|
Report Date : |
15.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
NAVRANG POLYFILMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
14, Kekarav Society, Opposite Someshwar III, B/h Gulab Tower, Thaltej,
Ahmedabad – 380054, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Date of
Incorporation : |
22.06.2011 |
|
|
|
|
Com. Reg. No.: |
066019 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202GJ2011PTC066019 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Co-Extruded Multilayer Film. |
|
|
|
|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a successor of Navrang Polyfilms partnership concern
started in the year 2002. And later in the year 2011/June it got converted
into private limited. It is having moderate track. Management has not yet filed its
financial detail with government department. However, trade relations are
reported to be fair. Business is active. Payments are reported to be unknown.
The company can be considered for business dealing with some cautions.
|
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Darshan Shah |
|
Designation : |
Director |
|
Contact No.: |
91-9825645450 |
|
Date : |
13.10.2012 |
LOCATIONS
|
Registered Office : |
14, Kekarav Society, Opposite Someshwar III, B/h Gulab Tower, Thaltej,
Ahmedabad – 380054, Gujarat, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9825645450 (Mr. Darshan Shah) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No.830, Opposite Jogani Mata Temple, Near Uma Marbel Santej,
Gandhinagar – 382721, Gujarat, India |
|
Tel. No.: |
91-2764-286608 |
|
Fax No.: |
91-2764-286608 |
|
Area : |
22000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
517, New Cloth Market, Outside Raipur Gate, Ahmedabad – 380002,
Gujarat, India |
|
Tel No.: |
91-79-22166773 |
DIRECTORS
|
Name : |
Mr. Darshan Harshadbhai Shah |
|
Designation : |
Director |
|
Address : |
14, Kekarav Society, Opposite Someshwar III, B/h Gulab Tower, Thaltej,
Ahmedabad – 380054, Gujarat, India |
|
Date of Birth/Age : |
25.02.1983 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
22.06.2011 |
|
DIN No.: |
03356021 |
|
|
|
|
Name : |
Mr. Samkit Harshadbhai Shah |
|
Designation : |
Director |
|
Address : |
14, Kekarav Society, Opposite Someshwar III, B/h Gulab Tower, Thaltej,
Ahmedabad – 380054, Gujarat, India |
|
Date of Birth/Age : |
25.02.1971 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
22.06.2011 |
|
DIN No.: |
03355304 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 17.06.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Samkit Harshad Shah |
|
243750 |
|
Darshan Harshad Shah |
|
243750 |
|
Nilam Darshan Shah |
|
2500 |
|
Pravinaben Jarshad Shah |
|
2500 |
|
Dipali Samkit Shah |
|
2500 |
|
Harshadbhai Mithalal Shah |
|
2500 |
|
Hetalben Dharmesh Vora |
|
2500 |
|
|
|
|
|
Total |
|
500000 |
(AS ON 31.03.2012)
|
Names of Allottess |
Share in Profit/
Loss % |
No. of Shares
Allotted |
|
|
|
|
|
Samkit Harshad Shah |
47.50% |
243750 |
|
Darshan Harshad Shah |
47.50% |
243750 |
|
Dipali Samkit Shah |
1.00 % |
2500 |
|
Harshadbhai Mithalal Shah |
1.00 % |
2500 |
|
Pravinaben Jarshad Shah |
1.00 % |
2500 |
|
Nilam Darshan Shah |
1.00 % |
2500 |
|
Hetalben Dharmesh Vora |
1.00 % |
2500 |
|
|
|
|
|
Total |
100.00% |
500000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Co-Extruded Multilayer Film. |
|
|
|
|
Exports : |
|
|
Products : |
Plastic Films |
|
Countries : |
African Country |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
· France · Singapore · Dubai |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
· Total Petrochemical Private Limited |
|
|
|
|
Customers : |
End Users and OEM’s · Futuristic Tape Private Limited |
|
|
|
|
No. of Employees : |
60 (Approximately) |
|
|
|
|
Bankers : |
· Nutan Nagarik Sahakari Bank Limited Central Office, Near Samartheshwar Mahadevji, Near Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India · IDBI Bank Gandhinagar, Ahmedabad, Gujarat, India |
|
|
|
|
Facilities : |
Cash Credit – Rs.52.500 Millions from Nutan Nagrik Sahkari Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mistry and Associates Chartered Accountant |
|
Address : |
Ahmedabad, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
|
272.000 |
260.000 |
|
|
|
|
|
Expected Sales (2012-13): Rs.340.000 Millions
The above information has been parted by Mr. Darshan Shah.
NAVRANG
POLYFILMS
(PARTNERSHIP
FIRM)
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
01.04.2011 to
10.06.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
8.674 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1.038 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
9.712 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
45.360 |
|
|
2] Unsecured Loans |
|
|
15.461 |
|
|
TOTAL BORROWING |
|
|
60.821 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
70.533 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
23.878 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.005 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
18.430 |
|
|
Sundry Debtors |
|
|
45.560 |
|
|
Cash & Bank Balances |
|
|
3.717 |
|
|
Other Current Assets |
|
|
1.074 |
|
|
Loans & Advances |
|
|
1.533 |
|
Total
Current Assets |
|
|
70.314 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
24.690 |
|
|
Other Current Liabilities |
|
|
(0.851) |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
23.839 |
|
|
Net Current Assets |
|
|
46.475 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.175 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
70.533 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
01.04.2011 to
10.06.2011 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
8.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.95 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes
/ No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
TRADE REFERENCE:
· Futuristic Tape Private Limited
·
Total Petrochemical Private Limited
FORM 8:
|
Corporate
identity number of the company |
U25202GJ2011PTC066019 |
|
Name of the
company |
NAVRANG POLYFILMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
14, Kekarav Society, Opposite Someshwar III, B/h Gulab Tower, Thaltej,
Ahmedabad – 380054, Gujarat, India |
|
This form is for |
Creation of Charge |
|
Type of charge |
Other:
Hypothecation of Vehicles Agreement |
|
Particular of
charge holder |
· Nutun Nagarik Sahakari Bank Limited Central Office, Near Samartheshwar Mahadevji, Near Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of (Vehicle) Agreement dated 06.07.2012 |
|
Date of
instrument Creating the charge |
06.07.2012 |
|
Amount secured by
the charge |
Rs.0.465 Million |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 13.50% (Floating)
Terms of
Repayment Repayment in 5
year by EMI of Rs.0.011 Million Margin 20.00% Extent and
Operation of the charge The charge shall operate
as first and exclusive charge on the vehicle of the borrower viz: Mahindra
Bolero Pick up Van coating Rs.0.582 Million. Others Personal
Guarantee of All directors of the company
To invest in
Bank’s share of Rs.0.012 Million |
|
Short particulars
of the property charged |
The charge shall
operate as first and exclusive charge of the vehicle of the borrower viz: (1) Vehicle
Manufacturer’s Name : Mahindra (2) Brand Name of
vehicle: Bolero (3) Year of
Manufacturer: 2012 |
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 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.52.70 |
|
|
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.