MIRA
INFORM REPORT
|
Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
SYMRISE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
140, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2004 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
The Company engaged in the business of Flavours and Fragrances. |
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 : |
USD960000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
-- |
LOCATIONS
|
Registered Office : |
140, |
DIRECTORS
|
Name : |
Mr. C Venkat |
|
Designation : |
C E O |
|
Date of Birth/Age : |
51 years |
|
Qualification : |
B.tech, PGDM |
|
Experience : |
28 years |
|
Date of Appointment : |
01.04.1994 |
|
Last Employment: |
Chemicals and Plastics India Limited Assistant Vice President |
|
|
|
|
Name : |
Mr. S Srikanthan |
|
Designation : |
Director |
|
Date of Birth/Age : |
43 years |
|
Qualification : |
BE., PGDM |
|
Experience : |
18 years |
|
Date of Appointment : |
17.06.1996 |
|
Last Employment: |
ITC, Bhadrachalam Paper Boards Limited Regional Manager |
|
|
|
|
Name : |
Mr. T K Ramchandran |
|
Designation : |
Directors |
|
Date of Birth/Age : |
44 years |
|
Qualification : |
BE. (Hons), PGDM |
|
Experience : |
21 years |
|
Date of Appointment : |
01.04.1995 |
|
Last Employment: |
Maxworth Country Limited DGM-Projects |
|
|
|
|
Name : |
Mr. R. Venkatram Iyer |
|
Designation : |
Director |
|
Date of Birth/Age : |
43 years |
|
Qualification : |
BE, PGDM |
|
Experience : |
21 years |
|
Date of Appointment : |
03.07.2000 |
|
Last Employment: |
Larsen and Toubro Limited Assistant General Manager |
KEY EXECUTIVES
|
Name : |
Mr. V Sundar |
|
Designation : |
Company Secretary |
|
Date of Birth/Age : |
47 years |
|
Qualification : |
B.Com, ACA, GRADCWA, ACS |
|
Experience : |
22 years |
|
Date of Appointment : |
01.10.1994 |
|
Last Employment: |
Chemicals and Plastics India Limited Manager - Accounts |
BUSINESS DETAILS
|
Line of Business : |
The Company engaged in the business of Flavours and Fragrances. |
|
|
|
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
2004 |
|
Not Applicable |
1400000 |
770194 |
|
2003 |
|
Not Applicable |
480000 |
326597 |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||
|
|
|
||||||||||
|
Bankers : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Facilities : |
|
||||||||||
|
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountant |
|
Address : |
TPL House, 2nd Floor, |
|
Tel. No.: |
91-44-24311440 |
|
Fax No.: |
91-44-24311450 |
|
|
|
|
Holding Company: |
|
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
45.000 |
45.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
196.282 |
135.570 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
241.282 |
180.570 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
172.062 |
148.130 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
172.062 |
148.130 |
|
|
DEFERRED TAX LIABILITIES |
|
18.075 |
19.820 |
|
|
|
|
|
|
|
|
TOTAL |
|
431.419 |
348.520 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
216.843 |
208.373 |
|
|
Capital work-in-progress |
|
3.191 |
1.886 |
|
|
Intangible Assets- Goodwill |
|
16.795 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.018 |
0.018 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
202.450 |
166.086 |
|
|
Sundry Debtors |
|
211.698 |
134.369 |
|
|
Cash & Bank Balances |
|
0.413 |
0.278 |
|
|
Other Current Assets |
|
0.399 |
7.840 |
|
|
Loans & Advances |
|
16.596 |
14.054 |
|
Total
Current Assets |
|
431.556 |
322.627 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
230.278 |
180.878 |
|
|
Provisions |
|
6.705 |
3.505 |
|
Total
Current Liabilities |
|
236.983 |
184.383 |
|
|
Net Current Assets |
|
194.573 |
138.244 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
431.419 |
348.3520 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
|
Sales Turnover |
|
N.A. |
N.A. |
|
|
Other Income |
|
N.A. |
N.A. |
|
|
Total Income |
|
N.A. |
N.A. |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
N.A. |
N.A. |
|
|
Provision for Taxation |
|
N.A. |
N.A. |
|
|
Profit/(Loss) After Tax |
|
N.A. |
N.A. |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
21.076 |
11.390 |
|
|
Other Earnings |
|
0.141 |
0.000 |
|
Total Earnings |
|
21.217 |
11.390 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
426.208 |
310.422 |
|
|
Capital Goods |
|
0.000 |
0.940 |
|
Total Imports |
|
426.208 |
311.362 |
|
|
|
|
|
|
|
|
Total Expenditure |
|
N.A. |
N.A. |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2004 |
31.03.2003 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.70 |
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.82 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
Company Profile:
With a view to conserve the resources of the company, the Director do
not recommend any dividend during the year.
Operations
Sales of Rs. 1257.900 Millions during the year
under review was higher compared to sales in the previous year of Rs. 870.100
Millions mainly on account of increased business from existing large and medium
sized customers.
During the year under review the company had
taken over the assets relating to H and R Business of Bayer Industries Private
Limited effective 01.04.2004.
Finance
The Company continues to enjoy term loan and
working capital facilities with HongKong and Shanghai Banking Corporation Limited.
Fragrance
The FMCG
segment showed signs of revival during the last quarter of the year
2004. Some of the key categories like detergents and shampoos grew by 11% and
7% respectively in volume terms. However, the entire segment has been adversely
affected by steep increase in the input cost particularly the Detergent
manufacturers. The year also saw strong rivalry amongst the major players with
large price cuts across categories. As a result of this there has been an
increase pressure on the company to bring down the selling price of fragrances
to support it’s customers.
The outlook for 2005 looks bright based on the
macro economic indicators and also sign of revival in the FMCG. The growth of
the beauty care segment will lead to opportunities in the skin care and other
aspiration products. The company also anticipates a growth in the personal wash
segment during the year especially with the medium and regional players.
Flavours
New entrants like Lotte and ITC in food
industry are expected to expand the market and large capacity additions are
being planned in confectionery, Bakery and Savoury segments by local family run
business houses. These factors would increase the output by 20-30% in all
categories.
Branded snacks segment is expected to grow at
the cost of unorganized sector and more multinationals and local companies are
putting up new facilities for branded snacks. As the segment is growing
exponentially at the rate of 20-30% there would be positive improvement on
flavours market.
As the company enjoys strong equity with major
Bakery, Confectionery, Beverages and Savoury Customers, it is expected to get
exponential growth rate in all categories of food industry.
Fixed Assets
- Land
- Buildings
- Plant and Machinery and Electrical Installation
- Furniture, Fixtures and Office Equipment
- Vehicle
Subject was set up a joint Venture in 1994. On
24.02.2004, Dragoco Asia Pacific Private Limited,
Pursuant to the agreements between the
company, Bayer India Limited and Bayer Industries Private Limited, the company
acquired certain assets pertaining to the H and R division of Bayer India with
effect from 31.03.2004. The acquisition involved, inter alia, the taking over
of the fixed assets, inventory, receivables and the employees of H and R India.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.81 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.54.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|