MIRA
INFORM REPORT
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Report Date : |
1st
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
CROWN
FOODS |
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Registered Office : |
55/
57, Buddhavihar Marg, Mumbai – 400 008, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1981 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturer,
Trader and Importer of Corn Flour, Baking Powder, Drinking Chocolate, Cocoa
Powder, Jelly Crystals, Crème Caramel Mix, Custard Powder, Salad Oil, Mustard
Powder, Mono Sodium Glutomate, Castor Sugar etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established small concern having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
correct and as per commitments. The concern can be considered normal for
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
55/
57, Buddhavihar Marg, Mumbai – 400 008, Maharashtra, India |
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Tel. No.: |
91-22-23078467 |
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Mobile No.: |
91-9820084236 |
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Fax No.: |
91-22-23096057 |
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Website : |
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Factory
1 : |
Byculla,
Mumbai, Maharashtra, India |
SOLE PROPRIETOR
|
Name : |
Mr.
Nooruddin Asgar Ali Sevwala |
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Designation : |
Sole
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Trader and Importer of Corn Flour, Baking Powder, Drinking Chocolate, Cocoa
Powder, Jelly Crystals, Crème Caramel Mix, Custard Powder, Salad Oil, Mustard
Powder, Mono Sodium Glutomate, Castor Sugar etc. |
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Products : |
î
Corn
Flour î
Baking
Powder î
Drinking
Chocolate î
Cocoa
Powder î
Jelly
Crystals î
Crème
Caramel Mix î
Custard
Powder î
Salad
Oil î
Mustard
Powder î
Mono
Sodium Glutomate î
Castor
Sugar |
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Terms : |
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Selling : |
Cash and
Credit upto 30 days basis |
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Purchasing : |
Cash
and Credit upto 30 days basis |
GENERAL
INFORMATION
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Customers : |
î
Wholesalers î
Retailers
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No. of Employees : |
About
20 |
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Bankers : |
¯
Excellent
Co-operative Bank Limited
Byculla Branch, Mumbai, Maharashtra, India |
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Facilities : |
The
concern is reported to enjoy some facilities from its banker. |
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Banking Relations : |
Satisfactory
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Auditors : |
Not
Available |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
1.500 millions |
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Borrowed : |
Rs.
1.500 millions |
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Total : |
Rs.
3.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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20.000 |
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Expected
Sales Turnover for the Year March 2007: Rs. 25.000 millions.
LOCAL AGENCY
FURTHER INFORMATION
Crown Foods foundation was originally a trading company. They began with the traditional Vermicelli and then started manufacturing it in Mumbai.
With the advent of processed foods in the market, the Directors saw great
potential in the Instant Foods market. The Indian kitchen was fast adapting to
International cuisine and the awareness for Diet food made place for desserts
made of milk instead of ghee and mava. They started processing Custard Powder,
Jelly Crystals, and Milk Jelly, China Grass etc.
Initially Custard Powder and Jelly were available only during festival seasons.
Crown saw the opportunity to market them throughout the year.
The company suffered a major loss after a fire in1978 which shattered all
dreams. But rising like a phoenix from the ashes, the company rose from scratch
and scaled greater heights.
Learning from valuable past experiences, and constantly monitoring market needs
and requirements, Crown today boasts of an impressive portfolio of over 20
products. Emphasis is laid on quality control, taking special care not to
increase prices so as to be within the reach of everyone.
Besides concentrating on business expansion, Crown Foods Company takes a keen
interest in social obligations and lending a helping hand towards humanitarian
purposes. Their inclination towards promoting social causes has earned the
company their USP and hence their company baseline Crown Foods, the Company
that Cares.
Subject
is dealer and distributors in Maharashtra, Goa and Gujarat.
Subject
imports Sugar, Corn, Flour, Gelatine, Caragneen, Sodium Aluminium Sulphate,
Agar, China Grass, Sodium Bicarbonate, Foods and Colors.
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 records 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.45.02 |
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UK
Pound |
1 |
Rs.85.56 |
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Euro |
1 |
Rs.57.24 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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