MIRA
INFORM REPORT
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Report Date : |
06.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
BONN FOOD INDUSTRIES |
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Registered Office : |
217, A-1, Hiran, Chandigarh, Road, Ludhiana, -141112,
Pujab |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
2002 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDB00843D |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer of Biscuits, Breads and Cakes and Bakery 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 80000 |
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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 concern having satisfactory track. Trade relations are fair. Nothing adverse reported. 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 : |
217, A-1, Hiran, Chandigarh, Road, Ludhiana, -141112, Pujab, India |
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Tel. No.: |
91-161-2820432/33/34 |
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Fax No.: |
91-161-2820431 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. mtrs. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Manjit Singh |
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Designation : |
Partner |
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Date of Birth/Age : |
42 years |
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Qualification : |
Graduate |
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Experience : |
18 years |
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Name : |
Mr. Jatinder Singh |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. Manjit Singh |
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Designation : |
Chief Executive Officer |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Biscuits, Breads and Cakes and Bakery
Products |
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Exports : |
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Countries : |
South African Countries |
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Imports : |
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Countries : |
Italy, Sweden and China |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C , Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
300 |
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Bankers : |
Indian Overseas Bank Civil Lines, Ludhiana |
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Facilities : |
Cash Credit limited : Rs.10 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
P. C. Goyal and Company Chartered Accountants |
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Address : |
Ludhiana |
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Associates : |
Bonn Nutrene Private Limited, Ludhiana Line of Business : Manufacturer of Biscuits, Breads
and Cakes and Bakery Products |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 20.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
380.000 |
400.000 |
350.000 |
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Net Profit for the year |
N.A. |
23.600 |
20.000 |
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Import Value |
N.A. |
25.000 |
22.500 |
LOCAL AGENCY
FURTHER INFORMATION
Subject imports machinery and exports biscuits.
The concern is in trade terms with :
v New Era Industries, Ludhiana
v Avon Cycles Limited
v Weischpt Burner Germany
As per website
The essence of quality and the virtue of goodness is what
BONN really stands for . Standing by its motto 'Eat Pure, Be Sure' Bonn has
always strived to put the three elements of Health, Happiness and Hygiene in
all its food products.
Keeping up with the legacy of providing the best to its
customers, they have recently set up a new unit in Ludhiana, (Punjab) in April
2002 by the name of Bonn Food Industries. The newly set up unit is being
promoted by Bonn Nutrients Private Limited, which has gained the No. 1 position
in its sale of Bread in North India. Under the flagship of B.F.I, they are
manufacturing bar cakes and The Traditional Cookies for which we had imported a
majority of the bakery machines & equipments.
With the help of hi-tech equipments they are able to
maintain excellent quality in their food products and this milestone has only
been covered because of their customers continued trust in them and their
utmost dedication & honesty towards their work & quality commitments.
History
Since the year 1994 when BONN was established, till today,
the milestones it has covered is because of the belief in keeping its customers
healthy and happy.
Standing by its motto 'Eat pure, Be sure', BONN has
maintained an excellent standard of quality in all its food products and will
not compromise with it. The strength in this conviction comes through the high
precision quality control methods. The automatic equipment used in the plant
ensures production of hygienic food items
Cookies
“Cookie” comes from the Dutch word "koekje or
koekie" and refers to a small cake. Cookies are one of the fastest and
easiest things to make. Generally they are a simple combination of all-purpose
flour, unsalted butter, granulated and/or brown sugar, eggs, baking powder/soda
and flavorings. They come in many different shapes, sizes, textures and flavors
Cakes
Who doesn't like cake? Who, when presented with the
relishing chocolate cake, can truthfully say, "No thanks." And, of
course, it simply isn't a birthday without a cake, blazing with candles. Of
course, the word "cake" has been around for a long time, but what is
meant by it has changed over the centuries. The Greeks call cakes
"plakous," which comes from the word for "flat," and their
cakes are usually combinations of nuts and honey. The Latin for cake was
derived from the Greek and became "placenta," but there are other
words for cake too, such as "libum."
Rusks
A rusk is a slice of yeast bread (thick or thin) that is
baked until dry, crisp, and golden brown. Rusks are known in France as
"biscotte" and in Germany as "Zwieback." In America, rusks
are also given to babies when teething. For over 15 years, Rusks, have been a
staple of diet food consumers in order to satisfy their cravings, enjoy a
delicious flavor and still eat a lot because they only equal a single bread
exchange. Milk Rusk is the signature product of BONN. Each crunchy rusk takes a
while to eat, so five whole rusks are a dieter's gourmet treat! BONN offers
delicious, non-fat rusks in an assortment of flavors perfect for a healthy
snack or gourmet dessert during fine dining.
Gift packs available:
Cakes: 840 g and 460 g
Cookies: 450 g and 400 g Tin Pack
Mr. Manjit Singh manjit@bonnfood.com
Mr. Jatinder Singh jatinder@bonnfood.com
Mr. Gurmeet Singh (Locational Head) gurmeet@bonnfood.com
Mr. Charan Singh (General Manager-Sales) charan@bonnfood.com
Mr. Lakhwinder Singh (Marketing Head) lakhwinder@bonnfood.com
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.49 |
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UK Pound |
1 |
Rs.85.71 |
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Euro |
1 |
Rs.58.53 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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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54 |
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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