MIRA
INFORM REPORT
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Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
M M POONJIAJI SPICES LIMITED |
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Registered Office : |
42, Anandilal Poddar Marg, Dhobi Talao, Mumbai – 400 002, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
02.09.1999 |
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Com. Reg. No.: |
11-121595 |
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CIN No.: [Company
Identification No.] |
U15495MH1999PLC121595 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM13066E |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer
and Exporter of Pickles, Chutneys, Condiments and Pastes and Marinades |
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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a flagship company of the Poonjiaji Group. The company has
not filed any financials with the Government departments till date. No further
details or payment could be made available. The company can be considered for business dealings on safe and
secured terms in view of non-availability of financials. |
LOCATIONS
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Registered Office : |
42, Anandilal Poddar Marg, Dhobi Talao, Mumbai – 400 002, Maharashtra,
India |
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Tel. No.: |
91-22-22004515 (7 lines) |
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Fax No.: |
91-22–22082774 |
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E-Mail : |
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Website : |
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Representative Office : |
Located at ·
London – UK ·
Houston - USA. |
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Processing Units: |
Located in ·
Ratlam in Madhya Pradesh ·
Nasik in Maharashtra |
DIRECTORS
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Name : |
Mr. Ravindra Kasturilal Kumar |
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Designation : |
Chairman and Managing Director |
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Address : |
C0002, Chaitnya Tower Co-Operative Housing Society, Prabhadevi, Mumbai
– 400 025, Maharashtra, India |
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Date of Birth/Age : |
20.06.1958 |
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Date of Appointment : |
02.09.1999 |
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Name : |
Mrs. Poonam Atul Goel |
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Designation : |
Director |
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Address : |
Bagh Shambhu Dayal, Okla Industrial Estate, New Delhi – 110 020, India
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Date of Birth/Age : |
09.07.1958 |
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Date of Appointment : |
03.09.1999 |
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Name : |
Mr. Rakesh Jaikishan Gupta |
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Designation : |
Director |
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Address : |
S-58, Panch Sheel Park, New Delhi – 110 017, India |
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Date of Birth/Age : |
04.11.1961 |
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Date of Appointment : |
01.11.1999 |
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Name : |
Mr. Raghu Devdas Shenoy |
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Designation : |
Director |
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Address : |
22, Amar Mahal, Prestom Sagar, Chembur, Mumbai – 400 076, Maharashtra,
India |
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Date of Birth/Age : |
11.01.1937 |
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Date of Appointment : |
20.02.2001 |
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Name : |
Mr. Anupam Puneet Sharma |
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Designation : |
Director |
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Address : |
L-101, Panch Sheel Garden, Kandivali (West), Mumbai – 400 067,
Maharashtra, India |
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Date of Birth/Age : |
29.10.1972 |
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Date of Appointment : |
04.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2006)
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Names of Shareholders |
No. of Shares |
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Rakesh Jaikishan Gupta |
233200 |
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Poonam Atul Goel |
530000 |
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Ravindra Kasturilal Kumar |
1152750 |
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Subhash Shantilal Saklecha |
596250 |
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Amit Rasiklal Shah |
596250 |
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Deepti Rakesh Gupta |
53000 |
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Vanika Ravindra Kumar |
39750 |
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Total |
3201200 |
Equity share
breakup (percentage of total equity)
(As on 30.09.2006)
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Category |
Percentage |
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Directors or relatives of
directors |
62.00 |
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Other top fifty (50) shareholders
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38.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Exporter of Pickles, Chutneys, Condiments and Pastes and Marinades |
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Products : |
·
Indian Condiments ·
Curry Solutions ·
Mangoes (King Of Fruits) ·
Kalongi |
GENERAL
INFORMATION
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Bankers : |
·
Indus Ind Bank Limited Indus Ind House, Mumbai – 400 004,
Maharashtra, India ·
IDBI Bank
Limited Venkatesh Chambers, Ghanshyam Talvatkar Marg, Fort, Mumbai – 400 001, Maharashtra,
India ·
Bank of
Punjab Limited Chowpatty Branch, Mumbai ·
Citi Bank Citi Group Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400
051, Maharashtra, India |
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Banking
Relations : |
- |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
(As on 30.09.2006)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5300000 |
Equity Shares |
Rs.10/- each |
Rs.53.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Not Available
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
M M POONJIAJI SPICES LIMITED |
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Presented By |
Jointly company
and chargeholder |
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1) Date and description of instrument creating the change |
·
Agreement
for cash credit and ·
Agreement of
hypothecation of book debts both dated 24.09.2004 and together constituting a
single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.50.000
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 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
Margin: On Book debts – 10% - On Stock – at such rates as determined by the bank from time to
time. ·
Interest at
the rate of 8.5% p.a. or at such other rate as may be prescribed by the Bank
from time to time. ·
Security
created in respect to cash credit facility by way of first charge and to
cover principal together with interest, costs, charges, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Punjab
Limited Chowpatty Branch,
Mumbai |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U15495MH1999PLC121595 |
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Name of the
company |
M M POONJIAJI SPICES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
42, Anandilal Poddar Marg, Dhobi Talao, Mumbai – 400 002, Maharashtra,
India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
IDBI Bank Limited Venkatesh
Chambers, Ghanshyam Talvatkar Marg, Fort, Mumbai – 400 001, Maharashtra,
India |
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Nature of
instrument creating charge |
Agreement of
Hypothecation dated 10th October 2007 |
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Date of
instrument Creating the charge |
10.10.2007 |
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Amount secured by
the charge |
Rs.80.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Export Packing
Credit: In foreign Currency
: upto 180 days LIBOR+0.75%; Beyond 180 days upto 270 days LIBOR + 2.75% In rupee Credit :
upto 180 days 10.75%; Beyond 180 days upto 270 days BPLR + 2% Post Shipment
Finance : In Foreign
Currency : upto 185 days LIBOR + 0.75% In rupee Credit :
upto 90 days 10.75% and above 90 days upto 180 days BPLR + 2% Letter of Credit: Terms of
repayment As per the
Agreement of Hypothecation dated 10th October 2007 Margin Export Packing
Credit : 10% Post Shipment
Finance : nil Letter of credit
: Margin 10% in FDR
Extent and
operation of the charge All those
tangible movable properties and assets of whatsoever nature if the Borrower
both present and future and including but without prejudice to the generality
of the foregoing words entire current assets including all stocks and movable
fixed assets including plant and machinery of the Borrower wherever situate
and / or in transit now belonging to or that may at any time during the
continuance of the security belong to the Borrower. |
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Particulars of
the property charged |
All those
tangible movable properties and assets of whatsoever nature if the Borrower
both present and future and including but without prejudice to the generality
of the foregoing words entire current assets including all stocks and movable
fixed assets including plant and machinery of the Borrower wherever situate
and / or in transit now belonging to or that may at any time during the
continuance of the security belong to the Borrower. |
Web Details
Profile
The place, India.
The year, 1883. The man, M. M.
Poonjiaji. A connoisseur to the core. A man whose vision of reviving the
splendor of Indian cuisine and taking it across the seas gave birth to M. M.
Poonjiaji the company.
Poonjiajis history dates back to the days of the Raj. When they first started
making chutneys to suit British tastes. Instant success and popularity found M. M. Poonjiaji being appointed to his
Excellency, the Governor of Bombay, as official supplier.
Poonjiajis Pickles, Chutneys, Condiments and Pastes are the products of meticulous
preparation. Only the hand picked Lemons, mangoes and other fruits which have
gently ripened in the sun are used. Everything is looked into, from the size of
fruits, the freshness, and the pungency of the chilies down to the quality of
the oil.
All the processing
operations are strictly in conformity with the International Quality norms laid
by HACCP (Hazard Analysis at Critical
Control Points). This ensures a perfect machinery of checks at every
step right from the raw material procurement stage till the product reaches the
warehouse of the consumer.
The Pickles,
Chutneys, Pastes and Condiments can be used as delicious accompaniments to all
kinds of Indian, Continental, Arabic and Western dishes. They also enliven the
food as dips, spreads or relishes.
At Poonjiajis they reach for new horizons
only to initiate the journey towards the next.
Catering Product Range
At Subject
they are proud to bring the Catering Product Range. They provide with Quality and R and D solutions via
which can easily manufacture the products. This range would be useful to mainly
Restaurants, Hotels, Bistros, Pubs and Bars. They cater to many buyers in
Europe and USA.
Below is the
Catering Range:
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Traditional Pickles
- Mango pickle
- Lime pickle
- Mixed pickle
- Pack Size: 4.25Kg (9.35 LBS) Pet Jar
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Classic Chutneys
- Major grey's mango chutney
- Spreadable mango chutney
- Sweet mango chutney
- Tamarind Date Chutney
- Pack Size: 5Kg (11 LBS) Pet
Jars
- 40Kg (88 LBS) Barrel
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Classic Chutneys
- Major Grey's Mango Chutney
- Spreadable Mango Chutney
- Sweet Mango Chutney
- Tamarind Date Chutney
- Pack Size: 5Kg (11 LBS) Pet Jars
- 40Kg
(88 LBS) Barrel
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INDIAN CONDIMENTS
- Curry Base
- Freshly Minced Ginger
- Freshly Minced Garlic
- Freshly Minced Ginger Garlic
- Freshly Minced Red Chilli
- Tamarind Paste
- Pack Size: 1(2.2 LBS), 2(4.4 LBS),
4.25Kg (9.35 LBS) Pet Jar 5.00Kg (11 LBS) Tub
Bulk
They do supply products in Bulk Packaging as per buyers
requirements in different countries.
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Chutneys
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Spices
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Spice Blends
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Ghrekins In Vinegar/Brine/Acetic Acid
Quality and R and D Department
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Subject are committed to Quality in its good sense. Consequently, they
are clear that everyone in the company from the Managing Director to Operator
is responsible for the quality of his output.
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Each of the two factories, Nasik and Ratlam, have functional Quality
department which inspects incoming raw materials as well as the finished
products to specified standards. The finished products are moreover released
only after trained taste panels have given their approval. On the other hand,
the production department is responsible for the online process control
ensuring quality of finished products.
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A corporate quality function exists at the Head Office in Mumbai. Some
of the key responsibilities of this function are given below:
o
Issue and regularly update specification for edible material, packaging
materials and finished products.
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Put Quality system in
place to ensure consistency of output.
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Assist top management in formulating top Quality policy.
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Undertake quality audits in manufacturing units, the suppliers and also
the market place.
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Keep abreast of International Food Law
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.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
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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