|
|
|
MIRA
INFORM REPORT
|
Report No. : |
486289 |
|
Report Date : |
18.01.2018 |
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, of CNG Service Provider |
|
|
|
|
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 |
Acceptable Risk |
Business dealings permissible with
moderate 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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 surpassed $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.
|
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 1,689,312,235 |
BDT 3,025,415,057 |
BDT 224,208,758 |
|
30th
June’ 2017 |
BDT 1,592,280,577 |
BDT 5,344,694,974 |
BDT 211,034,275 |
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 |
|
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 |
|
|
|
|
|
Number of Branch: |
: |
9 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. |
|
Genarel Public |
151570263 |
Bangladesh. |
DIRECTORS
|
||
|
1.
|
|
|
|
|
||
|
Name |
: |
Mr.
Shafiul Islam |
|
Designation |
: |
Chairman |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
2.
|
|
|
|
|
||
|
Name |
: |
Mr.
Saiful Islam |
|
Designation |
: |
Director
& CEO |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
3.
|
|
|
|
|
||
|
Name |
: |
Khaleda
Islam |
|
Designation |
: |
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
4.
|
|
|
|
|
||
|
Name |
: |
Mr.
Sajedul Islam |
|
Designation |
: |
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
5.
|
|
|
|
|
||
|
Name |
: |
Farhana
Islam |
|
Designation |
: |
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
6. |
|
|
|
|
||
|
Name |
: |
Mr.
M. Obaidur Rahman, FCA |
|
Designation |
: |
Independent
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
7. |
|
|
|
|
||
|
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 1806188480 |
|
|
||
|
No.
of Shares |
: |
18,06,18,848 |
|
|
||
|
Share
Value |
: |
BDT 10.00 Each |
|
|
||
|
Main Assets |
: |
BDT 5,344,694,974 Million |
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 63.98 |
|
|
1 |
INR 88.13 |
|
Euro |
1 |
INR 78.35 |
|
BDT |
1 |
INR 0.77 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
KET |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.