MIRA INFORM REPORT

 

 

Report No. :

351420

Report Date :

30.11.2015

 

IDENTIFICATION DETAILS

 

Name :

NAVJYOT INTERNATIONAL TRADING PRIVATE LIMITED

 

 

Registered Office :

307, Balarama Premises, Bandra Kurla Compelx, Bandra (East), Mumbai – 400051, Maharashtra

Tel. No.:

91-22-66257019

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

03.06.2008

 

 

Com. Reg. No.:

11-183103

 

 

Capital Investment / Paid-up Capital :

Rs. 16.050 Million

 

 

CIN No.:

[Company Identification No.]

U51109MH2008PTC183103

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Processing, Trading and Wholesalers of Agro Products and Commodities.

 

 

No. of Employees :

15 (Approximately)

 

 

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 2600000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 2008, it has moderate track.

 

As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but documents related to financial for the year ending 2014 is not available from any other sources.

 

Rating takes into consideration moderate financial risk profile of the company marked by highly leveraged capital structure of the company in FY13.

 

The company has reported decrease in its sales turnover in the year under consideration along with thin profit margin.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of high external borrowings, the company can be considered for business dealings with some caution.

 

(Note: From the indirect source i.e. CARE Ratings, we have found that the subject has reported sales turnover of Rs. 1237.000 Million in FY14 and same has decreased to Rs. 1086.800 Million in FY15.)

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE RATING

Rating

Long Term Bank Facilities = BB

Rating Explanation

Inadequate credit quality and high credit risk

Date

November 05, 2015

 

Rating Agency Name

CARE RATING

Rating

Short Term Bank Facilities = A4

Rating Explanation

Minimal degree of safety and very high credit risk

Date

November 05, 2015

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Mahendra Kumar Champalal Ranka

Designation :

Director

Contact No.:

91-22-66257019

Date :

27.11.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

307, Balarama Premises, Bandra Kurla Compelx, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-66257019

Mobile No.:

91-9619801611 (Mr. Jaganath)

Fax No.:

91-22-26591999

E-Mail :

traffic@navjyotintl.com

Website :

http://www.navjyotintl.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Abhishek Bhura

Designation :

Director

Address :

21/51, Sea Pearl, Bandra Reclamation, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

26.07.1982

Date of Appointment :

03.06.2008

PAN No.:

AFAPB6373C

DIN No.:

01637692

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51211MH2003PTC139960

KALPVRAKSH IMPEX PRIVATE LIMITED

Director

01/04/2012

09/04/2003

31/08/2013

Active

NO

2

U51211MH2003PTC140377

BHURA BUSINESS CENTRE PRIVATE LIMITED

Director

09/05/2003

09/05/2003

-

Active

NO

3

U70101MH2003PTC140378

MANAN BUSINESS CENTRE PRIVATE LIMITED

Director

09/05/2003

09/05/2003

15/10/2010

Active

NO

4

U51909MH2003PTC142264

NAVJYOT IMPEX PRIVATE LIMITED

Director

18/09/2003

18/09/2003

-

Active

NO

5

U51109MH2008PTC183103

NAVJYOT INTERNATIONAL TRADING PRIVATE LIMITED

Director

01/10/2013

03/06/2008

-

Active

NO

6

U51101MH2012PTC227933

GLOBAL AGRITRADE INDIA PRIVATE LIMITED

Director

18/03/2013

18/03/2013

31/08/2013

Active

NO

 

 

Name :

Mr. Mahendra Kumar Champalal Ranka

Designation :

Director

Address :

307, Balarama Premises, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

Date of Birth/Age :

22.12.1968

Date of Appointment :

03.06.2008

DIN No.:

02175377

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51211MH2003PTC139960

KALPVRAKSH IMPEX PRIVATE LIMITED

Director

12/05/2008

12/05/2008

19/01/2009

Active

NO

2

U51109MH2008PTC183103

NAVJYOT INTERNATIONAL TRADING PRIVATE LIMITED

Director

03/06/2008

03/06/2008

-

Active

NO

3

U51211MH2003PTC140377

BHURA BUSINESS CENTRE PRIVATE LIMITED

Director

30/06/2009

30/06/2009

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Abhishek Bhura

 

1364000

Mahendra Kumar Ranka

 

1000

Abhishek Bhura HUF

 

100000

Jayant Kumar Bhura HUF

 

100000

Sarala Devi Bhura

 

40000

 

 

 

Total

 

1605000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Processing, Trading and Wholesalers of Agro Products and Commodities.

 

 

Products :

Agro Products and Commodities

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • USA
  • Japan
  • Turkey
  • Israel
  • Egypt
  • Netherlands
  • Germany
  • UK
  • Middle East Country

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Advance Payment and Credit (30 days)

 

 

Purchasing :

Advance Payment and Credit (30 days)

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers and Retailers

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

15 (Approximately)

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

Overseas Branch, 2nd Floor, The Arcade World Trade Centre, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

91-22-22184328/22181321

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

The person is not in office.

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2013

As on

31.03.2012

LONG TERM BORROWING

 

 

Rupee term loans from banks

0.532

0.774

 

 

 

SHORT TERM BORROWING

 

 

Rupee term loans from banks

570.988

273.883

 

 

 

Total

571.520

274.657

 

Auditors :

 

Name :

Gupta Saharia and Company

Chartered Accountants

Address :

C- 103 Pirnay Nagar, Vazira Naka,  Ram Mandir Road Extn., Borivili (West), Mumbai - 400091, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AACFG8803D

 

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000

Equity Shares

Rs.10/- each

Rs. 20.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1605000

Equity Shares

Rs.10/- each

Rs. 16.050 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

16.050

16.050

16.050

(b) Reserves & Surplus

76.943

73.075

66.211

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

92.993

89.125

82.261

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.532

0.774

0.000

(b) Deferred tax liabilities (Net)

0.082

0.057

0.016

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.614

0.831

0.016

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

570.988

273.883

9.195

(b) Trade payables

113.120

132.396

121.899

(c) Other current liabilities

21.868

14.388

66.997

(d) Short-term provisions

1.315

2.030

8.866

Total Current Liabilities (4)

707.291

422.697

206.957

 

 

 

 

TOTAL

800.898

512.653

289.234

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6.457

6.577

0.729

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

37.000

0.180

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

55.023

0.023

0.058

(e) Other Non-current assets

0.130

0.155

0.181

Total Non-Current Assets

61.610

43.755

1.148

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

18.650

20.091

62.270

(c) Trade receivables

662.741

353.554

10.750

(d) Cash and cash equivalents

20.615

41.933

108.425

(e) Short-term loans and advances

37.283

53.320

106.641

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

739.289

468.898

288.086

 

 

 

 

TOTAL

800.899

512.653

289.234

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

 

31.03.2012

31.03.2011

 

 

 

 

 

 

INCOME

1371.955

1679.769

1834.570

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL                                    

1366.328

1670.835

1807.896

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

5.627

8.934

26.674

 

 

 

 

 

Less

TAX                                                                 

1.760

2.070

8.938

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

3.867

6.864

17.736

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.40

4.27

11.05

 

 

Particulars

 

 

31.03.2015

31.03.2014

Total Operating Income

 

1086.800

1237.000

 

 

 

 

Profit/Loss for the year

 

4.000

3.700

 

Note: Above information gathered from indirect source i.e. CARE RATING.

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Net Profit Margin

(PAT / Sales)

(%)

0.28

0.41

0.97

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.70

1.88

9.23

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.06

0.10

0.32

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

6.15

3.08

0.11

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.05

1.11

1.39

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

16.050

16.050

16.050

Reserves & Surplus

66.211

73.075

76.943

Share Application money pending allotment

0.000

0.000

0.000

Net worth

82.261

89.125

92.993

 

 

 

 

long-term borrowings

0.000

0.774

0.532

Short term borrowings

9.195

273.883

570.988

Total borrowings

9.195

274.657

571.520

Debt/Equity ratio

0.112

3.082

6.146

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1834.570

1679.769

1371.955

 

 

-8.438

-18.325

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1834.570

1679.769

1371.955

Profit

17.736

6.864

3.867

 

0.97%

0.41%

0.28%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last five years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10151456

04/07/2011 *

237,000,000.00

State Bank of India

Overseas Branch, 2nd Floor, The Arcade, World Trade Centre, Cuffe Parade, Colaba, Mumbai,

Maharashtra - 400005,

INDIA

B19477207

 

* Date of charge modification

 

 

FIXED ASSETS

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 66.75

UK Pound

1

Rs. 100.68

Euro

1

Rs. 70.88

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--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

NO

--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

 

--

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.