MIRA
INFORM REPORT
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Report Date : |
01.10.2007 |
IDENTIFICATION DETAILS
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Name : |
TWO FRIENDS PRIVATE LIMITED |
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Registered Office : |
D-49, South Extension, Part –I, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.05.1964 |
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Com. Reg. No.: |
55-4180 |
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CIN No.: [Company
Identification No.] |
U74899DL1964PTC004180 |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Trading of Biscuits |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
---- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Though subject is an old and established company, the financial
position is not in good shape. The company continue to incur heavy losses. It
has huge accumulated losses. Payments are reported as slow and delayed. The company can be considered for any business dealings or fully safe
and secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
D-49, South Extension, Part –I, |
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Tel. No.: |
91-11-24624171 / 24622182 |
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Mobile No.: |
91-9810017780 |
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Fax No.: |
91-11-24618606 |
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E-Mail : |
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Websites: |
DIRECTORS
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Name : |
Mrs Sita Manocha |
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Designation : |
Director |
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Address : |
71, Navjiwan Vihar, |
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Date of Birth/Age : |
20.04.1930 |
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Date of Appointment : |
13.05.1976 |
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Name : |
Mr. Satinder Manocha |
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Designation : |
Director |
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Address : |
71, Navjiwan Vihar, |
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Date of Birth/Age : |
23.02.1951 |
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Date of Appointment : |
13.07.1971 |
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Name : |
Mr. Deepender Manocha |
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Designation : |
Director |
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Address : |
71, Navjiwan Vihar, |
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Date of Birth/Age : |
11.01.1955 |
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Date of Appointment : |
27.03.1990 |
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Name : |
Mr .Jatinder Manocha |
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Designation : |
Director |
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Address : |
71, Navjiwan Vihar, |
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Date of Birth/Age : |
23.12.1953 |
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Date of Appointment : |
02.07.1974 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Sita Manocha |
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254 |
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Mr. Satinder Manocha |
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211 |
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Mr. Jatinder Manocha |
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2525 |
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M/s Ananta Exports |
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10 |
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Total
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3000 |
Equity Share Break – up (Percentage of Total Equity)
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of Biscuits. |
GENERAL INFORMATION
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Bankers : |
Corporation Bank,
CGO Complex, |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Prakash C Gupta and Company Chartered Accountants |
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Address : |
C – 112, Budh Vihar, Badarpur, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity shares |
Rs. 100/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000 |
Equity shares |
Rs. 100/-
each |
Rs. 0.300
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.300 |
0.300 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[2.362] |
[1.849] |
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NETWORTH |
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[2.062] |
[1.549] |
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LOAN FUNDS |
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1] Secured Loans |
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0.888 |
0.943 |
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2] Unsecured Loans |
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2.418 |
1.993 |
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TOTAL BORROWING |
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3.306 |
2.936 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.244 |
1.387 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.355 |
0.401 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.036 |
0.034 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.135 |
0.673 |
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Sundry Debtors |
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0.595 |
0.322 |
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Cash & Bank Balances |
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0.179 |
0.302 |
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Other Current Assets |
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0.025 |
0.022 |
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Loans & Advances |
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0.000 |
0.221 |
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Total
Current Assets |
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1.934 |
1.540 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.081 |
0.588 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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1.081 |
0.588 |
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Net Current Assets |
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0.853 |
0.952 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1.244 |
1.387 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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3.089 |
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Other Income |
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0.000 |
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Total Income |
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3.089 |
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Profit/(Loss) Before Tax |
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[0.513] |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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[0.513] |
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Expenditures : |
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Depreciation & Amortization |
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0.073 |
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Other expenditure |
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3.456 |
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Total Expenditure |
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3.529 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[16.60] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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[16.60] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[22.41] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.24 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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[2.12] |
[2.27] |
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Current Ratio (Current Asset/Current Liability) |
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1.78 |
2.61 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the
company |
Two Friends Private Limited |
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Presented
By |
Corporation
Bank, CGO Complex, |
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1) Date and description
of instrument creating the change |
Charge credate on
17709.1987 and registered on 27.06.1988 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.0.350 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 |
Hypothecation of
stock in trade consisting of biscuits manufactured by Britania stored at D
-49, NDSE, |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
Rate of Interest @5%p.a. over and above
bank rate with minimum of 16.5%p.a or such other rates as may be specified
from time to time. |
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5) Name and
Address and description of the person entitled to the charge. |
Corporation Bank, CGO Complex, |
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6) Date and brief description of instrument
modifying the charge |
Supplemental Deed
of Hypothecation of goods dated 30.07.2003 and supplemental Deed of
Hypothecation of Book debts Dated 30.07.2003. Previously
modified on 22.9.88 overall limits enhanced from 0.350 millions to 0.450
millions with 0.100 millions BG limit Reg. on 11.04.90, 27.04.89 over all limits
enhanced from 04.50 millions 0.575 millions with 0.225 millions BG Limits Rs.
0.350 millions CCLIMIT movable taken as additional security Reg. on 11.04.90,
06.10.89 limit enhanced from 0.575 millions to 0.600 millions BG limit
reduced from 0.225 millions to 0.100 millions and CC limit enhanced from
0.600 millions to Rs. 0.800 millions Regd. On 16.05.94 and modified on
29.03.97 Regd. On 16.05.97 to limit
reduce from Rs. 0.800 millions to Rs. 0.400 millions and finally
modified on 1.087.99 for limit enhanced from Rs. 0.400 millions to Rs. 0.600
millions |
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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. |
The cash Credit
limit stand enhanced from Rs. 0.600 millions to Rs. 0.750 millions under
Adhoc CC limit of Rs. 0.150 millions granted to the company the above is to
secure Hypothecation of all present and future stocks and book debts of
company with rate of interest @14.50% p.a. or at such other rates as may be
specified by the Bank from time to time other Terms and condition remain the
same. Margin – On stock
– 35% On Book Debts –
35% |
WEBSITE DETAILS:
People don't just have three meals a day, snacking is an every day affair where biscuits and cookies are the most common lot of snacks. Established in 1962, Two Friends Private Limited is a reputed manufacturer and exporter of a large variety of cookies, rusks and biscuits, including Ajwain Biscuits, Butter Scotch Biscuits, Cream Biscuits, Jeera Biscuits, Pista Cookies, Tea Biscuits, Cake Rusks, Coconut Cookies, Jam Cookies, Kaju Cookies, Badam Cookies, Extruded snacks, Plain Rice Puffs,Masala Rice Puffs, Pudina Rice Puffs and Cocktail Rice Puffs. They have a rich palate of divine goodies to suit the taste buds of one and all.
Their products are of international standards and are exported world over.
Being in the baking industry for the past 45 years, they have through their
quality products and timely delivery earned the respect and trust of many
global clients. Due to the innovative tastes of their products, that tease the
customers taste buds, they are a recognized brand all over the globe. Their low
calorie cookies and biscuits are a rage with the weight watchers, as they get
the same taste and yet do not feel the pinch on the weighing scales.
Two Friends Private Limited is a name to reckon with in the baking arena. They are a well established manufacturer and exporter of a variety of bakery products, which include:
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Bakery Biscuits / Cookies |
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Ajwain Biscuit |
Butterscotch
Biscuits |
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Cream Biscuits |
Cake Rusks |
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Jeera Biscuits |
Kaju Cookies |
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Pista Biscuits |
Chocolate Chips |
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Crispy Coconut
Cookies |
Macaroons |
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Jam Cookies |
Marbles |
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Badam Cookies |
Honey Nut |
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Checkers |
Sweet Flower |
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Elachi Cream |
Coffee Cream |
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Mango Cream |
Plain Rice Puffs |
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Custard Cream |
Pudina Rice Puffs |
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Atta Biscuits |
Cocktail Rice
Puffs |
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Jam Cookies |
Masala Rice Puffs |
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External Snacks |
Quality
Providing only quality Bakery, cookies and extruded snacks to their
customers has always been a priority for them at Two Friends Private Limited.
All their products are made from only quality raw materials, which are purchased
from reliable suppliers. The artificial flavors, preservatives and colors that
are added to the products to enhance their taste are of top grade and are safe
in terms of consumption. As they have a totally automatic manufacturing
process, no human hand ever touches the edible products, thus ensuring hygiene
and purity of the goods. The products are made to pass rigorous rounds of
quality checks to make sure that they conform to all international standards.
For them the customers are the kings, and they constantly strive to make a way
into their hearts through their stomachs.
Infrastructure
Two Friends Private Limited has a robust infrastructure. Their
manufacturing unit is well equipped with the latest technology machinery, to
produce cookies in various shapes and sizes, which are not only appealing to
the taste buds but are also a treat for the eyes. Their low cost of production
owing to the modern equipments, enables them to offer products to their
esteemed customers at competitive prices. Their personnel consists of
experienced people from the food industry, who have a wide knowledge on all
aspects of production, packaging and exporting. Their Research and Development
department is always ready with an innovation every season, keeping in mind the
tastes and preferences of the clients.
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 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.39.73 |
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|
1 |
Rs.81.37 |
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Euro |
1 |
Rs.56.63 |
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 |
2 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
-- |
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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 |
|
15 |
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
|
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 |
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