%20PRIVATE%20LIMITED%2028-Nov-2006_files/image002.jpg)
MIRA
INFORM REPORT
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Report Date : |
28.11.2006 |
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) : |
31.03.2004 |
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Date of Incorporation : |
19.01.1972 |
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Com. Reg. No.: |
11-15563 |
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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. World
of Exciting Food delicacies and Allied products. |
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 records. 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.: |
91-20-26633111 / 112 |
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Fax No.: |
91-20-6633380 / 6632977/6680380 |
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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
|
Name : |
Mr.
Satpal S. Malhotra |
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Designation : |
Chairman cum Managing Director |
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Address : |
A-8, Forest Park, Nagar Road, Pune-411014,
Maharashtra, India |
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Date of Birth/Age : |
22.05.1927 |
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Date of Appointment : |
19.01.1972 |
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Name : |
Mr.
Baldevraj S. Malhotra |
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Designation : |
Director |
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Address : |
12, Pushpak Society, Kalyani Nagar,
Pune-411014, Maharashtra, India |
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Date of Birth/Age : |
21.01.1934 |
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Date of Appointment : |
19.01.1972 |
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Name : |
Mr.
Mukesh S. Malhotra |
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Designation : |
Managing Director |
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Address : |
116, Koregaon Park, Pune-411001,
Maharashtra, India |
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Date of Birth/Age : |
12.06.1952 |
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Date of Appointment : |
21.02.1972 |
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Name : |
Mr.
Puneet S. Malhotra |
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Address : |
116, Koregaon Park, Pune-411001,
Maharashtra, India |
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Designation : |
Director |
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Date of Birth/Age : |
20.02.1954 |
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Date of Appointment : |
08.11.1972 |
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Name : |
Mr.
Ashwini B. Malhotra |
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Address : |
A-8, Forest Park, Nagar Road, Pune-411014,
Maharashtra, India |
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Designation : |
Executive Director |
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Name : |
Mr.
Akshay Malhotra |
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Address : |
16, Pushpak Society, Kalyani Nagar,
Pune-411014, Maharashtra, India |
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Designation : |
Director (Marketing) |
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Name : |
Mr.
Ankush Malhotra |
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Address : |
116, Koregaon Park, Pune-411001, Maharashtra,
India |
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Designation : |
Director (R & D) |
KEY EXECUTIVES
|
Name
: |
Kauj
& Associates |
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Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. Satpal S. Malhotra |
7502 |
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Mr.
Baldevraj S. Malhotra |
7502 |
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Mr.
Mukesh S. Malhotra |
7502 |
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Mr.
Puneet S. Malhotra |
7502 |
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Mr.
Ashwini B. Malhotra |
7502 |
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Mr.
Akshay Malhotra |
2495 |
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Mr.
Ankush Malhotra |
2495 |
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Mohini
R. Malhotra |
1500 |
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Kunwalmohini
B. Malhotra |
1500 |
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Ritu
M. Malhotra |
1500 |
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Seema
P. Malhotra |
1500 |
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Priti
A. Malhotra |
1500 |
BUSINESS DETAILS
|
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. World
of Exciting Food delicacies and Allied products. |
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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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PRODUCTION
STATUS
|
Particulars |
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Installed Capacity |
Actual Production |
|
Trading Goods |
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|
9500.000 mt |
3037.15 mt |
GENERAL
INFORMATION
|
No. of Employees : |
Around
250 |
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Bankers : |
Ø
Dena
Bank Camp Branch, Pune - 411 001 Maharashtra, India Ø
Canara
Bank Ø
Corporation
Bank Ø
City
Bank |
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Facilities : |
Cash
Credit : Rs. 11.500 millions Packing
Credit : Rs. 10.000 millions Bills
Discounting : Rs. 15.000 millions Secured
Loans: Ø
Dena
Bank Ø
Standard
Chartered Bank |
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Banking Relations : |
Satisfactory |
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Auditors : |
Khandelwal
Jain & Associates Chartered
Accountants |
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Address : |
1st
Floor, Alankar Cinema Building, Pune - 411 001, Maharashtra, India |
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Tel. No.: |
91-20-26121460 |
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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 :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- |
Rs.5.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
2.001 |
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2] Reserves & Surplus |
106.691 |
64.907 |
62.390 |
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NETWORTH |
111.691 |
69.907 |
64.391 |
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LOAN FUNDS |
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1] Secured Loans |
49.644 |
45.715 |
36.500 |
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2] Unsecured Loans |
28.545 |
25.938 |
19.500 |
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TOTAL BORROWING |
78.189 |
71.653 |
56.000 |
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TOTAL |
189.880 |
141.560 |
120.391 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.695 |
35.273 |
30.700 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
130.287 |
75.562 |
35.200 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
43.873
|
54.302 |
35.000 |
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Sundry Debtors |
2.084
|
(0.818) |
30.000 |
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Cash & Bank Balances |
2.175
|
1.985 |
0.500 |
|
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Other Current Assets |
0.000
|
0.000 |
1.000 |
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Loans & Advances |
63.110
|
48.661 |
5.000 |
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Total Current Assets |
111.242
|
104.130 |
71.500 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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|
Current Liabilities & Provisions |
90.344
|
73.405 |
15.009 |
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|
Provisions |
|
|
2.000 |
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Total Current Liabilities |
90.344
|
73.405 |
17.009 |
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Net Current Assets |
20.898
|
30.725 |
54.991 |
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|
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TOTAL |
189.880 |
141.560 |
120.391 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
305.951 |
290.147 |
243.000 |
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|
|
|
|
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Profit/(Loss)
Before Tax |
52.401 |
17.434 |
22.000 |
|
Provision
for Taxation |
4.977 |
5.856 |
7.000 |
|
Profit/(Loss)
After Tax |
47.424 |
11.578 |
15.200 |
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|
|
|
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Export
Value |
53.898 |
106.790 |
69.966 |
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Import
Value |
15.279 |
22.699 |
12.050 |
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|
|
|
|
|
Total
Expenditure |
253.550 |
212.713 |
0.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
15.50
|
3.99 |
6.25 |
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Net
Profit Margin (PBT/Sales) |
(%) |
17.13
|
6.01 |
9.05 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
34.95
|
12.51 |
21.53 |
|
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|
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Return
on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.25 |
0.34 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.51
|
2.07 |
1.13 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.23
|
1.42 |
4.20 |
LOCAL AGENCY
FURTHER INFORMATION
Director’s
Report :
The
domestic have shown healthy growth of over 17% year on year and this is the 4th
consecutive year of double digit growth in domestic sales.
However,
export sales have fallen drastically by about 48% due to the vagaries of the
international market, resulting in a sharp decrease in organic Tea and Canned
Mushroom exports. Steps are being taken to diversify organic tea exports to
other customers and markets and to open new markets in East and Central Africa
as well as Australia and New Zealand, to regain the export growth momentum.
During
the year in review, your company has executed a substantial modernisation and
up gradation of its manufacturing facility, resulting in all round savings in
Unit production costs related to labour and power expenses.
Introduction
of various new products both for domestic sales and for the export market is
planned in the near future, which will argument the sales and profits of the
company.
Property:
Freehold
Land, Furniture and Fixtures, Building, Lab and office equipments, Plant and
Machinery, Vehicles
Form
8 Particular for creation or modification of charges
|
Name of the company |
Weikfield Products Company (India) Private Limited |
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Presented By |
Dena Bank, Pune Camp Branch, Pune-411001 |
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1) Date and description of instrument creating the change |
a) Certified True Copy of the Agreement of Hypothecation of Goods, Book-debts and Other Movable Assets dated 7th August, 2000. (Both the documents to constitute a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.200 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
GOODS Stock of raw materials, such as stocks in process and finished goods such as stock-in-trade etc., stores and spares, packing material etc. consumable stores and spares, packing material etc. both present and future, now being or hereafter during the continuance of the Agreement brought into or upon or now or hereafter in course of transit to any godowns, jathas or other place of storage or occupation of borrower. MOVABLE AND OTHER ASSETS a. All the tangible moveable properties and assets of the borrower of whatsoever nature including moveable plant, machinery, tools and accessories stores and spares relating to plant and machinery, furniture, articles, office equipments, computers and things belonging to the borrower and lying and being at their premises/ factories at Pune being moveable properties and capable of passing by delivery- both present and future whether installed or not and whether not lying loose or in cases and now being or at any time brought into or upon or at time in the course of transit to the premises, factories of the borrower at Pune either by way of substitution or by addition or other places whatsoever in the possession or occupation of the borrower (hereinafter referred to as the ‘said assets’). BOOK-DEBTS All the present and future Book-debts, outstanding, moneys, receivables, claims, bill rights to or in moveable properties and moveable assets and which are now due, owing or payable or belonging to the Borrower may at any time hereafter during the continuance of the Agreement become due, owing, payable or belonging to the Borrower in course of its business by any person, firm, company, Body corporate or by the Government Department, Central Department or office or any Municipal or local or public or semi-government body or authority or any Body Corporate or undertaking or Project or whatever in Public Sector. a. All the tangible moveable properties and assets of the borrower of whatsoever nature including moveable plant, machinery, tools and accessories stores and spares relating to plant and machinery, furniture, articles, things being moveable properties capable of passing by delivery- both present and future whether installed or not and whether now lying loose or in cases and now being or at any time brought into or upon or at time in the course of transit to the premises, factories and godowns of the borrower either by way of substitution or in addition or other places whatsoever in the possession or occupation of the borrower or on behalf of the borrower or whatsoever the same may be or in transit or delivery the main items whereof as under. As per THE SCHEDULE on page No.14 of the enclosed Agreement at Sr. No. b |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Terms and conditions as per Clause Nos. 1 to 17 of the Hypothecation Agreement enclosed. The charge to cover the Non-fund based facility of Bank Guarantee (Performance/ financial) to the extent of Rs.0.200 millions (as per document at Sr. No. a) |
|
5) Name and Address and description of the person entitled to the charge. |
Dena Bank Pune Camp Branch M. G. Road, Camp Pune-411001 |
|
6) Date and brief description of instrument modifying the charge |
Certified true copy of ‘Hypothecation of Movables Plant. Machineries etc. (to secure working capital facilities) dated 14th August, 2003 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Bank Guarantee facilities of Rs. 4.000 millions are further collaterally secured by charge on all tangible moveable properties and assets of the borrower of whatsoever nature including plant, machinery, tools and accessories, stores and spares relating to plant and machinery, furniture, articles, things belonging to the borrower and lying at their premises/factories at Weikfield Estate, Nagar Road being moveable properties capable of passing by delivery both present and future-whether installed or not and whether lying loose or in cases and now being or at any time hereinafter during the continuance of this agreement brought into or upon or at time in the course of transit to the premises, factories of the borrower at Nagar Road, Pune, either by way of substitution or in addition or other places whatsoever in the possession or occupation of the borrower and more particularly described in schedule of enclosed Agreement. (Hereinafter referred to as the THIRD MODIFICATION) |
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 Ayvurvedic 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,
gelatine 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.64 |
|
UK
Pound |
1 |
Rs.86.51 |
|
Euro |
1 |
Rs.58.62 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|