MIRA
INFORM REPORT
|
Report Date : |
25.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NARAYAN ORGANICS PRIVATE LIMITED |
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Registered Office : |
Plot No. 1305/A+B Phase 4 GIDC , Naroda, Ahmedabad - 382 330, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.07.1992 |
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Com. Reg. No.: |
04-17951 |
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CIN No.: [Company
Identification No.] |
U24110GJ1992PTC017951 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMN02915D |
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PAN No.: [Permanent
Account No.] |
AACCN0460G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Copper Phthalocynine Blue |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 150000 |
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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. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Corporate Office
: |
Plot No. 1305/6/ A+B, Phase 4, G.I.D.C. Estate Naroda ,
Ahmedabad – 382330. |
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Tel. No.: |
+91-79-22821099/22814789 |
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Mobile No.: |
+91-98240-32335 |
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Fax No.: |
+91-79-22823572/25631830 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot
No. 1303/1 - 2 & 1305/6/A+B, Phase 4, G.I.D.C. Estate Naroda, Ahmedabad –
382330, Gujarat, India. |
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Tel. No.: |
91-79-22821099, 22814789 |
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Fax No.: |
91-79-22823572, 25631830 |
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Factory 2 : |
Plot No. 1107/1 & 2, G.I.D.C. Estate, Ankleshwar- 393002.
Dist. : Bharuch, Gujarat India |
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Tel. No.: |
2646-
253756 / 220517 |
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Mobile No.: |
91-
9377511922 |
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Fax No.: |
91-2646-252608 |
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E-Mail : |
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Overseas Office : |
119, Kearny Avenue, Kearny City, N. J. - 07032 USA |
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Tel. No.: |
+ (001) 2012817567 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Kamleshkumar Parshotamdas Patel |
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Designation : |
Director |
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Address : |
D /4 , Milap Apartment, Suvas Compound, Shahibaug, Ahmedabad – 380
004, Gujarat, India |
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Date of Birth/Age : |
15.06.1965 |
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Date of Appointment : |
08.07.1992 |
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Date of Ceasing : |
02.01.2008 |
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Name : |
Mr. Gordhanbhai Narandas Patel |
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Designation : |
Director |
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Address : |
C-11, Muktidham Apartments, Shalimar Apartment, Under bridge,
Shahibaug, Ahmedabad – 380 004, Gujarat, India |
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Date of Birth/Age : |
15.10.1944 |
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Date of Appointment : |
20.03.2002 |
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Date of Ceasing : |
02.01.2008 |
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Name : |
Mr. Manish Gordhanbhai Patel |
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Designation : |
Director |
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Address : |
C-11, Muktidham Apartments, Shalimar Apartment, Under bridge,
Shahibaug, Ahmedabad – 380 004, Gujarat, India |
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Date of Birth/Age : |
20.06.1974 |
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Date of Appointment : |
11.04.2005 |
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Date of Ceasing : |
02.01.2008 |
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Name : |
Mr. Harshadbhai Parshottamdas Patel |
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Designation : |
Director |
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Address : |
B -10 Milap Apartment Suvas Compound, Shahibaug, Ahmedabad – 380 004,
Gujarat, India |
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Date of Birth/Age : |
03.10.1961 |
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Date of Appointment : |
11.05.2005 |
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Date of Ceasing : |
02.01.2008 |
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Name : |
Mr. Dhyabhai Narayandas Pastel |
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Designation : |
Director |
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Date of Appointment : |
08.07.1992 |
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Name : |
Mr. Mehul Dahyabhai Patel |
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Designation : |
Director |
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Date of Appointment : |
01.05.2004 |
KEY EXECUTIVES
|
Name : |
Rohit Bajpai and Associates |
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Designation : |
Company secretary |
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Address : |
B - 404 Pramukh Residency, Jodhpur Gam Road, Side to P and T Colony,
Ahmedabad -380 015, Gujarat, India |
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Tel No.: |
91-79-26922707 |
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Mobile No.: |
91-9824341027 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
|
No. of Shares |
|
Mr. Dhyabhai N
Patel |
|
110100 |
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Mrs. Vimlaben D Patel |
|
207800 |
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Mr. Mehul D Patel |
|
100000 |
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Mr. Dhyabhai N Patel , HUF |
|
133100 |
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Mr. Gordhanbhai N Patel |
|
85400 |
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Mr. Manishkumar G Patel |
|
146600 |
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Mrs. Anandiben G Patel |
|
101100 |
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Mr. Gordhanbhai N Patel, HUF |
|
80100 |
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Mr. Kamleshbhai P Patel |
|
257600 |
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Mr. Harshad bhai P Patel |
|
80000 |
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Mr. Ayjaybhai Patel |
|
75100 |
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Others |
|
1100 |
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Total |
|
1378000 |
Equity Shares Breakup (Percentage of Total Equity): [as on 31.03.2007]
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Copper Phthalocynine Blue |
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Products : |
Copper Phthalocynine Blue |
GENERAL
INFORMATION
|
Bankers : |
State Bank of India Address: SPL Commercial Branch, Gandhigram, Opposite Gandhigram Railway Station, Ahmedabad – 380 009,
Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
KPSJ and Associate Chartered Accountants |
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Address : |
504 - C Sahjanand Shopping Centre, Shahibaug, Gujarat – 380 004,
Ahmedabad , India |
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Group Companies: |
· Swastik Industries · Narayan Industries |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1378000 |
Equity Shares |
Rs. 10/- each |
Rs.13.780
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.780 |
13.780 |
13.780 |
|
|
2] Share Application Money |
0.500 |
5.000 |
0.000 |
|
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3] Reserves & Surplus |
22.474 |
18.367 |
13.807 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.754 |
37.147 |
27.587 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
15.608 |
13.178 |
14.003 |
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2] Unsecured Loans |
6.874 |
6.370 |
3.264 |
|
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TOTAL BORROWING |
22.482 |
19.548 |
17.267 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.146 |
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|
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TOTAL |
59.236 |
56.695 |
45.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.392 |
11.545 |
14.311 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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DEFERREX TAX ASSETS |
0.252 |
0.335 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
19.119
|
14.505 |
16.125 |
|
|
Sundry Debtors |
41.807
|
36.175 |
54.065 |
|
|
Cash & Bank Balances |
3.653
|
0.983 |
1.459 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
30.488
|
26.413 |
20.449 |
|
Total
Current Assets |
95.067
|
78.076 |
92.098 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
47.475
|
31.867 |
60.621 |
|
|
Provisions |
1.500
|
1.900 |
1.300 |
|
Total
Current Liabilities |
48.975
|
33.767 |
61.921 |
|
|
Net Current Assets |
46.092
|
44.309 |
30.177 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.012 |
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TOTAL |
59.236 |
56.695 |
45.000 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
257.497 |
155.591 |
|
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Other Income |
|
2.863 |
3.115 |
|
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Total Income |
|
260.360 |
158.706 |
|
|
|
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|
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|
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Profit/(Loss) Before Tax |
|
5.750 |
6.006 |
|
|
Provision for Taxation |
|
1.582 |
1.447 |
|
|
Profit/(Loss) After Tax |
|
4.168 |
4.559 |
|
|
|
|
|
|
|
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Export Value |
|
9.251 |
3.157 |
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|
|
|
|
|
|
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Import Value |
|
5.777 |
8.197 |
|
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Expenditures : |
|
|
|
|
|
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Cost of Goods Sold |
|
0.000 |
22.908 |
|
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Manufacturing Expenses |
|
30.732 |
38.341 |
|
|
Administrative Expenses |
|
3.524 |
3.113 |
|
|
Raw Material Consumed |
|
199.421 |
72.727 |
|
|
Selling and Distribution Expenses |
|
4.451 |
5.520 |
|
|
Personnel Expenses |
|
4.065 |
3.508 |
|
|
Financial charges |
|
3.592 |
2.911 |
|
|
Depreciation & Amortization |
|
2.946 |
3.797 |
|
Total Expenditure |
|
248.731 |
152.825 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.02
|
2.87 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.23
|
3.86 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.31
|
6.64 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.16 |
NA |
|
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.94
|
1.44 |
2.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
2.31 |
1.48 |
LOCAL AGENCY
FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U24110GJ1992PTC017951 |
|
Name of the company |
NARAYAN ORGANICS PRIVATE LIMITED |
|
Address |
Plot No.
1305/6 A + B, Phase 4 GIDC Naroda, Ahmedabad – 382 330, Gujarat, India |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
· Immovable Property · Book Debts · Movable Property |
|
Particular of the charge holder
|
State Bank of India (Specialised
Commercial Branch) Gandhigram, 1st Floor, Neptune Tower Annuxe,
Opposite Gandhigram Railway Station, Ahmedabad – 380 009, Gujarat India |
|
Nature or description of the instrument creating charge |
Facility agreement executed with State
Bank of India as on 23.11.2006 |
|
Date of the instrument creating charge |
23.11.2006 |
|
Amount Secure by the charge |
Rs. 19.500 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : Interest at 1.50% above State Bank advance rate (SBAR), (SBAR =10.75%
w.e.f) rising or falling therewith, on daily products with monthly rests.
Present effective rate 12.75% p.a Terms of Repayment: Working capital repayable on demand. The facility which had been
sanctioned on 13.04.2006 is available for 12 months from that date, subject
to review. Margin: Margin of Raw materials : Indigenous ,semi finished goods and finished
goods is 30% , of Domestic receivables is 50% , and margin of letter of
credit is 25% Extent and operation of the charge: as per banks sanctioned letter dated 23.11.2006 |
|
Short particulars of the Property charged |
Piece of leasehold land known as plot No. 1107/1 in the Ankleshwar industrial
area / Estate consisting of revenue survey No. 407/P with in the village
limit of piraman of taluka Ankleshwar, district Bharuch, and piece of
leasehold land known as Plot No. 1107/2 in the Ankleshwar industrial area
consisting of revenue survey No. 407/P with in the village limit of piraman
of taluka Ankleshwar, district Bharuch. |
|
Particulars of the present modification |
Existing limit of loan is Rs. 17.000 millions enhanced portion in
limits Rs. 2.500 millions now making in all a total sum of Rs. 19.500
millions |
|
Name of the
company |
NARAYAN ORGANICS PRIVATE LIMITED |
|
Presented By |
Shri Kamleshbhai
P Patel |
|
1) Date and
description of instrument creating the change |
Dated 19.09.1998 General
Agreement for grant SIA and hypothecation of movables book debts and other
assets letter of hypothecation of goods
and other assets , letter f hypothecation of goods, letter of
hypothecation of book debts and bills , disc and inland bills. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Agreement for the
grant of SIA Cash Credit limit of Rs. 17.0000 millions |
|
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 |
Memorandum of
entry; hypothecation of raw material, packing materials, stock in process,
finished goods, hypothecation book debts. |
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
Margin on Raw material – 25%, packing
material , stock in process and finished goods – 30% and book debts – 50%,
rate of Interest @ 16.06.% |
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of India SPL Commercial Branch, Gandhigram,
Ahmedabad |
|
6) Date and brief description of instrument
modifying the charge |
Dated 18.08.2003,
bank certificate for migration of credit facilities. |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Bank certificate
and with the consent of the mortgagors the credit facilities migrated from State
Bank of India, Laghu Udyog Branch to State Bank of India Spl Commercial
Branch, Ahmedabad. Now the general agreement for grant of SIA and memorandum
of entry cover the charge aggregated facilities Rs. 17.000 millions (Fund Base – Cash
credit Rs. 13.500 millions and Non fund based – Bank guarantee of Rs. 3.500
millions |
WEBSITE DETAILS:-
Company Profile:-
The company is a
premier company that is rapidly gaining corporate prestige as a reliable and leading
manufacturer of Phthalocyanine Blue Crude and its derivatives. These products
meet both Indian as well as global standards owing to Rigorous quality control and continued R and D aimed at providing
distinct advantages and economical viability to their clients who choose to
prefer their products.
Narayan Industries was
established in 1985 to manufacture Copper Salts (Cuprous Chloride, Cupric
Chloride Anhydrous and Ammonium Molybdate), the raw-materials required for
production of Copper Phthalocyanine Crude Blue.
Mr. Dahyabhai N Patel, the
Managing Director, founder of Narayan Group of Industries, has a Master degree
in Chemistry. Before establishing the Company Mr. Patel gained an extensive
experience of more than a decade in the industry. A dyed in the wool optimist,
Mr. Patel focused on market requirements, studied applications closely, kept
abreast of latest advances, pursued formulation, experiment and testing etc.
until he became convinced of the direction taken, and the growth the Company was
capable of.
Products
Subject
manufacturers of Copper Salts
(Cuprous Chloride, Cupric Chloride Anhydrous and Ammonium Molybdate), the raw-materials required for
production of Copper Phthalocyanine Crude Blue.
They also manufacture Pigment Green 7 and recently introduced a new
product Ingrain Blue 5 (Cobalt IBN) Rigourous quality control.
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 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.40.10 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|