MIRA INFORM REPORT
|
Report
Date : |
30.10.2006 |
IDENTIFICATION
DETAILS
|
Name : |
S H KELKAR AND COMPANY LIMITED |
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Registered
Office : |
Devkaran
Mansion, 36 Mangaldas Road, Mumbai - 400 002, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2004 |
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Date
of Incorporation : |
01.07.1955 |
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Com.
Reg. No.: |
11-9593 |
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CIN
No.: [Company Identification No.] |
U74999MH1955PTC009593 |
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TAN
No.: [Tax Deduction & Collection Account No.] |
MUMS37437B |
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PAN
No.: [Permanent Account No.] |
AAACS9778G |
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Legal
Form : |
A Private Limited Liability Company |
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Line
of Business : |
Manufacturer
and Marketer of Aromatic Chemicals Flavours and Fragrances. |
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
5000000 |
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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 reputed company in its field. Directors are reported as experienced,
respectable and resourceful businessmen.
Their trade relations are reported as fair. Financial position of the
company is good. Business is active.
Payments are reported as usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered
Office : |
Devkaran
Mansion, 36 Mangaldas Road, Mumbai - 400 002, Maharashtra, India |
|
Tel.
No.: |
91-22-2206
9609 / 2201 9130/22069620/29/30 |
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Fax
No.: |
91-22-2208
1204 |
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E-Mail
: |
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Factory
1 : |
Lalbahadur
Shastri Marg, Mulund (West), Mumbai - 400 080, Maharashtra, India |
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Tel.
No.: |
91-22-2564 2242 / 43 / 45 |
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Fax
No.: |
91-22-2564 7334 / 2564 5271 |
DIRECTORS
|
Name : |
Mr. G. D. Kelkar |
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Designation
: |
Managing Director |
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Age : |
69 years |
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Qualification
: |
B.Sc. |
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Experience
: |
48 years |
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Date
of Joining: |
1st August, 1955 |
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|
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|
Name : |
Mr. Ramesh V. Vaze |
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Designation
: |
Whole Time Director |
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|
Name : |
Mrs. Prabha R. Vaze |
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Designation
: |
Director |
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|
Name : |
Mrs. Sudha G. Kelkar |
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Designation
: |
Director |
KEY EXECUTIVES
|
Name : |
Mr. G. D. Kelkar |
|
Designation
: |
Managing Director |
|
Age : |
69 years |
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Qualification
: |
B.Sc. |
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Experience
: |
48 years |
|
Date
of Joining : |
1st August, 1955 |
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|
|
|
Name : |
Mr. S. V. Vaze (Deceased) |
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Designation
: |
Wholetime Director |
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Age : |
61 years |
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Qualification
: |
B.Sc. |
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Experience
: |
41 years |
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Date
of Joining : |
01.04.1960 |
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|
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|
Name : |
Mr. R. V. Vaze |
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Designation
: |
Wholetime Director |
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Age : |
59 years |
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Qualification
: |
B.Sc. |
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Experience
: |
38 years |
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Date
of Joining: |
01.01.1960 |
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|
|
|
Name : |
Mrs. A.
U. Thakurdesai |
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Designation
: |
Company Secretary |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer
and Marketer of Aromatic Chemicals Flavours and Fragrances. |
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|
|
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Products
: |
·
Mixture of Odoriferrous Substances (commonly
known as fragrances & flavours) - 33.02 ·
Organic Chemicals - 29.00 |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Aromatic Chemicals |
MT |
1117 |
715 |
828 |
|
Fragrances |
MT |
90 |
90 |
1412 |
GENERAL INFORMATION
|
No. of
Employees : |
1500 |
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Bankers
: |
Standard
Chartered Grindlays Bank Limited 90,
Mahatma Gandhi Road, Mumbai - 400 001, Maharashtra, India The
Sangli Bank Limited Mumbai
Branch, Sangli Bank Building, 296, Perin Nariman Street, Mumbai - 400 001,
Maharashtra, India Standard
Chartered Bank 123/125,
M. G. Road, Fort, Mumbai – 400 001, Maharashtra, India |
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Facilities : |
[Figures are in
Rupees Millions]
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Banking Relations : |
Good |
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Auditors
: |
Batliboi
& Purohit Chartered
Accountants 204, Dr.
Dadabhai Naoroji Road, Mumbai - 400 023, Maharashtra, India |
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Subsidiaries
: |
K. V.
Arochem Private Limited Keva
Fragrances Private Limited Keva
Flavours Private Limited Keva
Biotech Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity
Shares |
Rs. 1,000/- |
Rs. 100.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
90,000 |
Equity
Shares |
Rs. 1,000/- |
Rs. 90.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
90.000 |
90.000 |
60.000 |
|
|
2]
Reserves & Surplus |
1261.762 |
1122.425 |
1008.453 |
|
NETWORTH
|
1351.762 |
1212.425 |
1068.453 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2]
Unsecured Loans |
65.833 |
109.480 |
129.937 |
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TOTAL
BORROWING
|
65.833 |
109.480 |
129.937 |
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|
DEFERRED
TAX LIABILITIES |
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|
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|
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TOTAL
|
1417.595 |
1321.905 |
1198.390 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
180.855 |
168.826 |
181.141 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
2.828 |
6.620 |
6.620 |
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DEFERREX TAX ASSETS
|
2.215 |
0.779 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
|
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Inventories
|
543.776 |
566.072 |
542.555 |
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Sundry Debtors
|
319.195 |
256.706 |
227.569 |
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Cash & Bank Balances
|
433.925 |
364.514 |
279.180 |
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Loans & Advances
|
973.202 |
845.656 |
709.114 |
Total Current Assets
|
2270.098 |
2032.948 |
1758.418 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
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Current Liabilities
|
117.724 |
86.183 |
93.587 |
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Provisions
|
920.677 |
801.085 |
654.202 |
Total Current Liabilities
|
1038.401 |
887.268 |
747.789 |
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Net
Current Assets
|
1231.697 |
1145.680 |
1010.629 |
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MISCELLANEOUS EXPENSES
|
-- |
-- |
-- |
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TOTAL
|
1417.595 |
1321.905 |
1198.390 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
Sales Turnover [including other income]
|
1628.374 |
1453.747 |
1312.181 |
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|
|
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|
Profit/(Loss) Before Tax
|
384.432 |
327.576 |
290.054 |
Provision for Taxation
|
143.564 |
120.576 |
104.000 |
Profit/(Loss) After Tax
|
240.868 |
207.000 |
186.054 |
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Export Value
|
65.993 |
71.600 |
55.250 |
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Import Value
|
459.571 |
416.095 |
314.154 |
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|
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Total Expenditure
|
1243.941 |
1126.171 |
1022.126 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
14.79
|
14.24 |
14.18 |
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|
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|
Net Profit Margin
(PBT/Sales) |
(%) |
23.61
|
22.53 |
22.10 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
15.65
|
14.83 |
14.90 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.28
|
0.27 |
0.27 |
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|
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|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.81
|
1.82 |
1.82 |
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|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.18
|
2.29 |
2.35 |
No subsequent
financials are available.
Management remained non-cooperative during the current
investigation.
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 1st July 1955 at
Mumbai in Maharashtra having Company Registration Number 9593.
Subject has become private limited liability company w.e.f.
18th May 2001.
Rights Shares
Pursuant to the resolution passed at the meeting held on 14th
May, 2002, 30000 equity shares of Rs. 1000 each were allotted as fully paid up
on rights basis to existing equity shareholders of the company in the ratio of
one new equity share to every two equity shares held.
Production and Sales
All the plants and equipments operated satisfactorily. The sales for the year amounted to Rs.
1600.000 millions as compared to Rs. 1410.400
millions in the previous year, showing a rise of 13.45 %.
Purchase of Land
The company
purchased about 11.615 hectares of land at village Vadgaon/Vashivali, Taluka
Khalapur District Raigad. The company intends to shift some if its
manufacturing facilities to the new location after development of the land.
Exports
Subject has been
able to export goods worth Rs. 64.300 millions as against Rs. 71.600 millions
during the previous year. The export during the year has decreased due to stiff
competition in the world market. Subject plans to capture a wider foreign
market through K. V. Arochem Private Limited and Kava Fragrances Private
Limited are fully owned subsidiaries of the company.
Conservation of Energy
Subject’s
operations involve low energy consumption. Wherever possible, energy
conservation measures have already been implemented and there are no major
areas where further energy conservation measures can be taken. However, efforts
to conserve and optimise the use of energy through improved operational and
other means will continue.
Fixed Assets:
The company's
fixed assets of important value include Goodwill, Land, Factory Building, Shed
& Office Premises, Residential Quarters, Research Laboratory Building Unit,
Research Laboratory Equipment, R & D Green House, Creative Centre New R
& D Building, Plant & Machinery, Furniture & Fixtures, Office
Equipments & Appliances, Motor Lorries, Motor Cars & Vehicles, Weighing
Machines, Storage Tanks, Books & Magazines, Tube Wells, Staff Welfare
Buildings, Agricultural Implements, Aroma Chemical Godown, Kelkar Research
Building (Under Construction) and Capital (Work-In-Progress).
Future Plan of Action
Subject’s future
plan of action is the development of products with export potential and made
with raw materials available locally, setting up a pilot plant facility to get
required data for equipment design. The new subsidiary company, namely Keva
Biotech Private Limited established for production and export of Patchouli Oil
is progressing satisfactorily.
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.45.02 |
|
UK Pound |
1 |
Rs.85.56 |
|
Euro |
1 |
Rs.57.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP
CAPITAL |
1~10 |
9 |
|
OPERATING
SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT
LINES |
1~10 |
9 |
|
--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 |
|
81 |
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 |