MIRA
INFORM REPORT
|
Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
NAVJYOT INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
307, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.06.2008 |
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Com. Reg. No.: |
11-183103 |
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CIN No.: [Company Identification
No.] |
U51109MH2008PTC183103 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Wholesalers of Agro Products and Commodities. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
LOCATIONS
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Registered Office : |
307, Balarama Building, Bandra Kurla Complex, Bandra (E),
Mumbai-400051, Maharashtra, India |
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Tel. No.: |
91-22-26592999 / 333 / 444 |
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Fax No.: |
91-22-26591999 |
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E-Mail : |
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Website : |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mr. Bhura Abhishek Jayant |
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Designation : |
Director |
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Address : |
21/51, Sea Pearl, Bandra Reclamation, Bandra (W), Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
26.07.1982 |
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Date of Appointment : |
03.06.2008 |
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Election Commission ID No : |
AFAPB6373C |
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DIN No : |
01637692 |
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Name : |
Mr. Ranka Mahendra kumar Champalal |
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Designation : |
Director |
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Address : |
307, Balarama Premises, Bandra Kurla Complex, Bandra (E),
Mumbai-400051, Maharashtra, India |
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Date of Birth/Age : |
22.12.1968 |
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Date of Appointment : |
03.06.2008 |
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Election Commission ID No : |
AABPR6209D |
|
DIN No : |
02175377 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Abhishek J Bhura |
|
124000 |
|
Mahendra kumar Champalal Ranka |
|
1000 |
|
Abhishek J Bhura (HUF) |
|
100000 |
|
Jayant Kumar Dwipchand Bhura |
|
40000 |
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Jayant Kumar Dwipchand Bhura (HUF) |
|
100000 |
|
Saraladevi J Bhura |
|
40000 |
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Navjyot Impex Private Limited, India |
|
1100000 |
|
Manan Business Centre Private Limited, India |
|
100000 |
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Total |
|
1605000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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|
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Bodies corporate |
|
74.77 |
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Directors or relatives of directors |
|
25.23 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Wholesalers of Agro Products and Commodities. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
v State Bank of
India, Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai-400005,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gupta Saharia and Company Chartered Accountant |
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Address : |
C-103, Pranay Nagar, Ram Mandir Road, Borivali (W), Mumbai-400092,
Maharashtra, India |
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Tel. No.: |
91-22-28337953 |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1605000 |
Equity Shares |
Rs. 10/- each |
Rs. 16.050
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
16.050 |
15.300 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
48.475 |
35.119 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
64.525 |
50.419 |
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LOAN FUNDS |
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1] Secured Loans |
|
43.648 |
9.499 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
43.648 |
9.499 |
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DEFERRED TAX LIABILITIES |
|
0.005 |
0.003 |
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TOTAL |
|
108.178 |
59.921 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.572 |
0.492 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
1.148 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
69.339 |
11.979 |
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Sundry Debtors |
|
8.312 |
7.093 |
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Cash & Bank Balances |
|
7.388 |
0.724 |
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Other Current Assets |
|
46.662 |
64.168 |
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Loans & Advances |
|
11.707 |
0.105 |
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Total
Current Assets |
|
143.408 |
84.069 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
|
30.538 |
24.443 |
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Other Current Liabilities |
|
5.669 |
0.241 |
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Provisions |
|
0.950 |
0.188 |
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Total
Current Liabilities |
|
37.157 |
24.872 |
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Net Current Assets |
|
106.251 |
59.197 |
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MISCELLANEOUS EXPENSES |
|
0.207 |
0.232 |
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TOTAL |
|
108.178 |
59.921 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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INCOME |
|
967.516 |
50.305 |
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PROFIT BEFORE
TAX |
|
3.076 |
0.509 |
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Less |
TAX |
|
0.950 |
0.187 |
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PROFIT AFTER TAX
|
|
2.126 |
0.322 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
|
876.834 |
38.321 |
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TOTAL EARNINGS |
|
876.834 |
38.321 |
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Earnings Per
Share (Rs.) |
|
1.31 |
0.14 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.14 |
0.60 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.05 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.25 |
0.68 |
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Current Ratio (Current Asset/Current Liability) |
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|
3.86 |
3.38 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U51109MH2008PTC183103 |
|
Name of the
company |
NAVJYOT
INTERNATIONAL TRADING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
307, Balarama Building, Bandra Kurla Complex, Bandra (E),
Mumbai-400051, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
State Bank of India, Overseas Branch, World Trade Centre, Cuffe
Parade, Mumbai-400005, Maharashtra, India |
|
Nature of
instrument creating charge |
1) Supplemental
Agreement of Hypothecation of Goods and Assets for Increase in the Overall
Limit 2)
Letter Reg. Grant of Individual Limits within the Overall Limit both
pertaining to a single charge |
|
Date of
instrument Creating the charge |
10.07.2010 |
|
Amount secured by
the charge |
Rs.165.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As
per RBI/Banks' guidelines issued from time to time Terms of
repayment Working
Capital - on demand Margin As
prescribed by the Bank from time to time. Presently - In case EPC on R/Ms 10%
of FOB value, 20% of CIF value and 10% against stocks. Extent and
operation of the charge First Charge |
|
Short particulars
of the property charged (Including location of the property) |
All
present and future goods, book-debts and all other movable assets |
|
Charge
identification number of the charge to be modified |
10151456 |
|
Particulars of
the present modification |
Additional
credit facilities of Rs.35.000 millions granted. Hence, amount of charge
increased from Rs.130.000 millions to Rs.165.000 millions [CC/EPC/PCFC
Rs.160.000 millions, EBD (within C/C) Rs.40.000 millions, B/G (within C/C)
Rs.20.000 millions, Forward Contract Rs.5.000 millions]. |
WEB SIDE DETAILS
PROFILE
Navjyot International is a synonymous name in the Raw Cotton and Agri
Produce exports worldwide. Being the third generation in business with over 50 years
of history behind them, Navjyot has become an important link between producers
and consumers.
Navjyot consists of closely related business that reinforce and
complement one another. With their long-term perspective, dynamic and
disciplined management strategy, they are a constructive force in every
locality they operate. their product categories are : Raw Cotton, Comber Waste
and Linters, Sesame Seeds, Raw Sugar, Rice, Wheat, Cereals, Animal and Bird
Feed, Pulses and Spices.
Their influence and activities comprise farming, ginning, warehousing,
logistics and marketing operations.
They
have also been certified by Control Union (CU) and Ecocert SA for
farming/trading Organic Cotton, Sesame Seeds, etc.
BEYOND BUSINESS
SOCIAL:
Navjyot has been association with animal husbandry dates back to three decades
when Navjyot established a cow breeding farm at Deshnoke in Rajasthan for
various aspects of cow management and reproduction in 1970 namely as : Shree
Karni Gaushala. Cows are very important port of Indian history. Cow is
considered as “MOTHER” in Indian history. Core objective of the foundation is
to breed, care taker for unfit, handicap, blind and unwell cow/calf.
ENVIROMENT
Navjyot does its own share to reduce carbon and prevent global warming. For
which they have installed Wind Mills in Tamil Nadu and Maharashtra as to
produce clean and green energy. India has huge potential to produce wind
energy. They are and would continue our presence to control their usage of
carbon in their own small ways.
ORGANIC FARMING
Navjyot
has group of farmers who have joined together to the cause of organic farming.
The majority of the land under the project is in Khargone, Dhar, etc District of
M.P and Orissa. These areas are traditionally low chemical dependent area. In
recent years, the farmers were finding it tough to maintain fertility of soil
apart from facing an increased cost of cultivation. Amidst this, after 1996 a
new concept of organic farming was introduced (although this was followed
decades ago) to get harvest from natural resources. The initial years were
tough and the yields were abysmally low. But gradually, with the help of
improved procedures and with the guidance of technical experts, the yield has
started improving.
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
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.