MIRA INFORM REPORT

 

 

Report No. :

494845

Report Date :

28.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

NAVANA CNG LIMITED

 

 

Registered Office :

Islam Chamber (4th Floor), 125/A, Motijheel C/A, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017

 

 

Date of Incorporation :

19.04.2004

 

 

Com. Reg. No.:

C-52512

 

 

Legal Form :

Public Listed Co

 

 

Line of Business :

Conversion, Importer and CNG Service Provider of Petrol/ Octane driven vehicle conversion to CNG, Selling gas through CNG Refueling station, 3-Wheeler conversion to CNG, LPG conversion, Diesel driven Vehicle conversion to CNG.    

 

 

No. of Employees :

982

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Bangladesh

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

BANGLADESH - ECONOMIC OVERVIEW

 

Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services sector, almost half of Bangladeshis are employed in the agriculture sector, with rice as the single-most-important product.

Garment exports, the backbone of Bangladesh's industrial sector, accounted for more than 80% of total exports and were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

The recent influx of hundreds of millions of additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of adverse weather.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Navana Cng Limited

Head Office

:

Islam Chamber (4th Floor), 125/A, Motijheel C/A, Dhaka-1000,

Bangladesh.

Tel No

:

88-02-9552212

Fax No

:

88-02-9885002

E-mail

:

info@navanacng.com

Website

:

www.navanacng.com

Date/ Year of Incorporation

:

19.04.2004

Incorporation No.

:

C-52512

Legal Form (General)

:

 Public Listed Co        Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorships   Partnership                  Not Registered

 others (please specify) ________________

Legal form (Specific)

:

LTD   CORP    INC  CO    

 others (please specify) ________________

Issuing Authority

:

Registrar of Joint Stock Companies & Firms   City Corporation

 Municipal Administration                              Union Council

 Cantonment Board                                        Chief Controller of  Import & Export

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

     Income

30th June’ 2016

BDT 1689312235

BDT 3025415057

BDT 224208758

30th June’ 2017

BDT 1592280577

BDT 5344694974

BDT 211034275

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Md. Zahidul Haque ACA

Designation

:

Chief Financial Officer

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

Islam Chamber (4th Floor), 125/A, Motijheel C/A, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9552212

Fax No

:

88-02-9885002

E-mail

:

info@navanacng.com

Website

:

www.navanacng.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

5500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Workshop Address:

Address

:

Navana Toyota 3S Center, 205-207, Tejgaon I/A, Dhaka-1208, Bangladesh. 

Tel No

:

88-02-9851211

Fax No

:

880-2-9892585

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

28,500

Sq. ft.

 

Corporate Address  :

Address

:

205-207, Tejgoan Industrial Area, Gulshan link road, Dhaka-1208, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Branch Address  :

Address

:

214/D Tejgaon I/A (Level-02), Dhaka-1208, Bangladesh

Tel No

:

88-02-8836255, 88-02-8836246

Fax No

:

88-02-8836474

 

 

 

Number of Branch :

:

8 Nos

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

65

In workshop

:

917

In Branch:

:

N/A

Total

:

982

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

Country

Mr. Shafiul Islam

17203878

Bangladesh.

Mr. Saiful Islam

3426429

Bangladesh.

Mrs. Khaleda Islam

3568644

Bangladesh.

Mr. Sajedul Islam

3401792

Bangladesh.

Ms. Farhana Islam

1447842

Bangladesh.

Aftab Automobiles Limited

105404

Bangladesh.

Genarel Public

39374603

Bangladesh.

 

 

DIRECTORS

 

Name

:

Mr. Shafiul Islam

Designation

:

Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Saiful Islam

Designation

:

Director & CEO

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Khaleda Islam

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Sajedul Islam

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Farhana Islam

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. M. Obaidur Rahman, FCA

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Ekramul Haq, FCA

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mr. Md. Zahidul Haque ACA

Job Description

:

Chief Financial Officer

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Muhammad Abidur Rahman ACA

Job Description

:

Head of Internal Audit

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Tareq Enamor Rahim

Job Description

:

Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Conversion

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

 

Importer

Ö

Services

 

CNG Service Provider

Ö

 

Range of Products:

 

Products

:

Petrol/ Octane driven vehicle conversion to CNG, Selling gas through CNG Refueling station, 3-Wheeler conversion to CNG, LPG conversion, Diesel driven Vehicle conversion to CNG.    

Production Capacity

:

N/A

Last Year Production

:

N/A

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

Ö

Others

 

 

 

Credit :

 

30 days

 

60 days

 

90 days

Ö

0

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Omnitek,

Vanaz Engineers,

Landi Renzos. P. A.

 

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports(Country)

:

N/A

 

Imports(Country)

:

Chain, India, UK, Italy, USA

 

Brand Name

:

N/A

Certified

:

ISO 9001:2000 Certified

Name of Auditors

:

Malek Siddiqui Wali Chartered Accountants

9-G, (2nd Floor), Motijheel C/A, Dhaka-1000, Bangladesh.

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 1500 Million

 

Paid-up Capital

:

BDT 685285920

 

No. of Shares

:

68528592

 

Share Value

:

BDT 10.00 Each

 

Main Assets

:

BDT 5344694974

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

: BDT

 

       Denomination

: 1

 

         Financial Year Ending

: 30th June’ 2017

     Financial Highlights

        30th June’ 2017

30th June’ 2016

Assets

 

 

 

Non-Current Assets

 

 

 

Property, Plant & Equipment

863,953,757

651,105,847

 

Capital Work-in-progress

2,607,082,557

769,297,218

 

Investment in subsidiaries

556,044,378

458,656,112

 

Long-term security deposit

48,020,364

47,756,880

 

Investment in shares

6,313,986

5,332,708

 

Total non-current assets

4,081,415,042

1,932,148,765

 

 

 

 

 

Current Assets:

 

 

 

Inventories

603,526,677

523,749,987

 

Accounts Receivable

123,554,313

110,298,184

 

Advance, Deposit & Pre-payments

210,266,867

109,525,891

 

Other receivables

3,006,208

-

 

Inter-company receivable

158,384,343

132,974,343

 

Cash and cash equivalent

164,541,524

216,717,887

 

Total Current assets

1,263,279,932

1,093,266,292

 

 

 

 

 

Total assets

5344694974

3,025,415,057

 

 

 

 

 

Equity And Liabilities:

 

 

 

Capital and reserves

 

 

 

Share Capital

685,285,920

685,285,920

 

Tax holiday reserve

180,618,848

180,618,848

 

AFS Reserve 

834,086

-

 

Retained earnings

1,401,550,207

1,250,468,266

 

Total Capital & Reserve

2,268,289,061

2,116,373,034

 

 

 

 

 

Non- Current Liabilities 

 

 

 

Deferred tax liabilities

47,553,594

44,725,177

 

Long Term Loan

2,322,766,063

589,321,071

 

Total Non-current liabilities

2,370,319,657

634,046,248

 

 

 

 

 

Current liabilities

 

 

 

Short-term loans

158,461,417

70,111,115

 

Provision for income tax

44,753,531

55,727,378

 

Inter Company Payable

299,125,193

-

 

Security retention money

33,377,451

-

 

Payables and accruals

170,368,664

149,157,282

 

Total current liabilities

706,086,256

274,995,775

 

 

 

 

 

Total liabilities

3,076,405,913

909,042,023

 

 

 

 

 

Total equity and liabilities

5,344,694,974

3,025,415,057

 

 

 

 

 

Net Assets Value per Share

33.10

30.88

 

 

 

Statement of Profit or Loss and other Comprehensive Income:

 

  Currency

: BDT

 

       Denomination

: 1

 

         Financial Year Ending

: 30th June’ 2017

     Financial Highlights

30th June’ 2017

30th June’ 2016

Revenue

1,592,280,577

1,689,312,235

 

Less: Cost of sales

1,130,359,982

1,193,304,151

 

 

 

 

 

Gross Profit

461,920,595

496,008,084

 

 

 

 

 

Less: Administration & selling

expenses

300,929,688

297,791,657

 

Less: Interest expenses

6,807,364

24,145,984

 

 

 

 

 

Operating Profit

154,183,543

174,070,443

 

 

 

 

 

Add: Other income

3,756,178

5,564,472

 

 

 

 

 

Profit before contribution to

WPPF

157,939,721

179,634,915

 

Less : Contribution to WPPF

7,520,939

8,554,043

 

Profit before tax

150,418,782

171,080,872

 

 

 

 

 

Less: income tax expenses

37,606,810

36,782,013

 

Current tax

34,925,586

39,920,608

 

Deferred tax

2,681,224

(3,138,595)

 

 

 

 

 

Net profit for the year

112,811,972

134,298,859

 

Add: other comprehensive

income:

 

 

 

Revaluation Gain/loss on investment in share

981,278

(1,441,680)

 

Less: deferred tax adjustment

(147,192)

193,649

 

 

834,086

(1,248,031)

 

Share of profit from subsidiaries

97,388,217

91,157,930

 

Total comprehensive income for

 the year

211,034,275

224,208,758

 

Earnings per share (operating)

1.65

1.96

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Navana Group

Subsidiary

:

Navana Engineering Limited

Navana Welding Electrode Limited

Sister Concerns

:

NavanaSoft

Biponon Ltd.

Aftab IT Ltd.

Navana Paints

Interlinks Ltd

Navana Battery

Navana Limited

Navana Furniture

Navana Textiles Ltd.

Navana CNG Limited

Aftab Biotech Limited

Aftab Automobiles Ltd.

Navana Electronics Ltd

Navana Real Estate Ltd

Redix HERBS Limited.

Aftab GP Farms Limited

Navana Taxi Cab Co. Ltd.

Navana Construction Ltd.

Navana Distributions Ltd.

Eastern Housing Limited.

Navana Interlinks Limited

Aftab Feed Products Limited

Navana Health Care Limited.

Aftab Rahima Welfare Trust

Navana Pharmaceuticals Limited.

Aftab Bahumukhi Farms Limited

Jahurul Islam Education Complex

Navana Computers & Technology Ltd.

Jahurul Islam Nurses' Training Institute.

Jahurul Islam Medical College & Hospital

Bengal Development Corporation Limited.

Bh Bengal Development Corporation Limited.

Agalpur-Bajitpur Rural Development Program

 

 

BANKING

 

Bank Name  

:

One Bank Ltd

Mutual Trust Bank Ltd

The City Bank Limited

Dutch Bangla Bank Ltd

Shahjalal Islami Bank Limited.

 

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks           

 

:     

No Record Found         

Debt

 

:

No Record Found

Litigation  

                   

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

SITE VISIT COMMENTARY

 

Our Representative Visited the subject company Head office which is situated at Islam Chamber (4th Floor) 125/A, Motijheel C/A, Dhaka-1000, Bangladesh. It is situated at commercial area.

 

 

GENERAL COMMENTS

 

The subject company is engaged in Conversion, Importer & CNG Service Provider. It is reputed company in this line of business. We recommended that Credit can proceed promptly in Fairly large amount.

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.85

UK Pound

1

INR 90.58

Euro

1

INR 79.97

BDT

1

INR 0.77

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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