|
Report Date : |
08.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
NAVICOM TECHNOLOGY INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.66, Great Eastern, Summit “B”, 1101-1104, 11th
Floor, Sector 15, C.B.D. Belapur, Navi Mumbai-400614, Maharashtra |
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|
Country : |
India |
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|
Financials (as on)
: |
31.03.2011 |
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|
Date of
Incorporation : |
22.03.2002 |
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|
Com. Reg. No.: |
11-135274 |
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Capital
Investment / Paid-up Capital : |
Rs. 20.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909MH2002PTC135274 |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Subject is engaged in the business of trading and
servicing of marine and electronic equipments and spares. |
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|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 80000 |
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|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The latest
financials are not made available with the government department. As per previous year’s, the company performance capability has
improved and slowly wipe out its accumulated losses. However, trade relations are reported to be fair. Business is active.
Payments are unknown. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 DECLINED BY
|
Name : |
Ms. Madhura |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-27563119 |
|
Date : |
06.03.2013 |
LOCATIONS
|
Registered Office : |
Plot No.66, Great Eastern, Summit “B”, 1101-1104, 11th
Floor, Sector 15, C.B.D. Belapur, Navi Mumbai-400614, Maharashtra, India |
|
Tel. No.: |
91-22-27563119 / 3145 / 5175 / 5176 |
|
Fax No.: |
91-22-27563121 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Sarabjit Kaur Grewal |
|
Designation : |
Director |
|
Address : |
Post Box No.1788, Dubai, U.A.E. |
|
Date of Birth/Age : |
14.03.1947 |
|
Date of Appointment : |
22.03.2002 |
|
DIN No.: |
00275527 |
|
|
|
|
Name : |
Mr. Jimmy Kuldip Grewal |
|
Designation : |
Director |
|
Address : |
Post Box No.1788, Dubai, U.A.E. |
|
Date of Birth/Age : |
17.06.1977 |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
00275531 |
KEY EXECUTIVES
|
Name : |
Ms. Madhura |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Kuldip Singh Grewal |
|
120000 |
|
Surinder Singh Grewal |
|
240000 |
|
Sarabjit Kaur Grewal |
|
1000 |
|
Jimmy Kuldip Grewal |
|
259000 |
|
Grewal Exports Private Limited, India |
|
400000 |
|
Elcome International LLC, UAE |
|
980000 |
|
Total |
|
2000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
68.00 |
|
Bodies corporate |
20.00 |
|
Other top fifty shareholders |
12.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of trading and
servicing of marine and electronic equipments and spares. |
GENERAL INFORMATION
|
Customers : |
· Aban Lloyd Chiles Offshore Limited · ABG Shipyard Limited · Alcock Shipyard Limited · Ashapura Shipping Limited · ASP Ship Management · Bharati Shipyard Limited · Bulktainer India Limited · Cochin Shipyard Limited · Colombo Dockyard PLC · Edib International · Essar Shipping Limited · Shipping Corporation of India ·
West Asia Maritime Limited |
||||||||||||
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|
|
||||||||||||
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No. of Employees : |
Information declined by management |
||||||||||||
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|
||||||||||||
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Bankers : |
Syndicate Bank, Fort Branch, 26 A, Sir P M Road, Fort, Mumbai ‐ 400001, Maharashtra, India |
||||||||||||
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||||||||||||
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Facilities : |
|
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|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
KPMG House Kamala Mills Compound, 448, Senapati Bapat Marg Lower
Parel, Mumbai- 400013, Maharashtra, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Enterprises over which
key management personnel have significant influence and transactions have
taken place : |
· Elcome Marine Services Private Limited · Grewal Exports Private Limited · Elcome International LLC · Navicom Technology FZCO · Elcome International WLL · Indocen Electronic Systems Private Limited |
CAPITAL STRUCTURE
After 29.09.2012
Authorised Capital: Rs. 50.000 Millions
Issued, Subscribed & Paid-up Capital: Rs. 30.000 Millions
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.035) |
(0.521) |
(3.351) |
|
|
NETWORTH |
19.965 |
19.479 |
16.649 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.594 |
0.000 |
1.941 |
|
|
2] Unsecured Loans |
0.500 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
4.094 |
0.000 |
1.941 |
|
|
DEFERRED TAX LIABILITIES |
0.397 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24.456 |
19.479 |
18.590 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.234 |
4.889 |
4.609 |
|
|
Capital work-in-progress |
0.000 |
0.314 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.309
|
2.816 |
2.017 |
|
|
Sundry Debtors |
29.868
|
8.483 |
12.024 |
|
|
Cash & Bank Balances |
3.381
|
6.467 |
0.613 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.582
|
1.440 |
4.344 |
|
Total
Current Assets |
43.140
|
19.206 |
18.998 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
21.589
|
1.611 |
3.747 |
|
|
Other Current Liabilities |
1.681
|
1.401 |
0.700 |
|
|
Provisions |
1.648
|
1.918 |
0.570 |
|
Total
Current Liabilities |
24.918
|
4.930 |
5.017 |
|
|
Net Current Assets |
18.222
|
14.276 |
13.981 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24.456 |
19.479 |
18.590 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
82.149 |
30.416 |
19.803 |
|
|
|
Other Income |
1.149 |
0.258 |
1.116 |
|
|
|
TOTAL (A) |
83.298 |
30.674 |
20.919 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales and services |
63.466 |
13.885 |
10.232 |
|
|
|
Personnel cost |
8.936 |
5.267 |
3.406 |
|
|
|
Other operating and general administration expenses |
8.637 |
7.224 |
5.321 |
|
|
|
TOTAL (B) |
81.039 |
26.376 |
18.959 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
2.259 |
4.298 |
1.960 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.370 |
0.373 |
0.313 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.889 |
3.925 |
1.647 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.796 |
0.456 |
0.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1.093 |
3.469 |
1.248 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.607 |
0.640 |
0.106 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
0.486 |
2.829 |
1.142 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.522) |
(3.351) |
(4.493) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(0.036) |
(0.522) |
(3.351) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from rendering of services |
2.873 |
3.850 |
5.216 |
|
|
|
Agency commission |
5.698 |
6.208 |
2.857 |
|
|
TOTAL EARNINGS |
8.571 |
10.058 |
8.073 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores and Spares |
4.656 |
4.886 |
0.588 |
|
|
|
Purchase of Test Equipment |
52.638 |
7.471 |
7.150 |
|
|
TOTAL IMPORTS |
57.294 |
12.357 |
7.738 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.24 |
1.41 |
0.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.58
|
9.22 |
5.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.33
|
11.41 |
6.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.21
|
14.40 |
5.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.18 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21
|
0.00 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73
|
3.90 |
3.79 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditor |
21.589
|
1.611 |
3.747 |
|
|
|
|
|
|
Total |
21.589
|
1.611 |
3.747 |
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
BACKGROUND
Subject was incorporated in 2002 and is mainly engaged in the business of trading and servicing of marine and electronic equipments and spares.
CURRENT PERFORMANCE
AND FUTURE OUTLOOK
The sincere efforts of the management and staff have helped the company in generating more enquiries and the company has got some good orders for GPS and instrumentation products. The service revenue in terms of percentage of total income is also improving in the current year and the company is trying its level best to boost the service income in the current year.
With a full‐fledged set up having all the facilities for efficient conduct of
business and a team of skilled service and sales staff the company is
fully geared to undertake and execute the business that are in the pipeline.
The operations of the company require obtaining of certain licences. All such licences are in place.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2011 (Rs.
in Millions) |
31.03.2010 (Rs.
in Millions) |
|
Borrowings from group company |
0.500 |
0.000 |
|
Total |
0.500 |
0.000
|
FIXED ASSETS
· Office premises
· Furniture and fixtures
· Plant and machinery
· Data processing machines
· Motor vehicles
· Electrical Fittings
· Office Equipment
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.54.74 |
|
|
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.71.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.