MIRA INFORM REPORT
|
Report Date : |
09.04.2011 |
Note : Given
address could not be confirm.
IDENTIFICATION DETAILS
|
Name : |
NAVKAR CORPORATION LIMITED |
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Registered
Office : |
205-206, J K Chambers, Sector-17, Vashi Navi Mumbai-400705,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.09.2008 |
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Com. Reg. No.: |
11-187146 |
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CIN No.: [Company Identification
No.] |
U63000MH2008PLC187146 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN16427F |
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PAN No.: [Permanent Account No.] |
ACUPM2302F |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Providing logistics services and containers fright station services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4600000 |
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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 an established company having fine track. General financial
position of the company is good. Trade relations are fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for good business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DENIED BY
Management non cooperative.
LOCATIONS
|
Registered Office : |
205-206, J K Chambers, Sector-17, Vashi Navi Mumbai-400705,
Maharashtra, India |
|
E-Mail : |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mr. Nemichand Mehta |
|
Designation : |
Managing Director |
|
Address : |
Flat No.706, Plot No.11, Basera, Sector-17, Vashi, Navi Mumbai-400703,
Maharashtra, India |
|
Date of Appointment : |
29.09.2008 |
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DIN No : |
01131811 |
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Name : |
Mr. Shantilal Mehta |
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Designation : |
Director |
|
Address : |
Flat No.606 / 607, 6th Floor, Plot No.11, Basera,
Sector-17, Vashi, Navi Mumbai-400703, Maharashtra, India |
|
Date of Appointment : |
29.09.2008 |
|
DIN No : |
00134162 |
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|
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Name : |
Mr. Jayesh Mehta |
|
Designation : |
Director |
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Address : |
Flat No.06/07, Ground Floor, Plot No.11, Basera, Sector-17, Vashi,
Navi Mumbai-400703, Maharashtra, India |
|
Date of Appointment : |
29.09.2008 |
|
DIN No : |
00510313 |
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|
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|
Name : |
Mr. Kunth Kumar Mehta |
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Designation : |
Director |
|
Address : |
Flat No.606 / 607, 6th Floor, Plot No.11, Basera,
Sector-17, Vashi, Navi Mumbai-400703, Maharashtra, India |
|
Date of Appointment : |
01.10.2008 |
|
DIN No : |
01865163 |
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Name : |
Mrs. Shallaja Mehta |
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Designation : |
Director |
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Address : |
Flat No.06/07, Ground Floor, Plot No.11, Basera, Sector-17, Vashi,
Navi Mumbai-400703, Maharashtra, India |
|
Date of Appointment : |
01.10.2008 |
|
DIN No : |
01865191 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Nemichand Mehta |
|
3000000 |
|
Shantilal Mehta |
|
6000000 |
|
Kamalabai Mehta |
|
5000 |
|
Seema Mehta |
|
5000 |
|
Jayesh Mehta |
|
5000 |
|
Sairabai Mehta |
|
20000 |
|
Shallaja Mehta |
|
3000000 |
|
Total |
|
12035000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing logistics services and containers fright station services. |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sunil Adavade and Company Chartered Accountant |
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Address : |
108-109, Sai Deep Commercial Premises, CSL, 1st Floor, N.
G. Acharya Marg, Opposite Vaishali Hotel, Chembur, Mumbai-400071,
Maharashtra, India |
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Subsidiaries : |
Preeti Logistics Limited (As On : 31.03.2009) CIN : U63000MH2004PLC145022 |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20910000 |
Equity Shares |
Rs. 10/- each |
Rs. 209.100 millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12035000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.350
millions |
|
|
|
|
|
Notes : All the above equity shares are allotted as
fully paid up pursuant to contract without payment being received in cash to
partner of Navkar Infra Logistic Corporation. A firm towards the credit balance
in their capital account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
120.350 |
120.350 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1044.243 |
540.096 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1164.593 |
660.446 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1496.916 |
482.081 |
|
|
2] Unsecured Loans |
|
740.911 |
525.281 |
|
|
TOTAL BORROWING |
|
2237.827 |
1007.362 |
|
|
DEFERRED TAX LIABILITIES |
|
18.457 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3420.877 |
1667.808 |
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|
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
2119.238 |
1397.393 |
|
|
Capital work-in-progress |
|
1002.467 |
286.131 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.000 |
26.600 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.380 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
272.213 |
2.959 |
|
|
Cash & Bank Balances |
|
24.930 |
1.479 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
188.959 |
4.752 |
|
Total
Current Assets |
|
486.102 |
9.190 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
59.934 |
49.863 |
|
|
Other Current Liabilities |
|
39.957 |
1.543 |
|
|
Provisions |
|
87.215 |
0.480 |
|
Total
Current Liabilities |
|
187.106 |
51.886 |
|
|
Net Current Assets |
|
298.996 |
(42.696) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.176 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3420.877 |
1667.808 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
|
835.499 |
6.247 |
|
|
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Other Income |
|
22.675 |
1.663 |
|
|
|
TOTAL (A) |
|
858.174 |
7.910 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Expenses |
|
320.834 |
4.332 |
|
|
|
Employees cost |
|
71.931 |
0.339 |
|
|
|
Administrative Expenses and Other Expenses |
|
95.495 |
3.007 |
|
|
|
TOTAL (B) |
|
488.260 |
7.678 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
369.914 |
0.232 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
91.301 |
0.086 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
278.613 |
0.146 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
28.710 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
249.903 |
0.146 |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
|
(6.368) |
(0. 050) |
|
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|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
|
243.535 |
0.096 |
|
|
|
|
|
|
|
|
|
Add |
Deferred Tax
Credit / (Charge) relating to earlier year |
|
0.483 |
0.000 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.096 |
0.000 |
|
|
|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
|
244.114 |
0.096 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
20.24 |
0.01 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
28.38 |
1.21 |
|
|
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
29.91 |
2.34 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.59 |
0.01 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.21 |
0.00 |
|
|
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|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.10 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.60 |
0.18 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
a)
Total outstanding dues from Micro and Small
Enterprises |
0.000 |
0.000 |
|
b)
Total outstanding dues other than from Micro and
Small Enterprises |
59.934 |
49.863 |
|
|
|
|
|
Total |
59.934 |
49.863 |
OPERATIONS :
During the year the company has made total income of Rs. 858.174 millions
as compared to Rs. 7.909 millions in the previous year. The company has made
profit after tax of Rs. 243.534 millions as compared to Rs. 0.096 million in
the previous year. The company is planning to expansion in the logistic
business as the response to the same has increased and shall continue to
increase in future.
FORM 8
|
Corporate
identity number of the company |
U63000MH2008PLC187146 |
|
Name of the
company |
NAVKAR
CORPORATION LIMITED |
|
Address of the registered
office or of the principal place of
business in |
205-206, J K Chambers, Sector-17, Vashi Navi Mumbai-400705,
Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC House Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement
for Loan and Guarantee. (Contracts No.:3355802 / 5811) (Rs 24.400 millions X
2 Conts. = Rs. 48.800 millions) |
|
Date of
instrument Creating the charge |
09.02.2011 |
|
Amount secured by
the charge |
Rs. 48.800 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Interest
@ 9.84 % p.a. Terms of
repayment The
Loan is repayable in 40 EMIs of Rs.1.460 millions (Rs 729804 X 2 Conts. )
starting from 15Th April , 2011 ending on 15Th July , 2014. Margin As
may be stipulated by bank from time to time. Extent and
operation of the charge The
Company hypothecates to and charges in favour of the Bank by way of first and
exclusive charge of the Vehicle/ equipment described in Item No. 15 as
security for the repayment/payment by the company of the loan granted or to
be granted to the company by the Bank together with all fees, interest, costs
and expenses incurred/to be incurred by the Bank and all other monies payable
or to become payable by the company to the Bank. Other The
Bank shall be absolutely entitled and have full power and authority to sell,
assign or transfer in any manner, in whole or in part, and in such manner and
on such terms as the Bank may decide, including reserving a right to the Bank
to retain its power to proceed against the company on behalf of the
purchaser, assignee or transferee, any or all outstanding dues of the
company, to any third party of the Bank's choice without reference to or
without written intimation to the company. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
2 Nos. of Equipment namely : KALMAR REACH STACKER (Year Of Manufacture: 2011) |
FIXED ASSETS
ü Land
ü Computer and Printer
ü Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
51 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.