MIRA INFORM REPORT
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Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NARAYAN MARINE TECH PRIVATE LIMITED |
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Registered
Office : |
Off No.810, Signature - 1, Near Divya Bhaskar Press, Sarkhej -
Gandhinagar Highway, Makarba, Ahmedabad – 380 051, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.12.2007 |
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Com. Reg. No.: |
04-052352 |
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Capital
Investment / Paid-up Capital : |
Rs.18.528 millions |
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CIN No.: [Company Identification
No.] |
U35111GJ2007PTC052352 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of purchasing, reconditioning and
selling second hand ship machinery. |
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No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 74000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track record. Reserves of the
company seems to be low during 2014. However, trade relations
are fair. Business is active. Payment terms are reported to be slow but
correct. The company can
be considered for business dealings 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit: D (Suspended) Expected
to be in default |
|
Date |
April, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan: D (Suspended) Expected to
be in default |
|
Date |
April, 2013 |
Reason for suspension: The suspension follow ICRA’s inability to carry out
a rating surveillance in the absence of the requisite information from the
company.
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
31-03-2014.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-79-40300100)
LOCATIONS
|
Registered Office/ Corporate Office : |
Off No.810, Signature – 1, Near Divya Bhaskar Press, Sarkhej –
Gandhinagar Highway, Makarba, Ahmedabad – 380 051, Gujarat, India |
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Tel. No. : |
91-79-40300100/ 29702171 |
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Fax No. : |
Not Available |
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E-Mail : |
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Website : |
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Workshop / Warehouse : |
Narayan
House, Survey No.75, Trapaj-Alang Road, Alang, District Bhavnagar – 364 002, Gujarat, India |
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Kandla Office : |
Plot
No.502 and 503, New Area, Kandla Special Economic Zone, Gandhidam-Kutch – 370 230, Gujarat, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Hetalkumar Indravadan Shah |
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Designation : |
Director |
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Address : |
304-306, 3rd Floor, Shree Vallabh Complex, Atabhai Road,
Bhavnagar – 364 002, Gujarat, India |
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Date of Birth/Age : |
08.05.1973 |
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Date of Appointment : |
14.12.2007 |
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DIN No.: |
01901094 |
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Other Directorship :
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Name : |
Ms. Rupal Hetalkumar Shah |
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Designation : |
Director |
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Address : |
Block No.502, Panna Terrace, Atabhai Road, Bhavnagar – 364 002,
Gujarat, India |
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Date of Birth/Age : |
05.05.1974 |
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Date of Appointment : |
14.12.2007 |
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DIN No.: |
01901247 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
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No. of Shares |
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Hetalkumar Indravadan Shah |
|
1620000 |
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Rupal Hetalkumar Shah |
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180000 |
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Hetalkumar Indravadan Shah jointly with Rupal Hetalkumar Shah |
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28800 |
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Rupal Hetalkumar Shah jointly with Hetalkumar Indravadan Shah |
|
24000 |
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Total |
|
1852800 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
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Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of purchasing, reconditioning and
selling second hand ship machinery. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT APPLICABLE
GENERAL INFORMATION
|
Suppliers : |
·
Sea Trade LLC ·
Philippines Span Asia Carier Corp. ·
Makwana Engineering Works ·
V Care communications Private Limited ·
Freudenberg Technische ·
Putra Harapan Foundry |
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Customers : |
·
Arkvision Spares and Engg. Pte Limited ·
International Steel Corporation ·
M.K. Shipping and Allied Industries Private
Limited ·
P. Patel Ship Beaking Company ·
Maria Marine ·
Harikrishna Steel Corporation ·
Tahin Spares Suppliers ·
Alang Ship Breaking Corporation ·
Hatimi Steels |
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No. of Employees : |
Information declined by the Management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Unmesh Mehta and Company Chartered Accountants |
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Address : |
9, Nem Ashish Apartment, Second Floor, Geeta Chowk, Bhavnagar – 364 002, Gujarat, India |
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Tel. No. : |
91-278-2203349 /2200520 |
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Mobile No. : |
91-9426272255 |
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Fax No. : |
91-278-2203349 |
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PAN
No.: |
AARPM7268D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate Concern : |
Narayan Enterprise (Proprietor Hetal I.
Shah) |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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 |
|
1852800 |
Equity Shares |
Rs.10/- each |
Rs.18.528 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
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|
(1)
Shareholders' Funds |
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|
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(a) Share Capital |
18.528 |
18.528 |
18.528 |
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(b) Reserves & Surplus |
7.400 |
4.071 |
3.654 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
25.928 |
22.599 |
22.182 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
0.605 |
5.134 |
18.515 |
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(b) Deferred tax liabilities (Net) |
0.646 |
0.486 |
0.129 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
1.251 |
5.620 |
18.644 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
37.962 |
45.571 |
45.598 |
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(b) Trade
payables |
4.195 |
12.049 |
19.610 |
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(c) Other
current liabilities |
3.512 |
4.234 |
5.399 |
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(d) Short-term
provisions |
1.252 |
0.485 |
0.778 |
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Total Current
Liabilities (4) |
46.921 |
62.339 |
71.385 |
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TOTAL |
74.100 |
90.558 |
112.211 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i)
Tangible assets |
26.997 |
28.627 |
28.854 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.030 |
0.030 |
0.015 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.442 |
0.439 |
0.458 |
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(e) Other
Non-current assets |
0.000 |
0.027 |
0.054 |
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Total Non-Current
Assets |
27.469 |
29.123 |
29.381 |
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(2) Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
40.007 |
56.350 |
52.397 |
|
(c) Trade
receivables |
0.828 |
1.350 |
24.016 |
|
(d) Cash
and cash equivalents |
0.081 |
0.142 |
1.472 |
|
(e)
Short-term loans and advances |
5.715 |
3.593 |
4.945 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
46.631 |
61.435 |
82.830 |
|
|
|
|
|
|
TOTAL |
74.100 |
90.558 |
112.211 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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|
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|
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Revenue from operations |
NA |
59.098 |
111.978 |
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|
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Other Income |
NA |
1.781 |
0.000 |
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TOTAL |
NA |
60.879 |
111.978 |
|
|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase and related Expenses |
NA |
40.968 |
86.239 |
|
|
|
Increase/ Decrease in Inventories |
NA |
(3.953) |
(2.330) |
|
|
|
Employee Benefit Expenses |
NA |
5.427 |
4.290 |
|
|
|
Other Expenses |
NA |
6.721 |
8.853 |
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TOTAL |
NA |
49.163 |
97.052 |
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|
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|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
NA |
11.716 |
14.926 |
|
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|
|
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|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
8.639 |
10.223 |
|
|
|
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|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
3.077 |
4.703 |
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
2.108 |
2.403 |
|
|
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|
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|
PROFIT/
(LOSS) BEFORE TAX |
NA |
0.969 |
2.300 |
|
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|
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|
Less |
TAX |
NA |
0.552 |
0.628 |
|
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|
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|
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|
PROFIT/
(LOSS) AFTER TAX |
3.329 |
0.417 |
1.672 |
|
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|
EARNINGS IN
FOREIGN CURRENCY |
USD 847377.09 EURO 18,430 |
USD 1332370 EURO 5734 |
NA |
|
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|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Goods |
0.854 |
0.259 |
NA |
|
|
TOTAL IMPORTS |
0.854 |
0.259 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.80 |
0.23 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
NA |
0.71 |
1.49 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
NA |
19.82 |
13.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
1.07 |
2.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.04 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.49 |
2.24 |
2.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99 |
0.99 |
1.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
18.528 |
18.528 |
18.528 |
|
Reserves & Surplus |
3.654 |
4.071 |
7.400 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
22.182 |
22.599 |
25.928 |
|
|
|
|
|
|
Long Term borrowings |
18.515 |
5.134 |
0.605 |
|
Short Term borrowings |
45.598 |
45.571 |
37.962 |
|
Total borrowings |
64.113 |
50.705 |
38.567 |
|
Debt/Equity ratio |
2.890 |
2.244 |
1.487 |
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 |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two 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 |
Yes |
|
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 |
Yes |
|
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 |
Yes |
Note:
The registered office of the company has been shifted from304-306, 3rd
Floor, Shree Vallabh Complex, Near Reliance Super Mall, Attabhai Road,
Bhavnagar – 364 002, Gujarat to the present address w.e.f. 05.10.2013.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM BORROWINGS |
|
|
|
From
Related Parties |
|
|
|
Loan
from Directors: |
|
|
|
Mr..Hetalkumar
I. Shah |
0.189 |
0.498 |
|
Mrs.
Rupalben H. Shah |
0.416 |
0.217 |
|
Total |
0.605 |
0.715 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10147648 |
19/02/2010 * |
107,500,000.00 |
STATE BANK OF INDIA |
NILAMBAUG CHOWK BRANCH, BHAVNAGAR,
GUJARAT - 364001, INDIA |
A80715220 |
CONTINGENT
LIABILITIES (AS ON 31.03.2014:-
1. In respect of guarantees given by the banks and counter guaranteed by
the Company Rs. NIL
2. There is a demand of Rs.8.447 millions reg. VAT against which the company
has deposited Rs.1.691 millions under protest and has input credit refund claim
of Rs.2.921 millions and the matter is contested by the company in appeal. The
company is hopeful of winning the case.
FIXED ASSETS:
NARAYAN
MARINE TECH- BHAVNAGAR
TANGIBLE
ASSETS
·
Godown
Building
·
Furniture
and Fixture
·
Computers
·
Pedestal
fan
·
Measuring
equipment
·
Fork
lift
·
Diesel
generator
·
Fire
extinguisher
·
Lathe
machine
·
Overhead
crane
·
Activa
scooter
·
Air
conditioner
·
Close
curcuit camera
·
Digital
camera
·
Bicycles
·
Electric
fittings
·
Electronic
weigh scale
·
EPABX
·
Generator
(5KW)
·
Generator
set
·
Luna
TFR
·
Mobile
instruments
·
Motor
cars
·
Motor
cycle
·
Water
purifier
·
R.O
system
·
Spray
painting machine
·
Wood
cutting machine
SEZ
UNIT
TANGIBLE
ASSETS
·
Water
Dispenser
·
Factory
Building
·
Workshop
Machinery and Tool
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 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.63.32 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.78.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
-- PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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.