MIRA INFORM REPORT

 

 

 

Report Date :

14.11.2008

 

IDENTIFICATION DETAILS

 

Name :

MANPREET FOODS UNIT PRIVATE LIMITED

 

 

Registered Office :

Shree Vallabh Natwar Theatrejalgaon, Jalgaon – 425 001, Maharashtra

 

 

Country :

India

 

 

Date of Incorporation :

20.01.2004

 

 

Com. Reg. No.:

11-144094

 

 

CIN No.:

[Company Identification No.]

U15130MH2004PTC144094

 

 

IEC No.:

0304082554

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BPLM07188G

 

 

PAN No.:

[Permanent Account No.]

AADCM8915A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of snaks and chips foods.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

The company is poor in Corporate Governance as no financial could be available.

 

It’s payments are reported as slow but correct.

 

In absence of require financial details, it would be difficult to assess company’s performance and financial status.

 

Hence, the company can be considered for small to mediocre business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Pritesh R. Ved

Designation :

Director

Contact No.:

91-9893288900

Date :

08.11.2008

 

 

LOCATIONS

 

Registered Office :

Shree Vallabh Natwar Theatrejalgaon, Jalgaon – 425 001, Maharashtra, India

 

 

Corporate Office :

404, Industry House, 15 AB Road, Indore – 452 101, Madhya Pradesh, India

Mobile No.:

91-731-4074204

Tel. No.:

91-9893288900 (Mr. Pritesh R. Ved)

Fax No.:

91-731-4263273

E-Mail :

priteshrved@hotmail.com

Websites :

www.indiamart.com/manpreetfoods/

Area :

1400 sq ft

Location :

Owned

 

 

Factory/ Branch :

301/2 Arjun Baroda, Indore, Devasur

Area :

2 Acres

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Ratanshi Ved

Designation :

Director

Address :

116-117, Shanij Niketan, Indore - 452 101, Madhya Pradesh, India

Date of Birth/Age :

02.01.1951

Date of Appointment :

20.01.2004

 

 

Name :

Mr. Pritesh Ved

Designation :

Director

Address :

116-117, Shanij Niketan, Indore - 452 101, Madhya Pradesh, India

Date of Birth/Age :

18.06.1983

Date of Appointment :

20.01.2004

 

 

Name :

Mrs. Manjula Ved

Designation :

Director

Address :

116-117, Shanij Niketan, Indore - 452 101, Madhya Pradesh, India

Date of Birth/Age :

04.06.1957

Date of Appointment :

20.01.2004

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(As On 14.01.2004)

 

Names of Shareholders

 

No. of Shares

Ratanshi Ved

 

350

Pritesh Ved

 

350

Manjula Ved

 

300

Total

 

1000

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of snaks and chips foods.

 

 

Products :
  • Potato Chips Without Salt
  • Spicy Potato Chips
  • Crispy Potato Chips
  • Extruded Snacks
  • Snack Food
  • Fried Snacks

 

 

Terms :

 

Selling :

L/C

 

 

Purchasing :

L/C

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers

 

 

No. of Employees :

74

 

 

Bankers :
  • Bank of Baroda, Industrial Estate Branch, Indore – 452 003, Madhya Pradesh, India
  • India Overseas Bank,Indore

 

 

Facilities :

Cash and Credit Rs.20.000 Millions

 

Banking Relations :

Satisfactoryss

 

 

Auditors :

 

Name :

Prashant Totala

Chartered Accountants

Address :

Indore

 

 

Associates/Subsidiaries :

Pritesh Enterprises

Address: Jalgaon

Activity: Manufacturing activity

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5000

Equity Shares

Rs.100/- each

Rs.0.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1000

Equity Shares

Rs.100/- each

Rs.0.100 Million

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

No financials are available since incorporation from any sources.

Management remained non-cooperative durings current investigation.

 

Particulars

 

 

 

31.03.2008

Sales Turnover

 

 

35.000

 

Expected Sales (2008-09) : Rs.40.000 Millions

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

                                            Additional Requirement of Indiamart for Trust-Seal

 

 

VAT / TIN : 23901203677

 

IEC Code : 0304082554

 

 

 

PAN / TAN : AADCM8915A

 

 

 

Bank Name : Bank of Baroda

 

Bank Address :Industrial Estate

 

Bank A/c. No.: 05000500000023

 

Account Since : 4 Years

 

 

 

In case of any affiliations / memberships / certifications :

Type : Applied for ISO

 

 

Form 8

 

Name of the company

Manpreet Foods Unit Private Limited

Presented By

Mr. Ratanshi Ved

1) Date and description of instrument creating the change

Composite Hypothecation Agreement dated 18.01.2006

2) Amount secured by the charge/amount owing on the securities of charge

Rs.20.000 Millions (Term Loan)

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 all the borrower’s present and future stocks of raw materials, potato, works in process, semi finished goods and finished goods, packing materials, stores, equipments and all the book debts, outstanding, monies receivable, claims, bills, contacts, engagements and securities and also all the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the borrower together with spares, tools and accessories and other movables and  the furniture, fixtures and fitting and office equipments at 301/2, Arjun Baroda, Indore both present and future more particularly described in Second Schedule to the deed.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest is 0.75% p.a below Bank’s PLR i.e 9.75% p.a and Margin 55% on Land and building and 40% on plant and machinery and other fixed assets.

Period – 12 months, Moratorium -9 months

Repayable by quarterly installments each of Rs.0.833 millions (18 installments) commencing nine months after commercial production or to commence from Dec.2006 quarter, which ever is earlier.

Last 4 installments of which 3 of Rs.1.250 Millions and final being of Rs.1.256 Millions more particularly mentioned in the First Schedule to the deed.

Charge to cover all outstanding sums, interests, costs and charges payable by the company to the bank.

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Industrial Estate Branch, Indore

 

Corporate identity number of the company

U15130MH2004PTC144094

Name of the company

MANPREET FOODS UNIT PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Shree Vallabh Natwar Theatrejalgaon, Jalgaon – 425 001, Maharashtra, India

This form is for

Creation of charge

Type of charge

Hypothecation

Particular of charge holder

Bank of Baroda, Industrial Estate Branch, Indore – 452 003, Madhya Pradesh, India

Nature of instrument creating charge

Composite Hypothecation Agreement

Date of instrument Creating the charge

18.01.2006

Amount secured by the charge

Rs.5.000 Millions

Description of the property charged indicating whether it is a charged on

Plant and Machinery

Book Debts

Stock in trade

Particulars of the property charged

All stock of raw materials, work in progress, semi finished goods, finished goods, packing materials, book debts, outstanding monies receivable, tangible movable plant and machinery, cranes, vehicles and other movables more appropriately described in the first and second of the composite hypothecation agreement.

 

Trade Reference

 

As Per Websites

 

Subject is engaged in manufacturing and exporting of a wide range of ready to eat snacks and potato chips. They made a humble beginning with their superior quality potato chips and snacks and in a short span of time have explored new venture into the field of food products. Their range of products includes: indian potato chips, potato chips without salt, extruded snacks, spicy potato chips, crispy potato chips, snack food and fried snacks. They have their firm located in Indore and have spread u wings to various parts of the world. Constantly managed by their team of professionals, they have a achieved new heights under the guidance of Mr. Pritesh R. Ved who is committed to give only the best products to their clients worldwide. The satisfaction of their clients is evident from their repeated and continuous demands and they constantly fine tune and upgrade their range to the expectation of their clients

 

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 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.48.79

UK Pound

1

Rs.75.41

Euro

1

Rs.61.48

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

26

 

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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions