%20PRIVATE%20LIMITED%2003-Jun-2006_files/image002.jpg)
MIRA
INFORM REPORT
|
Report Date : |
3rd
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
GIVAUDAN
(INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
1301-4,
Prestige Meridian – 1, No. 29, M G Road, Bangalore – 560 001, Karnataka,
India. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.12.2004 |
|
|
|
|
Date of Incorporation : |
20.07.1994 |
|
|
|
|
Com. Reg. No.: |
08-15957 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24244KA1994PLC015957 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG00505B |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers, Importers, Exporters and
Traders of Cosmetics, Perfumes, Perfumery Compounds, Aromatic Chemicals and
Flavours, Fragrances and Pharmaceutical Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD
500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a part of Givaudan Group, a multi – national operations. Available
information indicates high financial responsibility of the company. Their
trade relations are fair. Financial position is good. Payments are usually
correct and as per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. It can be regarded as a promising business
partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
1301-4,
Prestige Meridian – 1, No. 29, M G Road, Bangalore – 560 001, Karnataka,
India. |
|
Tel. No.: |
91-80-25593030/308/309/310/311/3031-39 |
|
Fax No.: |
91-80-25585376 |
|
E-Mail : |
|
|
Area : |
5000
sq. ft. |
|
Location : |
Leased |
|
|
|
|
Head
Office : |
Europe Givaudan Suisse SA North America |
|
|
|
|
Branch : |
403-410, “A” Wing, Bonanza, Sahar Plaza Complex, M. V. Road, Andheri (East), Mumbai – 400 059, Maharashtra,
India |
|
Tel.
No.: |
91-22-28300030 / 28300060 |
|
|
|
|
Other
Offices: |
(flavours & Fragrances Sales) Bonanza Building 401-410, Sahar Plaza Complex, A Wing, M.V. Road, Andheri (East), Mumbai – 400 059 Tel. No.: 91-22-28300030/ 0040 /0050, 91-22-830 0060 Fax No.: 91-22-28300060 (flavours & Fragrances production) Plot No. 26, 2ndcross Jigani Industry Area, Jigani 562 106, Anekal Paluk, Karnataka, India. Tel. No.: 91-80-27826301/ 302/ 303/ 304 /305/ 306 Fax No.: 91-80-27825344 |
DIRECTORS
|
Name : |
Mr. Ajit Pal |
|
Designation : |
Managing Director |
|
Address : |
133,
Embassy Woods, 6/A, Cunningham Road, Bangalore – 560 052. |
|
Date of Birth/Age : |
01.10.1957 |
|
Date of Appointment : |
20.07.1994 |
|
|
|
|
Name : |
Mr. Wong Jee Ting Nicholas |
|
Designation : |
Director |
|
Address : |
46,
Wooman Chew Road, Singapore – 455 123. |
|
Date of Birth/Age : |
07.12.1960 |
|
Date of Appointment : |
28.06.2002 |
|
|
|
|
Name : |
Mr. B. Ramakrishnan |
|
Designation : |
Alternate Director to Mr. Nicholas Wong |
|
|
|
|
Name : |
Mr.
Gururaj Karur |
|
Designation : |
Director |
|
Address : |
No.
22, First Street, Karpagam Avanue, SoythBeach Road, Chennai – 600 028. |
|
Date of Birth/Age : |
21.02.1965 |
|
Date of Appointment : |
25.11.2003. |
|
|
|
|
Name : |
Mr.
Sudesh S Chinchewadi |
|
Designation : |
Secretary |
|
Address : |
7,
‘Vijayashri’, 3re Crosss, 1st Main, Basavasamiti Layout, Tindlu,
Vidyaranyapura Post, Bangalore – 560 097. |
|
Date of Birth/Age : |
16.02.1971 |
|
Date of Appointment : |
31.10.2002 |
|
|
|
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Givaudan
Suisse SA |
1 |
|
Givaudan
S A |
1149998 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Importers, Exporters and
Traders of Cosmetics, Perfumes, Perfumery Compounds, Aromatic Chemicals and
Flavours, Fragrances and Pharmaceutical Products. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Imports from : |
France |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Contract or Credit - [15 - 30 Days] |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C or Open Account terms |
GENERAL
INFORMATION
|
Suppliers : |
v Vinarom Limited, India v
Pinnacle Flavours and Chemicals
Private Limited, India |
|
|
|
|
No. of Employees : |
50 |
|
|
|
|
Bankers : |
Standard Chartered Grindlays Bank Limited , M.G. Road, Bangalore - 560
001, Karnataka, India
|
|
|
|
|
Facilities : |
The company enjoys Bank Overdraft
Facilities of Rs. 10.037 millions from it’s bankers |
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors : |
Price Waterhouse |
|
Qualification: |
Chartered Accountants |
|
Address: |
21, Museum Road, Bangalore – 560 025, Karnataka, India |
|
Tel. No.: |
91-80-25595335/25591298 |
|
|
|
|
Subsidiaries : |
v Vinarom Private Limited v
Pinnacle Flavours and Chemicals
Limited |
|
|
|
|
Parent Company: |
Givaudan SA, France |
|
|
|
|
Group Companies: |
v Givaudan Australia Pty Limited , Australia v Givaudan do Brasil Ltda, Brazil v Givaudan Schweiz AG, Switzerland v Givaudan Fragrances Corporation, USA v Givaudan Singapore Pte Limited, Singapore v Givaudan Suisse SA, Switzerland v Shanghai Givaydan Limited, China v Givaudan Flavors Corporation, USA v Givaudan Nederland B. V., Netherlands v Givaudan France Aromes SAS, France |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1150000 |
Equity
Shares |
Rs. 100/- each |
Rs. 115.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1150000 |
Equity
Shares |
Rs. 100/- each |
Rs. 115.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2004 |
31.12.2003 |
31.12.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
115.000 |
115.000 |
115.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13.160 |
8.248 |
15.940 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
128.160 |
123.248 |
130.940 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
23.219 |
5.389 |
2.560 |
|
|
TOTAL BORROWING |
23.219 |
5.389 |
2.560 |
|
|
DEFERRED TAX LIABILITIES |
1.488 |
0.555 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
152.867 |
129.192 |
133.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.709 |
23.149 |
19.790 |
|
|
Capital work-in-progress |
0.000 |
0.382 |
1.590 |
|
|
|
|
|
|
|
|
INVESTMENT |
146.708 |
180.681 |
180.680 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.236
|
17.157 |
8.460 |
|
|
Sundry Debtors |
22.297
|
161.375 |
74.230 |
|
|
Cash & Bank Balances |
0.254
|
15.622 |
1.170 |
|
|
Other Current Assets |
27.412
|
24.570 |
23.190 |
|
|
Loans & Advances |
4.200
|
1.252 |
9.640 |
|
Total Current Assets |
58.399
|
219.976 |
116.690 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
40.349
|
261.647 |
185.250 |
|
|
Provisions |
33.600
|
33.351 |
0.000 |
|
Total Current Liabilities |
73.949
|
294.998 |
185.250 |
|
|
Net Current Assets |
(15.550)
|
(75.020) |
[68.560] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
152.867 |
129.192 |
133.500 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.12.2004 |
31.12.2003 |
31.12.2002 |
|
Sales Turnover [including other income] |
481.527 |
1016.656 |
487.160 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
53.397 |
42.659 |
0.030 |
|
Provision
for Taxation |
15.702 |
16.241 |
[0.420] |
|
Profit/(Loss)
After Tax |
37.695 |
26.418 |
0.450 |
|
|
|
|
|
|
Export
Value |
52.106 |
89.571 |
72.000 |
|
|
|
|
|
|
Import
Value |
53.661 |
43.275 |
35.970 |
|
|
|
|
|
|
Total
Expenditure |
439.167 |
973.998 |
487.120 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2004 |
31.12.2003 |
31.12.2002 |
|
PAT / Total Income |
(%) |
7.83
|
2.60 |
0.19 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
11.09
|
4.20 |
0.01 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
23.54
|
10.06 |
0.01 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.35 |
0.00 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
0.76
|
2.44 |
1.43 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
0.79
|
0.76 |
0.63 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 20th July, 1994 at Bangalore in Karnataka under the name and style of Givaudan Roure (India) Private Limited having Company Registration Number 15957. Subsequently, the name of the company was changed to Givaudan (India) Private Limited. Later on, it was converted into a deemed public limited liability company w.e.f. 1st April, 1995.
Operating
Performance:
In order
to improve efficiency and also for administrative convenience, during the year
company stopped reinvoicing sales from the principals Vinarom Private Limited.
Orders procured are indented to Vinarom Private Limited for execution of the
order directly. Consequently the sales reduced by 52.6% and commission income
increased from Rs. 24.837 Millions in 2003 to Rs. 71.893 Millions in 2004.
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.45.82 |
|
UK
Pound |
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.59.36 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |