MIRA
INFORM REPORT
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Report Date : |
17.01.2012 |
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, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.05.1983 |
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Com. Reg. No.: |
11-30102 |
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Capital Investment / Paid-up Capital : |
Rs.10.500 Millions |
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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 |
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No. of Employees
: |
250 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 237244 |
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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 an 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.
INFORMATION PARTED BY
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Name : |
Ms. Geeta |
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Designation : |
Finance Executive |
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Contact No.: |
91-22-23524771 |
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Date : |
16.01.2012 |
LOCATIONS
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Registered Office : |
308/309 Konark Shram 156, |
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Tel. No.: |
91-22-22850219 / 23524770 / 23524771 |
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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 : |
Owned |
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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
AS ON 30.09.2010
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Name : |
Mr. Vinodkumar Balakram
Agarwal |
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Designation : |
Director |
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Address : |
8, Sudhakar, 26, |
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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 : |
30.05.1983 |
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DIN No.: |
01280644 |
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Other Directorship :
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Name : |
Mr. Sidharth Sonu Pawar |
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Designation : |
Director |
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Address : |
Mahesh Niwas, 26, Kalina, santacruz (East), Mumbai – 400098, |
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Date of Birth/Age : |
18.05.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
14.09.2009 |
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Date of Cessation : |
31.10.2010 |
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DIN No. |
02833988 |
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Other Directorship :
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Name : |
Mr. Sander Behera |
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Designation : |
Director |
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KEY EXECUTIVES
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Name : |
Ms. Geeta |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Vinod Balakram Agarwal |
213470 |
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Ushadevi Vinod Agarwal |
138320 |
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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 |
62140 |
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Ankit Agarwal HUF |
25510 |
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Avni A. Agarwal |
140 |
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Dhaval S. Joshi HUF |
63070 |
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Harsh Dhaval Joshi |
15000 |
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Total |
1050000 |
Equity shares Breakup (percentage of total equity)
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relative of directors |
86.65 |
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Other top fifty (50) shareholders |
13.35 |
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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 : |
GRADE NB-01 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 and 60 days) |
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Purchasing : |
Cash and Credit (30 days and 60 days) |
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PRODUCTION STATUS As on 31.03.2009
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Zinc Oxide |
-- |
--- |
7200000 |
-- |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
250 (Approximately) (In Office + In Factory) |
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Bankers : |
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 – 95.000 millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jayant Associates Chartered Accountants |
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Address : |
163/164, 2nd Floor, Ashoka Shopping Centre, L T Road, Mumbai – 400001, Maharashtra, India |
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PAN No.: |
AAACS9795H |
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Associates/Subsidiaries
: |
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CAPITAL STRUCTURE
As on 31.03.2010
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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1050000 |
Equity Shares |
Rs.10/- each |
Rs.10.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.500 |
10.500 |
14.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
57.811 |
57.536 |
67.439 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
68.311 |
68.036 |
81.439 |
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LOAN FUNDS |
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1] Secured Loans |
88.127 |
86.235 |
51.296 |
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2] Unsecured Loans |
8.399 |
13.186 |
7.187 |
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TOTAL BORROWING |
96.526 |
99.421 |
58.483 |
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DEFERRED TAX LIABILITIES |
0.236 |
1.993 |
2.636 |
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TOTAL |
165.073 |
169.450 |
142.558 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.950 |
29.336 |
32.773 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.002 |
0.002 |
0.606 |
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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 |
81.274
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39.571
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32.101 |
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Sundry Debtors |
71.292
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68.730
|
43.610 |
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Cash & Bank Balances |
10.382
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3.605
|
6.358 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
28.424
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33.374
|
56.888 |
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Total
Current Assets |
191.372
|
145.280
|
138.957 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
48.122
|
1.569
|
27.483 |
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Other Current Liabilities |
3.446
|
1.915
|
0.992 |
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Provisions |
2.683
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1.684
|
1.303 |
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Total
Current Liabilities |
54.251
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5.168
|
29.778 |
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Net Current Assets |
137.121
|
140.112
|
109.179 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
165.073 |
169.450 |
142.558 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
541.193 |
354.447 |
379.087 |
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Other Income |
0.000 |
5.640 |
6.627 |
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TOTAL (A) |
541.193 |
360.087 |
385.714 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
534.894 |
353.690 |
379.278 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.299 |
6.397 |
6.436 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.299 |
6.397 |
6.436 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.535 |
3.696 |
3.929 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.764 |
2.701 |
2.507 |
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Less |
TAX (I) |
(0.256) |
0.707 |
(1.600) |
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PROFIT AFTER TAX
(G-I) (J) |
3.020 |
1.994 |
4.107 |
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Add |
EXCESS / (SHORT)
PROVISION FOR INCOME TAX OF EARLIER YEAR |
(2.257) |
(3.724) |
(0.266) |
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|
0.763 |
(1.730) |
3.841 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
47.912 |
60.734 |
54.964 |
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PROFIT
AVAILABLE FOR APPROPRIATION |
48.675 |
59.003 |
58.805 |
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IMPORTS |
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Raw Materials |
42.460 |
11.727 |
62.522 |
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TOTAL IMPORTS |
42.460 |
11.727 |
62.522 |
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Earnings Per
Share (Rs.) |
2.88 |
1.45 |
-- |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
500.000 |
Expected Sales (2011-2012) : Rs.600.000 Millions
The above information has been parted by Ms. Geeta.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.56 |
0.55 |
1.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.51 |
0.76 |
0.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.26 |
1.54 |
1.45 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04 |
0.03 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.21 |
1.53 |
1.08 |
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Current Ratio (Current Asset/Current Liability) |
|
3.53 |
28.11 |
4.66 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
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Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
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Sundry Creditors (Goods) |
45.761 |
0.434 |
27.168 |
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Sundry Creditors For Expenses |
2.361 |
1.135 |
0.315 |
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Total |
48.122 |
1.569 |
27.483 |
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Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
No |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
No |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
Performance:
The Sales during the year is Rs.541.193 Millions as against Rs.354.447 Millions in the previous year. The Company during the year has earned a Profit after tax of Rs.3.020 Millions as against Profit of Rs.1.994 Millions in the previous year.
Contingent Liability:
(Rs. in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Income Tax Appeal for A. Y. 2004-2005 |
1.206 |
1.206 |
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Central Excise Duty demand |
3.175 |
3.175 |
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Bank Guarantee |
0.503 |
1.511 |
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Bill Discounted |
76.157 |
4.727 |
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 |
308/309 Konark Shram 156, |
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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 Bhat Bazar Branch, Anant Deep Chambers, 273/277, |
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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. |
|
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. |
Fixed Assets:
- Land
- Flat
- Plant and
Machinery
- Electric
Fitting
- Electronic
Weighing Scale – II
- Water Supply
Installation
- Office
Equipments
- Xerox Machine
- Lab
Equipments
- Computer
- Motor Cycle
- Furniture and
Fixture
- Fire Fighting
Equipments
- Scooter and
Motor Bike
- Air Pollution
Control Equipments
- Energy Saving
Devices
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90185538 |
|
Corporate
identity number of the company |
U13200MH1983PTC030102 |
|
Name of the
company |
NAV BHARAT METALIC
OXIDE INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
308/309 Konark
Shram 156, tardeo Road Tardeo, Mumbai
– 400034, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
UNION BANK OF |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Agreement to Hypothecation Agreement of Goods and Debts |
|
Date of instrument
Creating the charge |
22/03/2007 |
|
Amount secured by
the charge |
Rs.95.000
Millions |
|
Brief particulars
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 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. |
|
Short 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 & Book-Debts)
facility of Rs.95.000 Millions granted by the Bank to the Company. |
|
Date of latest
modification prior to the present modification |
24/02/2004 |
|
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:24/2/04 was regd on 30/3/04 at Sr.123 |
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 :
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.51.65 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.65.32 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
>86 |
|
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 |
71-85 |
|
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 |
56-70 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
41-55 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
26-40 |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
11-25 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
<10 |
|
- |
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.