MIRA
INFORM REPORT
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Report Date : |
01.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ATOP FOOD PRODUCTS |
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Registered Office : |
Morbid – |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
April 2005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTA01455G |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer, Exporter and Importer of Potato Chips in different
flavours, Banana Mari Wafers, Shing Bhujia, Tan Tan Mixtures, Ratlami Sev,
Khatta Mitha Namkeen, Aloo Sev, Mung Dal Namkeen, Chana Dal Namkeen, Masala
Sev, Dry Fruits Farali Chevda and Sonpapdi (Sweet). |
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 800000 |
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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 2 Years old concern and doing good business. 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 / Factory / Godown : |
Morbid – |
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Tel. No.: |
91-2822-285151 / 52 / 53 / 54 |
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Mobile No.: |
91-9909013132 |
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Fax No.: |
91-2822-285155 |
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E-Mail : |
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Website : |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. J M Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
30 Years |
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Qualification : |
Under Graduate |
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Name : |
Mr. Dilip Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
30 Years |
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Qualification : |
Graduate |
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Name : |
Mr. M U Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
50 Years |
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Qualification : |
Under Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Potato Chips in different
flavours, Banana Mari Wafers, Shing Bhujia, Tan Tan Mixtures, Ratlami Sev, Khatta
Mitha Namkeen, Aloo Sev, Mung Dal Namkeen, Chana Dal Namkeen, Masala Sev, Dry
Fruits Farali Chevda and Sonpapdi (Sweet). |
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Products : |
Ø Potato Chips in different flavours Ø Banana Mari Wafers Ø Shing Bhujia Ø Tan Tan Mixtures Ø Ratlami Sev Ø Khatta Mitha Namkeen Ø Aloo Sev Ø Mung Dal Namkeen Ø Channa Dal Namkeen Ø Masala Sev Ø Dry Fruits Farali Chevda Ø Sonpapdi (Sweet). |
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Exports : |
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Products : |
Ø Potato Chips in different flavours Ø Banana Mari Wafers Ø Shing Bhujia Ø Tan Tan Mixtures Ø Ratlami Sev Ø Khatta Mitha Namkeen Ø Aloo Sev Ø Mung Dal Namkeen Ø Channa Dal Namkeen Ø Masala Sev Ø Dry Fruits Farali Chevda Ø Sonpapdi (Sweet). |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C / Cheque / T/T / L/C |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
1500 |
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Bankers : |
Ø
State Bank of Saurashtra, Morbi Branch Ø
State Bank of Ø
Kotak Mahindra, Morbi Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Tejas Desai Chartered Accountants |
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Associates/Subsidiaries : |
Name: Samay Electronics Private Limited Address: 1 Km away from Atop. Line of Business: Manufacturing of Clock, Time Pieces, Calculator,
Telephones and C F L. |
CAPITAL STRUCTURE
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Capital Investment : |
(as on February 2006) |
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Owned : |
Rs. 200.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 200.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
30.02.2006 |
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Sales Turnover |
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110.000 |
10.000 |
LOCAL AGENCY FURTHER INFORMATION
An ISO 9001:2000
certified company catering globally with a comprehensive range of premium
quality snacks such as potato chips, namkeens, extruded foods and the like.
About Them
Subject is a renowned company,
established in the year 2005 and catering to the globally flourishing food
market. Their company is certified with ISO
9001:2000 quality accreditation along with ISO 14001 Certification as
their achievement. They are an integral part of "Samay Group" a brand
reckoned in varied domains of manufacturing Clocks, Telephones, Calculators,
Healthcare Products, Wrist Watches, Energy Saving Lamps, Cement and Vitrified
Ties. Speculating the contemporary food industry, this group ventured into the
concerned arena. Their company is a noted manufacturer, exporter of Potato
Chips, Namkeens, Extruder Snacks (Kurkure), etc. In order to cater
quality products, they import around
45% of raw materials and manufacturing machines from
As a member of Food Products Association, the fundamental objective of their
company, subject remains to satisfy the diverse customer needs and requirements
by all possible means. They give paramount importance towards providing the
best quality at amazingly competitive prices. Their company believes in timely
delivery of the products. The high quality of their products, in combination
with their competitive prices, has allowed them to develop a superior
reputation amongst their clients spread across the globe. Their company
holds the repute of sustaining the aroma of traditional recipes that have been
perfected over the ages in its products. Studying the growing health
consciousness and favorable tendency towards ayurved and herbal concepts
Chywanprash, pickles and other food products like confectioneries will be soon
added to their extensive collection.
Products
As a prominent manufacturer and exporter, subject' caters varied flavors of
tasty and nutritious Namkeens, delicious Sweets, cunchy and crispy Chips, and
the like. The products are manufactured while keeping in mind the international
standards of health and nutrition. Their range can be summarised as:-
Subject strives towards perfection through Total Quality Management. Their
state-of-the-art quality system has been awarded ISO 9001:2000 as well as ISO
14001 Certification. The products of their collection meet the international
standards of hygiene and freshness. As a revolutionary company, they are
bringing in innovative strategies in advanced and flexible production systems,
product development, quality assurance and logistics support that has empowered
them to share their benefits with the business partners. In order to ensure
good quality of the products they procure the raw materials like oil, pulses,
flour, etc. from reliable producers and employ skilled professionals who have a
good sense of purity, flavor, color – measurements for quality of their food
products.
Infrastructure
Subject has incorporated all the latest technology machines so that their range
can retain its taste and freshness for a longer time period. In order to ensure
the best quality products, they have installed World's No.1 technology
production line with current production capacity of Potato Chips (500
kgs./hr.), Namkeens (1000 kgs./hr.), Extruder Snacks- Kurkure (750 kgs./hr.)
and Sonpapdi- Sweet (500 kgs./hr.). They make sure that the freshness of these
products is preserved in each pack, with front-line packaging machineries used
for complete packaging solutions. It also includes solvent-less nitrogen
packaging- the latest technology in conformance to the international standards.
In
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.96 |
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1 |
Rs.82.55 |
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Euro |
1 |
Rs.55.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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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 |
NO |
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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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42 |
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. |
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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