Fax No.: |
91-2767-252404 |
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E-Mail : |
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Website : |
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Area : |
1100000 sq. ft. (per
floor) |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Patel
Narendrakumar Kanjibhai |
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Designation : |
Director |
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Address : |
K. L. House,
Ganesh Park, Ambapura, Unjha – 384170, Gujarat, India. |
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Date of Birth/Age : |
05.09.1954 |
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Date of Appointment : |
17.04.1976 |
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Name : |
Mr. Patel
Kiritkumar Gangaram |
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Designation : |
Director |
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Address : |
4, Mahavir
Bunglows, At. Unjha, Mehsana – 384170, Gujarat, India. |
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Date of Birth/Age : |
17.07.1951 |
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Date of Appointment : |
17.04.1976 |
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Name : |
Mr. Patel
Dhanjibhai Gangaram |
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Designation : |
Director |
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Address : |
Divya Colony,
Taluka Unjha, Mehsana – 384170, Gujarat, India. |
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Date of Birth/Age : |
30.10.1940 |
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Date of Appointment : |
17.04.1976 |
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Name : |
Mr. Patel
Navinchandra Kanjibhai |
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Designation : |
Director |
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Address : |
12, Bharat
Colony, Nr. Sardar Patel Colony, Ahmedabad – 380 014, Gujarat, India. |
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Date of Birth/Age : |
18.10.1944 |
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Date of Appointment : |
01.02.1978 |
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Name : |
Mr. Harshadray
Natwarlal Raval |
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Designation : |
Director |
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Name : |
Mr. Kanjibhai
Lalludas Patel |
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Designation : |
Director |
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Name : |
Mr. Himanshu
Narendra Patel |
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Designation : |
Additional
Director |
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Address : |
Nr. G.L.Patel High
School, At. Unjha, Mehsana – 384 170, Gujarat, India. |
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Date of Birth/Age : |
01.02.1980 |
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Date of Appointment : |
15.06.2006 |
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Name : |
Mr. Mihir
Narendra Patel |
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Designation : |
Director |
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Address : |
K. L. House, Ganesh
Park, Ambapura, Unjha – 384170, Gujarat, India. |
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Date of Birth/Age : |
28 Years |
KEY EXECUTIVES
|
Name : |
Kashyap Vyas and Associates |
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Designation : |
Company Secretary |
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Address : |
10, Mantan Apartment, Pushpakunj Society, Kankaria Road, Ahmedabad
380028 |
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Tel. No. : |
91-79-25432171 |
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Mobile No.: |
91-9879006218 |
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E-mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Narendra Kumar Patel |
3500 |
35.00 |
|
Padmaben Patel |
2600 |
26.00 |
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Krupaben Patel |
850 |
8.50 |
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Mihir Patel |
1400 |
14.00 |
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Himanshu Patel |
1650 |
16.50 |
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Total |
10000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Supplying and Exporting of
Supreme Psyllium Products and accessories such as Psyllium Husk, Psyllium powder,
etc. |
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Products : |
Ř Psyllium Husk Ř Psyllium Powder Ř Industrial
Powder Ř Cattle Feed Ř Psyllium Seeds Ř Industrial
Khakha Powder Ř Organic Psyllium Ř Psyllium Husk
making machine |
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Exports : |
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Products : |
All Products |
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Countries : |
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Terms : |
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Selling : |
On Irrevocable LC, DP Basis |
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Purchasing : |
On CAD and Credit Basis |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
|
Sat Isabgol |
Meters |
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|
900 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 50 |
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Bankers : |
Unjha Station
Road, Unjha, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. Shah and
Associates Chartered
Accountant |
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Address : |
C/H2, Second floor, Mahavir Complex, Unjha 384170, North Gujarat, India
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Tel. No.: |
91-2767-254924 |
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Fax No.: |
91-2767-259950 |
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Memberships : |
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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]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.000 |
1.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
24.848 |
23.644 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
25.848 |
24.644 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.004 |
0.014 |
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TOTAL |
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25.852 |
24.658 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.606 |
1.068 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.187 |
0.187 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.833 |
1.480 |
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Sundry Debtors |
|
5.247 |
3.301 |
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Cash & Bank Balances |
|
6.674 |
3.450 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
12.197 |
17.386 |
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Total
Current Assets |
|
26.951 |
25.617 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.892 |
2.214 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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2.892 |
2.214 |
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Net Current Assets |
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24.059 |
23.403 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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25.852 |
24.658 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
154.537 |
100.383 |
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Other Income |
|
0.372 |
0.433 |
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Total Income |
|
154.909 |
100.816 |
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Profit/(Loss) Before Tax |
|
1.685 |
1.308 |
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Provision for Taxation |
|
0.481 |
-- |
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Profit/(Loss) After Tax |
|
1.204 |
1.308 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
|
1.505 |
0.519 |
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Other Expenditure |
|
151.719 |
98.989 |
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Total Expenditure |
|
153.224 |
99.508 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
0.77 |
1.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
1.09 |
1.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.90 |
4.90 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.06 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.11 |
0.08 |
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Current Ratio (Current Asset/Current Liability) |
|
|
9.31 |
11.57 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Procter and Gamble
INDUSTRY OVERVIEW
Psyllium is a soluble fiber that comes from a
plant most commonly grown in India.
Soluble fiber becomes gelatinous and sticky in water. It is not absorbed in the small bowel, but
is broken down in the large bowel and becomes a food source for the bacteria
that live in the colon. Psyllium is a
bulking agent that promotes bowel regularity.
Recent interest in Psyllium has arisen
primarily due to its use in high fiber breakfast cereals and from claims that
high fiber cereals containing Psyllium
are effective in reducing cholesterol levels. The goal of scientists in Kuwait was to develop a high fiber pan
bread using Psyllium as a source of soluble dietary fiber. They found that adding up to 5% Psyllium can
improve the baking characteristics of bread.
The researches conducted farinograph tests for
whole wheat flour, white flour and WF containing 1% to 5% Psyllium. They used the straight dough bread
manufacturing method of the AACC to make pan bread. Specific loaf volume was determined by using the rapeseed
displacement technique. The scientists
measured texture using a commercial texture analyzer. The farinograph water absorption value for WWF was 68.5%,
compared with 64.5% for WF. Every 1% of
Psyllium added to wheat flour resulted in a 4% increase in FWA values.
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.40.29 |
|
UK Pound |
1 |
Rs.79.97 |
|
Euro |
1 |
Rs.61.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|