MIRA
INFORM REPORT
|
Report Date : |
23rd
May, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
FIREMENICH
AROMATICS INDIA LIMITED |
|
|
|
|
Registered Office : |
74/II,
C Cross Road, MIDC, Andheri (East),
Mumbai – 400 093, Maharashtra, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
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|
|
|
Date of Incorporation : |
20.01.1997 |
|
|
|
|
Com. Reg. No.: |
11-105255 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74130MH1997PTC105255 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF01835B |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Marketing of Fragrances
and Flavours Compounds, Ingredients, Flavours Systems such as Special
Powders, Mixes, Casing Oils, etc., Aroma Chemicals and Specialities,
Essential Oils and Resin Oils used for the manufacture of Soaps, Detergents,
Cosmetics, Toiletries, Foods, Beverages, Drugs, Tobacco, Pharmaceuticals or
any other products of consuming industries. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD
1250000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject
is a well established and repuated company having fine track. Financial
position is good. Payments are usually correct and as per commitments. The
company is doing very well. It can be regarded as a promising business
partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
74/II,
C Cross Road, MIDC, Andheri (East),
Mumbai – 400 093, Maharashtra, India |
|
Tel. No.: |
91-22-56400564 |
|
Fax No.: |
91-22-56400609 |
|
E-Mail : |
|
|
Website : |
http://www.firmenich.com |
|
Location : |
Rented |
|
|
|
|
Factory : |
57/3(4), Daman Bhenslore Road, Daman –
396 210 (Union Territory) |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Patrick Firmenich (Foreign) |
|
Designation : |
Chairman
|
|
Address : |
384 Routes De Laussane 1294, Genthod,
Switzerland |
|
Date of Birth/Age : |
21st September, 1962 |
|
Date of Appointment : |
1st April, 2003 |
|
|
|
|
Name : |
Mr.
Asit Patel |
|
Designation : |
Managing Director |
|
Address : |
61, Le Jardin, K. N. Marg, Gamdevi, Mumbai
– 400 007, India |
|
Date of Birth/Age : |
11th March, 1951 |
|
Qualification : |
Formal Education in Chemistry/Management
from USA (25 years) |
|
Date of Appointment : |
20th January, 1997 |
|
|
|
|
Name : |
Mr.
Paul Louis Gay (Foreign) |
|
Designation : |
Director |
|
Address : |
Route De Malagnou 941208 , Geneva,
Switzerland |
|
Date of Birth/Age : |
17th February, 1957 |
|
Date of Appointment : |
22nd January, 2001 |
|
|
|
|
Name : |
Mr.
Ramesh Shah |
|
Designation : |
Whole Time Director |
|
Address : |
301, Ruchira Tower, 161, Versova Link
Road, Mumbai – 400 053, India |
|
Date of Birth/Age : |
20th January, 1951 |
|
Qualification : |
B. Com., F.I.C.W.A. (29 Years) |
|
Date of Appointment : |
8th August, 1997 |
|
|
|
|
Name : |
Mr.
David Shipman (Foreign) |
|
Designation : |
Director |
|
Address : |
10, Colgate Circle, Princeton Junction, NJ
08550, U.S.A. |
|
Date of Birth/Age : |
03.08.1960 |
|
Date of Appointment : |
01.12.2003 |
|
|
|
|
Name : |
Mrs. Dhruv Jyothi Sanyal |
|
Designation : |
Head
Flavour Division |
|
Address : |
|
|
Date of Birth/Age : |
36
Years |
|
Qualification : |
Msc
(Food Technology) |
|
Date of Appointment : |
11.03.1998 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mrs. Sonashah
I. Shivdasani |
225,000 |
|
Firmenich
Trading Corporation, Switzerland |
108,000 |
|
M. C. Davar
Aromatics |
103,500 |
|
Mr. Asit Patel |
13,500 |
|
TOTAL |
450,000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Fragrances
and Flavours Compounds, Ingredients, Flavours Systems such as Special
Powders, Mixes, Casing Oils, etc., Aroma Chemicals and Specialities,
Essential Oils and Resin Oils used for the manufacture of Soaps, Detergents,
Cosmetics, Toiletries, Foods, Beverages, Drugs, Tobacco, Pharmaceuticals or
any other products of consuming industries. |
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Products : |
|
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Flavours |
Kgs. |
34,00,000 |
2,76,580 |
|
Fragrances |
Kgs. |
34,00,000 |
19,71,790 |
GENERAL
INFORMATION
|
No. of Employees : |
200 |
|
|
|
|
Bankers : |
v
Citibank
NA v
Bank
of Baroda v
Bank
of India v
HDFC
Bank Limited |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors : |
Price Waterhouse & Company |
|
Qualifications: |
Chartered
Accountants |
|
Address: |
1102/1107,
Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra |
|
Tel No.: |
91-22-22824242 |
|
E-Mail : |
|
|
|
|
|
Associates: |
v
Firmenich
S. A., Switzerland v
M.
C. Davar Aromatics Limited |
|
|
|
|
Sister Concern: |
M C
Cavar Aromatics Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
450000 |
Equity
Shares |
Rs. 100/- each |
Rs. 45.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
450000 |
Equity
Shares |
Rs. 100/- each |
Rs. 45.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.000 |
45.000 |
45.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
303.510 |
243.925 |
182.847 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
348.510 |
288.925 |
227.847 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
214.151 |
246.920 |
217.423 |
|
|
TOTAL BORROWING |
214.151 |
246.920 |
217.423 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
562.661 |
535.845 |
445.270 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
98.821 |
105.749 |
48.918 |
|
|
Capital work-in-progress |
0.532 |
0.057 |
0.859 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.297 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
373.235
|
357.224 |
303.840 |
|
|
Sundry Debtors |
231.421
|
219.422 |
172.720 |
|
|
Cash & Bank Balances |
4.170
|
2.676 |
2.210 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
47.458
|
35.428 |
45.923 |
|
Total Current Assets |
656.284
|
614.750 |
524.693 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
178.205
|
184.711 |
129.200 |
|
|
Provisions |
17.068
|
0.000 |
0.000 |
|
Total Current Liabilities |
195.273
|
184.711 |
129.200 |
|
|
Net Current Assets |
461.011
|
430.039 |
395.493 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
562.661 |
535.845 |
445.270 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
1590.044 |
1517.984 |
1220.564 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
120.507 |
86.373 |
115.144 |
|
Provision
for Taxation |
62.203 |
25.295 |
5.280 |
|
Profit/(Loss)
After Tax |
58.304 |
61.078 |
109.864 |
|
|
|
|
|
|
Export
Value |
128.890 |
78.286 |
61.846 |
|
|
|
|
|
|
Import
Value |
596.547 |
417.641 |
338.565 |
|
|
|
|
|
|
Total
Expenditure |
1469.537 |
1431.611 |
1105.420 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
3.67
|
4.03 |
9.00 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
7.58
|
5.69 |
9.43 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
15.90
|
11.99 |
20.04 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.30 |
0.51 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.17
|
1.49 |
1.52 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
3.36
|
3.33 |
4.06 |
S
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject
was incorporated on 20th January, 1997 at Mumbai in Maharashtra
having Company Registration Number 105255.
Subject
was founded in 1985 in Geneva, by Philippe Chuit, a talented Swiss chemist, in
association with Marting Naef, a shrewed businessman. They were joined shortly
after by Fred Firmenich, who soon became the majority partners.
Since
then, the company had remained a family owned business, building on a solid
foundation of pioneering and entrepreneurial vigor.
milestones
·
Company
Foundation : 1985 In Geneva, Switzerland
·
Private
and family owned
·
Turnover
: 1.9 billion Swiss Francs in 2002
·
Average
growth per year since 1989 - 8.7%
·
World
market share : around 12%
·
Position
in the market : number 3
·
Number
of employees worldwide : 4500
·
Number
of operations worldwide : 50
·
Number
of agencies worldwide : 20
·
Number
of agencies worldwide : 20
·
26
Production and manufacturing sites worldwide
·
31
awards and distinctions received for achievements in R & D since 1939,
including Nobel Prize awarded to Director and Research and Development
·
800
patents presently in force
·
Around
10% of annual turnover invested into R & D
·
Clients
: The world’s number one multinational manufacturers of beauty, household and
fabric care products as well as pharmaceuticals, food and drinks
NEWS
·
Subject
wins the WWD 2003 Beauty Biz Supplier of the year Award.
·
The
company’s master perfumers Alberto Morillas received the Francois Coty Prize
·
The
company’s fragrances with 3 out of 8 FiFi awards
·
The
company’s fragrances honoured with international awards
·
Mr.
Heinz IMHOF, to join the company of Firmenich International SA
·
Strategic
acquisition for Flavour Business
·
The
company’s creations awarded by the Fragrance Foundation
The
company invests 32 millions Swiss Francs into Flavours Development
The
company has joint ventures with :-
·
Firmenich
S. A., Switzerland
M. C.
Davar Aromatics Limited
perfumery
Subject
assisted by the most sensitive research and marketing techniques, create
innovative and commercially successful fragrances for its’ clients, the world’s
leading manufacturers of fragrance, beauty products and household consumer
goods.
flavours
The
company’s flavours are Juicy, fresh, sweet or spicy.
The company brings highly demanding consumer an international and diverse
palette of tastes. As global partners to the leading manufacturers of food,
beverage, confectionery, dairy and pharmaceuticals, the company set the trends
in sweet and savory flavour systems, which are available as natural and
nature-identical in both liquid and dry form – subject is the largest worldwide
supplier of encapsulated flavour systems.
chemicals
The
Company's traditional leadership in the discovery of innovative and original
fragrance ingredients, the Chemical Division of company’s works hand-in-hand
with R & D. This permits to prepare and evaluate more than one thousand
molecules per year, a handful of which meet criteria and are made available to
perfumers and flavorists. It owns around 800 active patents and register an
average of 25 new ones a year.
It is
in trade terms with :-
·
Asian
Chemical Works (Bombay) Private Limited
·
Godavari
Chemicals
·
Hind
P & F Limited
·
Laboratory
Suppliers
·
Mangalam
Drugs and Organic Limited
·
Menta
& Allied Products Limited
·
Nishant
Aromas
·
Privi
Organics Private Limited
·
Rajdeep
Plastic Containers
·
Saptagiri
Camphor Limited
·
S.
H. Kelkar & Company Private Limited
·
Super
Chemicals
·
Swastik
Oil Products Manufacturing Company
·
Triveni
Chemicals
·
Yasho
Industries Private Limited
general information
Patents
·
Stereospecific isomerisation of allylamines with the aid of
immobilized phosphorated chiral ligands
US 6,350,910, granted 26.02.2002
·
2-indanmethanol derivatives and their use in perfumery
US 6,323,173, granted 27.11.2001
·
Flavor enhancing methods US 6,287,620, granted
11.09.2001
·
Process for the preparation of chiral epoxides
US 6,262,288, granted 17.07.2001
·
Reduction of carbonyl compounds by a silane in the presence of a zinc
catalyst US 6,245,952, granted 12.06.2001
·
Perfuming ingredients of woody, fruity odor
US 6,235,926, granted 22.05.2001
·
Slow release of fragrant compounds in perfumery using a keto esters
US 6,218,355, granted 17.04.2001
·
Use of cubebol as a flavoring ingredient
US US 6,214,788, granted 10.04.2001
·
Ruthenium catalysts and their use in the asymmetric hydrogenation of
weakly coordinating substrates US 6,214,763, granted
10.04.2001
·
Nitriles and aldehydes derived from
3-isopropenyl-1,2-dimethyl-1-cyclopentanol and their use in perfumery
US 6,180,814, granted 30.01.2001
·
Epoxides, process for their preparation and their use for the
preparation of perfuming ingredients US
6,177,589, granted 23.01.2001
·
Unsaturated ketones and their use in perfumery
US 6,177,400, granted 23.01.2001
·
Bicyclic ketones and their use in the field of perfumery
US 6,020,527, granted 02.01.2001
·
Optically active esters and their use as perfuming ingredients
US 6,159,929, granted 12.12.2000
·
Slow
Release of fragrant compounds in perfumery using 2-benzoyl benzoates,
2-alkanoyl benzoates or a–keto esters US
6,133,228, granted 17.10.2000
Fixed
Assets
Leasehold
Land, Leasehold Improvements, Building, Plant & Machinery, Office
Equipments and Vehicles, Furniture, Softwareetc.
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
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.85 |
|
UK
Pound |
1 |
Rs.85.82 |
|
Euro |
1 |
Rs.58.62 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |