MIRA
INFORM REPORT
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Report Date : |
27.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PUSHTI FOOD PRODUCTS |
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Registered Office : |
89 / B 1, Kattedan, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1999 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDP01370F |
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PAN No.: [Permanent
Account No.] |
AAEFP3613Q |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners. |
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Line of Business : |
Manufacturer and Exporter of Glucose Biscuits, Milk
Biscuits, Cream |
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 : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory
track. Partners are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
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 : |
89 / B 1, Kattedan, |
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Tel. No.: |
91-40-24361413 / 24362296 |
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Mobile No.: |
91-9391021415 (Mr. Parmod) |
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Fax No.: |
91-40-24362296 |
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E-Mail : |
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Area : |
8800sq.fts |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. Pradeep Sanghi |
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Designation : |
Partner |
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Date of Birth/Age : |
57 Years |
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Qualification : |
Graduate |
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Experience : |
20 Years |
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Name : |
Mr. Pramod Sanghi |
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Designation : |
Partner |
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Date of Birth/Age : |
35 Years |
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Qualification : |
Graduate |
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Experience : |
10 – 12 Years |
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Name : |
Mr. Nitin Sangi |
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Designation : |
Partner |
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Date of Birth/Age : |
34 Years |
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Qualification : |
MBA |
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Experience : |
10 – 12 Years |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Glucose Biscuits, Milk
Biscuits, Cream |
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Brand Names : |
PUSHTI |
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Exports : |
Negligible |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
40 |
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Bankers : |
♦
State Bank of Kattedan Branch ♦
Syndicate Bank |
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Facilities : |
Term Loan and C/C Limit |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
♦
Poshak Foods 203 / B, Mylar Dev Palli, Kattedon Line of Business: Manufacturer and Exporter of Glucose
Biscuits, Milk Biscuits, Cream ♦
Kanak Bakers 203 / B, Mylar Dev Palli, Kattedon Line of Business: Manufacturer and Exporter of Glucose
Biscuits, Milk Biscuits, Cream |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.2.500 millions |
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Borrowed : |
-- |
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Total : |
Rs.2.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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15.000 |
12.000 |
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Expected Sales (2007-08) : Rs.17.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References:
Thana Agencies, Kerala
Website Details Attached
Company Details:
Subject is a successful and leading enterprise
recognized as a manufacturer and exporter of Glucose Biscuits, Milk
Biscuits, Cream Sandwich Biscuits and Semi Sweet Crackers & Cookies
of outstanding quality. Their production line is equipped with modern devices
operated by a team who is well-trained to meet international food standards.
The team of their processors makes constant efforts to introduce healthy and
tasty range of Biscuits that has become the preferred choice of the
customers. They have gained immense strength in the competitive market
and are significantly contributing through their international standard
products & services. Their products are marked for their consistent quality
and freshness that they have achieved by blending right quality raw ingredients
in perfect proportions to suit the quality and different taste buds
Infrastructure
They keep themselves abreast with the rapidly changing technology and their production unit is well equipped with the latest machines. They have installed hi-tech laboratories to test all the products at different stages. Their R & D department plays a very important role in manufacturing cookies & biscuits that are absolutely hygienic and rich in taste. Their products are thoroughly processed in an isolated section to maintain maximum purity. In a period of 6 years, they have achieved grand reputation for supplying only quality products. Their management believes that customer satisfaction can only be achieved by consistency in quality and richness in taste which result in constant growth.
Objective
Their policy is to understand the requirement
and taste of the customers by providing them with premium quality products at
affordable prices.
Quality
Their quality control department
practice unprecedented involvement in every step of the manufacturing process.
Moreover, they have raised the bar for quality standards to meet the
international norms and level. They have achieved grand recognition in a short
a duration by attaining impeccable quality and all round excellence. Their team
of experts maintains a strict check on the manufacturing process to ensure
excellent products.
Clients
They have a long list of clients present all over the globe. Their products have been well appreciated by all their clients who encourage them to elevate the standard of excellence.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.27 |
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1 |
Rs.82.53 |
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Euro |
1 |
Rs.55.23 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
YES |
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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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