MIRA
INFORM REPORT
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Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
DEEP FOODS INC. |
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Registered Office : |
1090 Springfield
Rd Union, NJ 07083 |
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Country : |
United States |
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Date of Incorporation : |
08.01.1977 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesaler of Indian
Cuisine Meals. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 600,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REQUIRED CREDIT |
ADVISED CREDIT |
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MAXIMUM |
600,000 USD |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC RISK |
Federal
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CURRENCY BRANCH SITUATION |
USD 100 = EUR 64 Satisfying |
IDENTIFICATION
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Company Name: |
Deep Foods Inc. |
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Address: |
1090 Springfield
Rd Union,
NJ 07083 USA |
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Phone: Facsimile: ID: State: Managers: |
+1 908-810-7500 +1 908-810-8482 0100043757 New Jersey Arvind Amin, President |
Date founded: |
08/01/1977 Corporation for Profit N/A 150 employees |
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Legal form: |
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Stock: Staff: |
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Business: |
Wholesaler of Indian cuisine meals. |
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BANKS
Allfirst Bank
BUSINESS
Operations:
At the above address, we find the headquarters and a 120,000 square feet
facility of the company Deep Foods Inc.
Business:
Deep Foods is a family owned and operated manufacturer of natural Indian
cuisine food products.
It offers appetizers, breads, Indian meals, vegetables, savory snacks,
pickles, spices, dals, mixes, samosas, and dishes such as dosas, idli, sambhar,
uttapam and many other vegetarian dishes.
The company offers the following brands:
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DEEP,
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TANDOOR CHEF,
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MIRCH MASALA,
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GUJARATI,
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UDUPI,
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REENA’S,
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BANSI.
It sells its products across the United States.
Business
Overview:
The domestic demand for food, (an indicator for food distributors), are
forecast to grow at an annual compounded rate of 3.9 percent between 2007 and
2012.
Industry demand changes due to shifting consumer tastes, but is limited
overall by the 1 percent annual growth of the US population. The profitability
of individual companies depends on good merchandising, and efficient
operations. Large distributors have a cost advantage by purchasing in bulk, but
also need to operate a more complicated distribution network. Smaller companies
can compete effectively by specializing in products or geographical areas. Many
small companies have exclusive distribution rights to imported specialty goods.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The directors of the
company are:
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Arvind Amin, President,
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Praveen Amin, Vice
President,
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Archie Amin, Vice President
Marketing,
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Harish Patel, Director,
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Vinod Patel, Director,
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Raj Amin, Director.
They are also the main
shareholders.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
Deep Foods Inc does not publish any
financial statement.
However
our financial sources could provide us with the following information:
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Fiscal Year In USD |
12/31/2007 |
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Turnover |
18,200,000 |
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Operating profit |
1,400,000 |
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Net income |
1,100,000 |
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Net worth |
3,000,000 |
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Liabilities |
1,800,000 |
LEGALS
0 Suits
0 Judgments
0 Liens
0 Collection Claims
Reported
0 NSF Cheques Reported
1 UCC Security Filing in 2007 by M &T Credit Services
securing Equipment. Amount :NA
1 UCC Security Filing in
2006 by Crown Credit Company securing Equipment. Amount NA
1 UCC Security Filing in
2006 by Robert Reiser securing Equipment.
Amount:NA
All previous UCC Security Filings have been cleared
PAYMENT REFERENCES
Date High Credit Now
Owing Past Due Terms Payment
Record
RATING
Local credit bureau gave a correct credit rate.
The Company is in “good standing”.
This means that all local and federal taxes were paid on due date.
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The cash flow is correct.
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Payments are made 30 days nets.
Our final opinion:
This is a medium size
company working on the US market.
A credit line may be
considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS
AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Good Controlled Correct |
PUBLIC PAYMENTS |
See Details Above Regular |
ADVISED
CREDIT
600,000 USD
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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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%)