MIRA INFORM
REPORT
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Report Date : |
06.02.2007 |
IDENTIFICATION DETAILS
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Name : |
FINE FRAGRANCES PRIVATE LIMITED |
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Formerly Known As : |
FINE FRAGRANCES LIMITED |
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Registered Office : |
147 / 119, Jolly Maker Chambers No.2, 11th
Floor, Nariman Point, Mumbai – 400 021, Maharashtra |
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Country
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India |
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Financials
(as on) : |
31.03.2004 |
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Date of Incorporation : |
29.01.1980 |
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Com. Reg. No.: |
11-022167 |
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CIN
No.: [Company
Identification No.] |
U74999MH1980PLC022167 |
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TAN No.: (Tax Deduction & Collection
Account No.) |
MUMF03539E |
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PAN No.: (Permanent Account No.) |
AAACF0706F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
of Industrial Perfumery Compounds and Flavours |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
450000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having
satisfactory track. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
147 / 119, Jolly Maker Chambers No.2, 11th
Floor, Nariman Point, Mumbai – 400 021, Maharashtra |
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Tel. No.: |
91-22-2202
0644 |
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Fax No.: |
91-22-2202
8071 / 2204 8030 |
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E-Mail : |
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Warehouse : |
Plot No.
298 / 2, GIDC, Umbergaon – 396 171, Gujarat, INDIA |
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Tel. No.: |
91-260-2563537 |
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Fax No.: |
91-260-2562798 |
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Branches: |
North America, United States |
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Tel No.: |
(1) 732-335-2274 |
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Fax No.: |
(1) 732-335-2672 |
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Branches: |
Europe,
France |
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Tel No.: |
(33) 4-9242-4344 |
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Fax No.: |
(33) 4-9370-4326 |
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Branches: |
UnitedKingdom |
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Tel No.: |
(44) 1440-715000 |
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Fax No.: |
(44) 1440-715175 |
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Branches: |
Spain |
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Tel No.: |
(34) 964-470-212 |
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Fax No.: |
(34) 964-461-689 |
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Branches: |
Latin
America Argentina |
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Tel No.: |
(54) 3327-445226 |
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Fax No.: |
(54) 3327-445251 |
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Branches: |
Colombia |
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Tel No.: |
(57) 1-4222233 |
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Fax No.: |
(57) 1-4222250 |
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Branches: |
Brazil |
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Tel No.: |
(55) 11-4196-3724 |
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Fax No.: |
(55) 11-4196-3790 |
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Branches: |
Mexico |
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Tel No.: |
(52) 55-5333-1987 |
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Fax No.: |
(52) 55-5333-1976 |
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Branches: |
China |
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Tel No.: |
(86) 21-6248-5500 |
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Fax No.: |
(86) 21-6249-6181 |
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Branches: |
Singapore |
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Tel No.: |
(65) 6268 7211 |
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Fax No.: |
(65) 6268 5982 |
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Branches: |
Japan |
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Tel No.: |
(81) 3-5460-1751 |
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Fax No.: |
(81) 3-5460-0685 |
DIRECTORS
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Name : |
Mr. Jashwant M. Shah |
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Designation : |
Director |
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Address : |
11A, Aashiana, 5, Altamount Road, Mumbai – 400026.,
Maharashtra, India |
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Date of Birth/Age : |
19.11.1936 |
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Date of Appointment : |
13.06.1980 |
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Name : |
Mr. Ashok C. Shah |
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Designation : |
Director |
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Address : |
402, Maryland Corner Building, Sion (East), Mumbai –
400022 |
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Date of Birth/Age : |
08.09.1952 |
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Qualification : |
M. Sc. |
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Experience : |
27 Years |
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Date of Appointment : |
29.01.1980 |
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Last Employment : |
Managing Director of Tudor India limited |
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Name : |
Mr. Amol J. Shah |
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Designation : |
Director |
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Address : |
11A, Aashiana, 5, Altamount Road, Mumbai – 400026.,
Maharashtra, India |
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Date of Birth/Age : |
10.11.1965 |
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Date of Appointment : |
20.12.1999 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Ashok C.
Shah |
1,000 |
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Jashwant
M .Shah (HUF) |
2,500 |
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Jashwant
M .Shah |
1 |
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Amol J
.Shah |
5,102 |
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Akshay A.
Shah |
8,000 |
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Amrapali
S. Mehta |
2,500 |
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Shreya A.
Shah |
2,000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial Perfumery Compounds and Flavours |
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Products : |
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PRODUCTION
STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Industrial Perfumery Compound |
Kgs. |
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50588 |
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Herbal Extract |
Kgs. |
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4890 |
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Herbal Absolute |
Kgs. |
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00 |
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Perfumery Chemicals – Fine |
Kgs. |
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50 M. T. p.a. |
53127 |
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Animal Supplementary Food |
Kgs. |
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64000 |
GENERAL INFORMATION
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Distributors : |
06460 Saint Vallier de Thiey,
France
Ernesto Ventos S. A. TERRITORY: SPAIN CarreteraReal,120C 08960SantJustDesvern,Barcelona,Spain
Fine Fragrances Private Limited TERRITORY:INDIA
R.C. Treatt & Company Limited TERRITORY: GERMANY, SWITZERLAND
& AUSTRIA Northern Way Bury St. Edmunds, Suffolk England IP32 6NL
BBE International TERRITORY: ITALY Via strada Prov. 181 N. 3 –
Int22/23 20060 Zelo Buon Persico (mi),
Italy
R.C. Treatt & Company Limited TERRITORY: UK, IRELAND, BELGIUM, LUXEMBOURG, THE NETHERLANDS Northern Way Bury St. Edmunds, Suffolk England IP32 6NL
AMCO International, S.A. de C.V. TERRITORY: MEXICO Trigo No. 16, Col. Granjas Esmeralda Deleg. Iztapalapa, Mexico 09810 D.F.
The John D. Walsh Company Inc. TERRITORY: U.S.A., CANADA 25 Executive Park Way, Ringwood, NJ 07456 Ringwood, NJ 07456 |
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Bankers : |
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Facilities : |
27.09.1993 Rs. 5.000 millions against hypothecation of
Book Debts 28.06.2004 Rs. 25.500 millions against hypothecation of
goods All the company’s present and future book debts,
outstanding money, claims, bills receivables, contracts, securities, etc. 28.07.2004 Rs. 17.000 millions office premises at Worli
admeasuring 707.32 sq. mtrs. |
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Banking Relations : |
Satisfactory |
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Auditors : |
H N
Motiwalla & Company Chartered
Accountants |
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Address : |
508,
Sharda Chambers, 15A, New Marine Lines, Mumbai – 400 020, Maharashtra, India |
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Tel. No.: |
91-22-2200 2103 / 2200 5431 |
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Email : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.300 million |
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3,000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.300 million |
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Total |
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Rs. 0.600 Millions |
Issued, Subscribed & Paid-up
Capital :
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No. of Shares |
Type |
Value |
Amount |
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21,100 |
Equity Shares |
Rs. 10/- each |
Rs. 0.211 million |
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3 |
Fully paid up Equity Shares |
Rs. 10/- each |
Rs. 30.00 |
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Total |
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Rs. 0.211 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
0.211 |
0.211 |
0.211 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
114.757 |
112.959 |
112.483 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
114.968 |
113.170 |
112.694 |
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LOAN
FUNDS |
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1]
Secured Loans |
0.000 |
0.000 |
0.000 |
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2]
Unsecured Loans |
5.862 |
7.051 |
4.200 |
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TOTAL BORROWING
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5.862 |
7.051 |
4.200 |
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DEFERRED
TAX LIABILITIES |
0.163 |
1.201 |
0.000 |
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TOTAL
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120.993 |
121.422 |
116.894 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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36.588 |
38.341 |
41.275 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
|
10.409 |
10.409 |
11.122 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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60.327
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35.488 |
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Sundry Debtors
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41.325
|
37.459 |
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Cash & Bank Balances
|
2.485
|
1.726 |
160.471 |
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Other Current Assets
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0.000
|
0.000 |
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Loans & Advances
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50.405
|
39.785 |
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Total Current Assets
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154.542 |
114.458 |
160.471 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities & Provisions
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80.574
|
41.841 |
96.052 |
Total Current Liabilities
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80.574
|
41.841 |
96.052 |
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Net Current Assets
|
73.968 |
72.617 |
64.419 |
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MISCELLANEOUS EXPENSES
|
0.028 |
0.055 |
0.078 |
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TOTAL
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120.993 |
121.422 |
116.894 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
|
195.969 |
181.129 |
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Profit/(Loss) Before Tax
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|
0.889 |
3.625 |
Provision for Taxation
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(1.038) |
1.951 |
Profit/(Loss) After Tax
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|
1.927 |
1.674 |
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Export Value
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|
9.776 |
22.358 |
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Import Value
|
|
110.600 |
65.805 |
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Total Expenditure
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|
195.080 |
183.264 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
0.98 |
0.92 |
NA
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Net Profit Margin
(PBT/Sales) |
(%) |
0.45 |
2.00 |
NA
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
0.46 |
2.37 |
NA
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Return on Investment (ROI)
(PBT/Networth) |
|
0.01 |
0.03 |
NA
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Debt Equity Ratio
(Total
Liability/Networth) |
|
0.75 |
0.43 |
0.61
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Current Ratio
(Current
Asset/Current Liability) |
|
1.91 |
2.73 |
2.49
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LOCAL AGENCY FURTHER INFORMATION
DIRECTOR’S
REPORT
During the year under report the company has achieved
overall turnover of Rs. 186.000 millions (Previous Year Rs. 181.599 millions).
In such turnover the company’s exports during the year stood at Rs. 2.362
millions (Previous Year Rs. 3.193 millions). The company has also earned
commission of Rs. 7.711 millions in foreign exchange. The company has earned
net profit of Rs. 1.927 millions (Previous Year Rs. 1.675 millions) after
adjustment of certain previous year figures, the net profit has resulted in Rs.
1.798 millions and it has been carried over o Balance Sheet with previous year
balance brought forward.
FINANCE
The company is total debt free company. Its meets it’s
financial needs from internal accruals.
FIXED ASSETS:
The
company’s fixed assets of important value include:
In Umbergam
Unit:
Land, Factory Building, Tubewell,
Office Premises, Ownership Premises, Plant & Machinery, Factory Equipments,
Laboratory Equipments, Office Equipments, Computer, Electrical Installation,
Air Conditioners, Furniture & Fixtures and Vehicles.
In Silvassa Unit:
Renovation of Land, Ownership
Premises, Plant & Machinery, Factory Equipments, Laboratory Equipments,
Fire Extinguisher, Computer, Electrical Installation, Air Conditioners,
Furniture &Fixtures, Vehicles, Equipment at Residence / Flats and Office
Equipment.
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Corporate
identity number of the company |
L74999MH1980PLC022167 |
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Name of
the company |
FINE
FRAGRANCES PRIVATE LIMITED |
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Address
of the registered office or of the principal place of business in India of the company |
119,
Jolly Maker Chambers No.2, 11th Floor, Nariman Point, Mumbai – 400
021, Maharashtra |
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This form
is for |
Modification
of charge |
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Type of
charge |
Hypothecation
|
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Particular
of charge holder |
Canara
Bank, Overseas Branch, 211, Dalamal Tower, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Amount
secured by the charge |
Rs.
25.500 Millions |
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Brief of
the principal terms an conditions and extent and operation of the charge |
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Description
of the property charged |
Plant and
Machinery and Stock in trade |
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Particulars
of the property charged |
All
stocks and all book debts and plant and machinery |
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Charge
identification number of the charge to be modified |
80004553 |
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Brief
description of the instrument modifying the charge under section 135 |
Supplemental
common hypothecation agreement |
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Particulars
of present modifying |
By the present modification the limit increased from Rs. 29 Millions
to Rs. 31.500 Millions |
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Name
of the company |
FINE FRAGRANCES PRIVATE LIMITED |
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Presented By |
Mr. Amol H. Shah |
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1) Date
and description of instrument creating the change |
Memorandum of deposit of title deed dated 28.07.2004 Agreement for terms loan dated 28.07.2004 Agreement
relating to monthly dated 28.07.2004 |
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2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.
17.000 Millions |
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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 |
Mortgage of office premises admeasuring 707.32 sq. mts.
Ground Floor, building, Shiv Sagar Estate, CST No. 1 A/2, Dr. Annie Besant
Road, Worli, Mumbai |
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4) Gist
of the terms and conditions and extent and operation of the charge. |
Interest
@ 9 % p.a. monthly rests the loan amount in instilments or is one with
interest @ 9 % p.a. on daily balance of the loan amount with monthly rests. |
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5) Name
and Address and description of the person entitled to the charge. |
The Dhanalakshmi Bank Limited, Ground Floor,
Janmabhoomi Bhavan, Janmabhoomi Marg,
Fort, Mumbai – 400001 |
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6)
Date and brief description of
instrument modifying the charge |
NA |
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
NA |
DISTRIBUTORS:
- France
BLHS.A.
TERRITORY:FRANCE
Zac du pilon
06460 Saint Vallier de Thiey, France
Tel:+33492603560
Fax:+33492603569
E-Mail: blh-pim@wanadoo.fr
- Spain
Ernesto Ventos S. A.
TERRITORY: SPAIN
CarreteraReal,120C
08960SantJustDesvern,Barcelona,Spain
Tel: +34 93 470 6210
Fax: +34 93 473 3010
Web Site: http://www.ventos.com
- India
FineFragrancesPrivateLimited
TERRITORY:INDIA
119/147 Jolly Macker Chambers No.2, Nariman Point
Tel:9122-2020644/2885185
Fax:9122-2028071
E-Mail: finefrag@vsnl.com
- United
Kingdom
R.C. Treatt & Company Limited
TERRITORY: GERMANY, SWITZERLAND
& AUSTRIA
Northern Way
Bury St. Edmunds, Suffolk
England IP32 6NL
Tel:+33491137010
Fax:+33491532772
E-Mail:bourgarel@treatt.com
Web Site: http://www.rctreatt.com
- Italy
BBE International
TERRITORY: ITALY
Via strada Prov. 181 N. 3 – Int22/23
20060 Zelo Buon Persico (mi), Italy
Tel:+392090659961
Fax:+3920+0659953
E-Mail: robertob@bbe.it
- United
kingdom
R.C. Treatt & Company Limited
TERRITORY: UK, IRELAND, BELGIUM, LUXEMBOURG,
THE NETHERLANDS
Northern Way
Bury St. Edmunds, Suffolk
England IP32 6NL
Tel:+441284702500
Fax:+441284703809
E-Mail:uk.sales@rctreatt.com
Web Site: http://www.rctreatt.com
- Mexico
AMCO International, S.A. de C.V.
TERRITORY: MEXICO
Trigo No. 16, Col. Granjas Esmeralda
Deleg. Iztapalapa, Mexico 09810 D.F.
Tel:525556976956
Fax:525555810243
E-Mail:ventas@amco-internacional.com
Web Site: http://www.amco-internacional.com
- United
States
The John D. Walsh Company Inc.
TERRITORY: U.S.A., CANADA
25 Executive Park Way, Ringwood, NJ 07456
Ringwood,
NJ 07456
Tel:(973)9621400
Fax:(973)9621557
E-Mail:info@johndwalsh.com
Web Site: www.johndwalsh.com
Fine Fragrances Private
Limited is in the field of perfumery compounds for the last 25 years.
'Fine Fragrances' has been associated with "International
Flavors and Fragrances", a world leader in this field, for more than
20 years in India and currently distributes a range of
their products in India.
Additionally, 'Fine Fragrances' is also tied up with the large
French perfume house "Robertate" to blend and market some of their
range of products in India.'Fine Fragrances' is one of the oldest
and most respected perfumery compound supplying companies and their
customers include large multinationals such as Levers, Proctor &
Gamble and Lóreal in India.
The
Company's major activities are:
BLENDING PERFUMES
MANUFACTURING AROMA CHEMICALS
NATURALS
DISTRIBUTION
BLENDING
PERFUMES :
'Fine Fragrances' has two blending facilities, one in Umbergaon and the other
in Silvassa, both in West India.
The Umbergaon facility has a land area of 3000 square meters. It can blend
batches of up to 10,000 kg.
perfume per day. The Silvassa based facility can blend up to 5, 000 kg per day.
The facility has been constructed keeping in mind the
exacting standards of quality and cleanliness required and
both facilities undertake blending activities for "International Flavors
and Fragrances" for supply to various Indian customers.
The blended products have applications in varied industries
using perfumes, the most important of which are Soaps,Detergents and
Cosmetics.
MANUFACTURING AROMA CHEMICALS:
Recently, 'Fine Fragrances' operationalized a
new facility to manufacture AROMA CHEMICALS at Ankleshwar in Gujarat, in
Western India. The plant can produce approximately 200 MT of aroma chemicals
per annum in a varied product mix.
The current product range from
this facility is:
- Alpha Amyl Cinnamic Aldehyde
- Cinnamic Aldehyde
- Amyl Salicylate
- Para Cresyl Phenyl Acetate
- Orange Crystals
- Benzophenone
- Cinnamic Alcohol
- Yara Yara
Many more products are under
development.
NATURALS DISTRIBUTION BLENDING
PERFUMES
NATURALS:
Fine Fragrances has commenced development in the field of Naturals
The Product segments are:
Pharmaceuticals
Nutraceuticals
Cosmetics
Fragrances
Flavours
The work was started about a year ago. Main activities consist of :
-Cultivation
-Processing
-Research
and Development.
DISTRIBUTION
BLENDING PERFUMES
MANUFACTURING
AROMA CHEMICALS
DISTRIBUTION
:
'Fine Fragrances' has a range of products that are kept in
stock and distributed to their various customers all over India. 'Fine
Fragrances' are the official distributors for perfumery raw materials in India
and the rest of the Indian Subcontinent for the world-renowned perfumery
company, "International Flavours and Fragrances" and are already
looking at further tie-ups and distribution arrangements.
BLENDING PERFUMES
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. 44.09 |
|
UK Pound |
1 |
Rs. 86.84 |
|
Euro |
1 |
Rs. 57.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--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 |
|
47 |
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 |
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 |