MIRA INFORM
REPORT
|
Report
Date : |
26th
February, 2007 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL
FLAVOURS AND FRAGRANCES (INDIA) LIMITED |
|
|
|
|
Formerly
Known As : |
Bush Boake Allen India Limited |
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|
Registered
Office : |
1-5 Seven Wells Street, St Thomas Mount, Chennai
– 600016, Tamil Nadu, India |
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Country
: |
India |
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Financial
As On |
31.12.2004 |
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Date
of Incorporation : |
25.05.1970 |
|
|
|
|
Com.
Reg. No.: |
18-112 |
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|
CIN
No.: [Company
Identification No.] |
U24294TN1931PLC000112 |
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|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
CHEB00173F |
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|
|
|
PAN
No.: [Permanent
Account No.] |
AAACB1376K |
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|
|
|
Legal
Form : |
Closely held a public limited liability company. |
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|
Line
of Business : |
Manufacturers and Exporters of Flavouring
Essence, Aromatic Compounds, Aromatics Chemicals and Food Colours. |
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
2250000 |
|
|
|
|
Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a part of U. S.
perfumery giant IFF. Available information indicates high financial
responsibility of the company. Trade relations are reported as fair. Payments
are correct and as per commitments. The company can be considered
normal for business dealings at usual trade terms and conditions |
LOCATIONS
|
Registered
Office : |
1-5 Seven Wells Street, St Thomas Mount, Chennai
– 600016, Tamil Nadu, India |
|
Tel.
No.: |
91-44-22341131/22346016/28236677 |
|
Fax
No.: |
91-44-22346017/22346158/28203835 |
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E-Mail
: |
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Website
: |
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Branch
1 : |
F 5 (A & B) GEM Plaza, Infantry Road, Bangalore –
560001, India |
|
Tel.
No.: |
91-80-5581718/19/20 |
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Fax
No.: |
91-80-5591721 |
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E-Mail
: |
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Branch
2 : |
Uttarabhrahmanapalli (Village Post), Kanipakkam S.O, Chittor District, Andhra Pradesh – 517 131 |
|
Tel.
No.: |
91-8573-281301/02/558 |
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Fax
No.: |
91-8573-281303 |
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E-Mail
: |
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Branch
3: |
Premlata 39, Shakespeare Sarani, Kolkata – 700017, India |
|
Tel.
No.: |
91-33-22836435/36/37/38 |
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Fax
No.: |
91-33-22836439 |
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E-Mail
: |
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Branch
4: |
Delphi, C Wing, Hiranandani Business Park, Powai, Mumbai –
400076, India |
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Tel.
No.: |
91-22-50006700 |
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Fax
No.: |
91-22-28203835 |
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E-Mail
: |
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Branch
5 : |
F-93, Green Park, New Delhi – 110016, India |
|
Tel.
No.: |
91-11-26961165/26854754/26517938/26961096 |
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Fax
No.: |
91-11-26523402 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr. Douglas J Wetmore |
|
Designation
: |
Chairman |
|
Address
: |
43, Park Place, Short Hill, New Jersey U.S.A. |
|
Date
of Birth/Age : |
5th April, 1957 |
|
|
|
|
Name : |
Mr. Chandy C Thambi |
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Designation
: |
Company Secretary |
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Date
of Birth/Age : |
04th February, 1960 |
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|
|
|
Name : |
Mr. Jerden H M Van Noorden |
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Designation
: |
Director |
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Date
of Birth/Age : |
22nd December, 1960 |
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|
|
|
Name : |
Mr. Arun Bewoor |
|
Designation
: |
Managing Director |
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Date
of Birth/Age : |
06th September, 1942 |
|
Name : |
Mr. John Alfred Dean |
|
Designation
: |
Director |
|
Date
of Birth/Age : |
20th May, 1920 |
|
|
|
|
Name : |
Mr. M A Alagappan |
|
Designation
: |
Director |
|
Date
of Birth/Age : |
06th December, 1943 |
|
|
|
|
Name : |
Mr. Sridhar Balakrishnan |
|
Designation
: |
Executive Director |
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Date
of Birth/Age : |
04th April, 1956 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mrs. Elizebeth Philomena Marie Paes |
40757 |
|
Mr. Kanwal Kumar Khana |
20295 |
|
Mr. Raghavan Ajit Pillai |
69440 |
|
Mrs. Janaki Gopal Bhandarkar |
57024 |
|
Mrs. Lakshmi Nori |
11032 |
|
Bush Boake Allen Inc |
2089036 |
|
Mathias Anthony Estanislav Paes |
11320 |
|
Mr. Bhavani G. Rao |
20720 |
|
Mr. A Ramana Rao |
20720 |
|
Mr. Yezdi Foreign Institutional Investors |
34720 |
|
Mrs. Uma Narendra Kaikini |
28512 |
|
Mrs. Preeti Nitin Gaitonde |
28512 |
|
Bush Boake Allen Limited |
3972628 |
|
A Bush Boake Roberts ane co India Limited |
1345872 |
|
Jayashree S. Bhan |
41400 |
|
Mr. Bernard Michael Paes |
14470 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers and Exporters of Flavouring
Essence, Aromatic Compounds, Aromatics Chemicals and Food Colours. |
|
|
|
|
Products
: |
·
Beverages ·
Diary
Products ·
Fabric
Care Products ·
Fine
Fragrances ·
Home
Care Products ·
Ingredients ·
Oral
Care Products ·
Personal
Wash Products ·
Savory
Products ·
Toiletries ·
Decodarants ·
Hair
Care Products ·
Skin
Care Products ·
Sweets |
PRODUCTION STATUS
|
Particulars |
|
|
|
Actual Production |
|
Flavors
essences in litres |
|
|
|
4250606 |
|
Aromatic
compounds in kilos |
|
|
|
1524261 |
|
Food
color preparations in Kgs |
|
|
|
704231 |
GENERAL INFORMATION
|
No. of
Employees : |
About 400 |
|
|
|
|
Bankers
: |
·
Standard Chartered Bank, Chennai, Tamilnadu,
India ·
Bank of Baroda Limited, Chennai, Tamilnadu, India ·
State Bank of India Limited, Chennai, Tamilnadu,
India |
|
|
|
|
Banking Relations : |
Good |
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Auditors
: |
Price Water House and Company Chartered Accountants |
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Address
: |
610, Anna Salai, Chennai-600006, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1,00,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 100.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
79,57,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 79.570 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2004 |
31.12.2003 |
27.12.2002 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
79.570 |
79.600 |
79.583 |
|
|
2]
Reserves & Surplus |
494.304 |
494.300 |
521.033 |
|
NETWORTH
|
573.874 |
573.900 |
601.033 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
50.080 |
50.100 |
22.748 |
|
|
2]
Unsecured Loans |
0.000 |
0.000 |
0.303 |
|
TOTAL
BORROWING
|
50.080 |
50.100 |
23.051 |
|
|
DEFERRED
TAX LIABILITIES |
31.688 |
0.000 |
22.231 |
|
|
|
|
|
|
|
TOTAL
|
655.642 |
624.000 |
646.312 |
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block]
|
244.033 |
244.000 |
220.264 |
|
Capital work-in-progress
|
|
|
|
|
|
|
|
|
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|
INVESTMENT
|
0.025 |
0.000 |
0.719 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
391.677
|
391.700 |
240.552 |
|
|
Sundry Debtors
|
293.112
|
293.100 |
330.123 |
|
|
Cash & Bank Balances
|
29.497
|
29.500 |
44.253 |
|
|
Other Current Assets
|
0.261
|
0.000 |
3.264 |
|
|
Loans & Advances
|
65.610
|
1114.400 |
54.335 |
Total Current Assets
|
780.157
|
1828.700 |
672.527 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
391.784
|
408.600 |
289.410 |
|
|
Provisions
|
|
1063.300 |
0.000 |
Total Current Liabilities
|
391.784
|
1471.900 |
289.410 |
|
Net
Current Assets
|
388.373
|
356.800 |
383.117 |
|
|
|
|
|
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MISCELLANEOUS EXPENSES
|
23.211 |
23.200 |
42.212 |
|
|
|
|
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|
|
TOTAL
|
655.642 |
624.000 |
646.312 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.12.2004 |
31.12.2003 |
31.12.2002 |
Sales Turnover [including other income]
|
2121.907 |
2408.400 |
2020.657 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
429.423 |
462.700 |
444.309 |
Provision for Taxation
|
164.257 |
33.200 |
157.194 |
Profit/(Loss) After Tax
|
265.166 |
429.500 |
287.115 |
|
|
|
|
|
Export Value
|
227.335 |
NA |
210.734 |
|
|
|
|
|
Import Value
|
321.221 |
NA |
270.032 |
|
|
|
|
|
Total Expenditure
|
1692.484 |
1855.700 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2004 |
31.12.2003 |
31.12.2002 |
PAT / Total Income
|
(%)
|
12.49
|
17.83 |
14.20 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
20.22
|
19.21 |
21.98 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
0.05
|
30.40 |
142.19 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
--
|
0.80 |
0.73 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.78
|
3.61 |
1.48 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.99
|
1.24 |
2.32 |
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.44.20 |
|
UK Pound |
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.58.23 |
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 |
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