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MIRA
INFORM REPORT
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Report Date : |
6th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
WEIKFIELD
PRODUCTS COMPANY (INDIA) PRIVATE LIMITED |
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Registered Office : |
Weikfield Estate, Nagar Road, Pune – 411 014, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2002 |
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Date of Incorporation : |
19.01.1972 |
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Com. Reg. No.: |
25-15563 |
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CIN No.: [Company
Identification No.] |
U29219MH1972PTC015563 |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
The
company is engaged in growing of mushrooms, processing of brinjals, mango, other
food products such as baking powder, veg jelly crystals, ice cream mix,
drinking chocolate, icing sugar, beverages and organic tea. |
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
250000 |
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Status : |
Satisfactory
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject company is owner of
"Weikfield" brand, which has been well-received among
consumers. Subject is a
well-established and reputed company having satisfactory track. Directors are reported as experienced,
respectable and resourceful businessmen.
Their trade relations are reported as fair. Financial position is good.
Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
Weikfield Estate, Nagar Road, Pune – 411 014, Maharashtra, India. |
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Tel. No.: |
91-20-6633111 / 6633112 |
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Fax No.: |
91-20-6633380 / 6632977 |
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E-Mail : |
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Website : |
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Area : |
351.875
sq.mtrs |
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Location : |
Owned |
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Factory
1 : |
Weikfield Estate, Nagar Road, Pune – 411 014, Maharashtra, India. |
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Tel.
No.: |
91-20-6633111 / 6633112 |
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Fax
No.: |
91-20-6633380 / 6632977 |
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E-Mail
: |
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Area : |
10175.878
sq.mtrs. |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. S.
P. Malhotra |
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Designation : |
Chairman |
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Name : |
Mr. B.
R. Malhotra |
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Designation : |
Vice Chairman |
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Name : |
Mr.
Mukesh Malhotra |
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Designation : |
Managing Director |
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Name : |
Mr.
Puneet Malhotra |
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Designation : |
Joint Managing Director |
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Name : |
Mr.
Ashwini Malhotra |
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Designation : |
Executive Director |
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Name : |
Mr.
Akshay Malhotra |
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Designation : |
Director (Marketing) |
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Name : |
Mr.
Ankush Malhotra |
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Designation : |
Director (R & D) |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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Percentage of Holding |
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Directors
and their Family |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The
company is engaged in growing of mushrooms, processing of brinjals, mango, other
food products such as baking powder, veg jelly crystals, ice cream mix,
drinking chocolate, icing sugar, beverages and organic tea. |
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Products : |
¯
Mushrooms ¯
Processing
of Brinjals and Mango ¯
Baking
Powder ¯
Veg
Jelly Crystals ¯
Ice
Cream Mix ¯
Drinking
Chocolate ¯
Icing
Sugar ¯
Beverages
¯
Organic
Tea |
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Brand Names : |
"WEIKFIELD" |
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Exports to : |
Africa,
Middle East, Russia, UK and USA |
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Imports from : |
France,
Middle East and USA |
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GENERAL
INFORMATION
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No. of Employees : |
Around
250 |
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Bankers : |
K
Dena
Bank Camp Branch, Pune - 411 001,
Maharashtra, India |
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Facilities : |
Cash
Credit : Rs. 11.500 millions Packing
Credit : Rs. 10.000 millions Bills
Discounting : Rs. 15.000 millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Khandelwal
Jain & Company Chartered
Accountants |
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Address : |
Alankar
Cinema Building, Pune - 411 001, Maharashtra, India |
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Sister Concerns : |
K
Weikfield
Agro Products Limited K
Weikfield
International U.A.E. K
Weikfield
Mnemonix InfoNetworks |
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Memberships : |
K
Confederation
of Indian Industry |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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20010 |
Equity Shares |
Rs. 100/- |
Rs. 2.001 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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20010 |
Equity Shares |
Rs. 100/- |
Rs. 2.001 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.001 |
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2] Reserves & Surplus |
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62.390 |
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NETWORTH |
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64.391 |
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LOAN FUNDS |
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1] Secured Loans |
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36.500 |
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2] Unsecured Loans |
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19.500 |
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TOTAL BORROWING |
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56.000 |
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TOTAL |
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120.391 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.700 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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35.200 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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35.000 |
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Sundry Debtors |
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30.000 |
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Cash & Bank Balances |
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0.500 |
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Other Current Assets |
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1.000 |
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Loans & Advances |
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5.000 |
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Total Current Assets |
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71.500 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.009 |
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Provisions |
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2.000 |
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Total Current Liabilities |
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17.009 |
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Net Current Assets |
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54.991 |
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TOTAL |
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120.391 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2002
(Unaudited) |
31.03.2001 |
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Sales Turnover [including other
income] |
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243.000 |
172.784 |
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Profit/(Loss)
Before Tax |
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22.000 |
8.659 |
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Provision
for Taxation |
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7.000 |
1.920 |
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Profit/(Loss)
After Tax |
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15.200 |
6.739 |
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Export
Value |
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69.966 |
29.157 |
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Import
Value |
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12.050 |
8.580 |
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LOCAL AGENCY
FURTHER INFORMATION
Subject started
in 1956 with the manufacturing of custard powder & cornflower.
Weikfield
International Corporation (WIC) merged in Weikfield Products Company (India)
Private Limited from July, 2002. Thus,
WIC ceased to exist.
Today,
subjects brand is associated with a versatile range of processed food products
like custard powder, jelly crystals, baking powder, drinking chocolate, cream
caramel, chutneys, sauces and natural ayurvedic health products.
The
company's product range includes Desserts, Custard Powder, Vegetarian Jelly
Crystals, Cremelle Caramel Pudding, Cake Mix, Drinking Chocolate, Ice Cream
Mix, Icing Sugar, Vanilla Flavours, Cornflower, Mustard Powder and Mushroom.
The
company’s three divisions are engaged in production of :
general food
division
Custard
powder, corn flour, jelly crystals, mustard powder, vanilla essence in powder,
freeze ice cream, mix powder, drinking chocolate powder, cremelle pudding mix,
gellatine for foods, cake and pudding mixes, arrow roots powder, glucose (for
food) sago and barley.
baking and
spices division
Baking
powder, full and ground spices, Weikfield various masalas, black pepper and
icing sugar.
tea division
Tea bags
in various flavours and shapes round and square.
The
company’s production capacity is 8000 MT
per annum.
The
company's "First Choice" mushrooms are cultivated under the strict
supervision of international mushroom experts, under the most hygienic
conditions.
The
company has collaboration with :
K
Charles
Jacquinet Cie Inc, USA
K
Frankling
Mushroom Farms, USA
K
St.
Dalfour Fruit Conserves, France
The
company's distribution set up includes 20 C & F agents, 1200 distributors
and over 200000 retail outlets across the country. It also has a 5 person, international sales and marketing team
who ensures the presence of Weikfield products in 27 nations around the world.
It is in
trade terms with:
K
Tata
Chemicals, Mithapur - 361 345, Gujarat
K
Anil
Starch Limited, Anil Road, PB No. 10009, Ahmedabad - 380 025, Gujarat
K
Rollatainers
Limited, 13/6, Mathura Road, Faridabad - 121 003, Haryana
K
Campbell
Cheong Chan (M) Sdn. Bhd., 3. Jln Kilang A, 46050 Petaling Jaya, PO Box 51,
46700, Petaling Jaya Selangor Darul Ehsan, Malaysia
K
FMC,
USA, 1735, Market Street, Philadelphia, PA 19103, U.S.A
As Per Web:
Weikfield Products Company (India) Private Limited started in 1956 with the manufacturing of Custard Powder and Corn Flour. Today Weikfield brand is associated with a versatile range of processed food products like Custard Powder, Jelly Crystals, Baking Powder, Drinking Chocolate, Cream Caramel, Chutneys, Sauces and Natural Ayurvedic Health Foods. The real innovation of the company has been in the creation of various sizes and types of packs that suit the needs of every consumer.
All this has been achieved with a lean manufacturing force of only 300, supported by a marketing and sales staff of 60 all over the country. Weikfield’s wide distribution set-up, which includes 20 C and F Agents, 1200 distributors and over 200,000 retail outlets across the country, ensures the prominence of its brand. The company also has a 5- person, international sales and marketing team who ensure the presence of Weikfield products in 27 nations around the world.
Contact
Wiekfield
Products Company (India) Private Limited
Weikfield Estate, Nagar Road, Pune – 411 014, Maharashtra, India
Tel. No.: 91-20-26633111/ 26633234
Fax No.: 91-20-26633380
Email: products@weikfield.com
Website: http://www.wiekfield.com
Weikfield
Agro Products Private Limited
Weikfield Estate, Nagar Road, Pune – 411 014, Maharashtra, India
Tel. No.: 91-20-26680111/ 26680112
Fax No.: 91-20-26680380
Farm
and Factory:
Gat No. 323/ 331, Village Bakori, Taluka Haveli, Pune – 412 207, Maharashtra, India
Tel. No.: 91-20-27051530/ 27051529
Website: http://www.wagro.com
Weikfield
Mnemonix Info Networks
116, Koregaon Park Hotel, Green Plaza Lane, Pune – 411 011, Maharashtra, India
Tel. No.: 91-20-26131072/ 26138717
Email: wmi@weikfield.com
Website: http://www.wminet.net
Weikfield
Computer Academy
116, Koregaon Park Hotel, Green Plaza Lane, Pune – 411 011, Maharashtra, India
Tel. No.: 91-20-26131072/ 26138717
Email: wmi@weikfield.com
Website: http://www.wminet.net
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
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.84 |
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UK
Pound |
1 |
Rs.85.55 |
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Euro |
1 |
Rs.57.28 |
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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