MIRA
INFORM REPORT
|
Report Date : |
03.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VINAROM PRIVATE
LIMITED |
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Registered
Office : |
No. 1301-4,
“Prestige Meridian – 1”, No. 29, M G Road, Bangalore – 560 001, Karnataka,
India. |
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Country : |
India |
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Financials (as
on) : |
31.12.2005 |
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Date of
Incorporation : |
05.08.1985 |
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Com. Reg. No.: |
08-7056 |
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CIN No.: [Company
Identification No.] |
U11200KA1985PTC007056 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
BLRV00133A |
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Legal Form : |
Private limited
liability company. |
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Line of
Business : |
Manufacturers and
Sellers of Aromatic Chemicals, Perfumery Compounds, 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 |
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Maximum Credit
Limit : |
USD 450000 |
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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 part
of Givaudan, Multi-national perfumery company. Financial position is good.
Payments are correct and as per commitments. Trade relations are fair. The
company is doing well. It can be
considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office/ Head Office : |
No. 1301-4,
“Prestige Meridian – 1”, No. 29, M G Road, Bangalore – 560 001, Karnataka,
India. |
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Tel. No.: |
91-80-25593030 to 5593036 |
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Fax No.: |
91-80-25585376 |
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Email: |
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Website : |
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Area : |
2000 Sq.ft |
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Location : |
Leased |
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Factory 2 : |
Plot No. 26, 2nd
Cross, Jigani Industrial Area, Anekal Taluk, Bangalore – 562 016, Karnataka |
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Tel. No.: |
91-80-27826301 to
27826306 |
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Fax No.: |
91-80-27825344/27825343 |
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Area : |
100000 Sq.ft |
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Location : |
Owned |
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Branches : |
Located at:- Mumbai, Maharashtra |
DIRECTORS
|
Name : |
Mr. Mohan C. Suvarna |
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Designation : |
Full Time
Director |
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Address: |
B5-507, South
City, Arakere MICO Layout, Off Bannerghatta Road, Bangalore – 560 076. |
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Date of
Birth/Age : |
22.06.1958 |
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Experience : |
22 Years |
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Date of
Appointment: |
25.01.1999 |
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Name : |
Mr Daniel Allen
Offermann |
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Designation : |
Director |
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Address: |
No. 1, Woodlands
Avenue, 8, Singapore – 738 972. |
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Date of
Birth/Age : |
10.03.1962 |
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Date of
Appointment: |
20.03.2003 |
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Name : |
Mr. Dr. Prakash
Narayan |
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Designation : |
Director |
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Address: |
Plot #13 &
14, Flat # 301, Sai Madhura Apartments, 25th Main, J. P. Nagar, 6th
Phase, Bangalore – 560 078. |
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Date of
Birth/Age : |
16.05.1959 |
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Date of Appointment: |
23.10.2000 |
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Name : |
Mr. Cosimo
Trimigliozzi |
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Designation : |
Director |
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Address: |
No. 25, Leedon
Road, Singapore – 267 846. |
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Date of
Birth/Age : |
10.03.1962 |
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Date of
Appointment: |
23.07.2004 |
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Name : |
Mr. K. Gururaj |
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Designation : |
Secretary |
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Address: |
#3, S. B. I.
Officers Colony, Basaveshwaranagar, Bangalore – 560 079. |
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Date of
Birth/Age : |
22.07.1967 |
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Date of
Appointment: |
03.10.1997 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Givaudan (India)
Limited (Formerly Known as Givaudan Roure (India) Limited |
8033440 |
|
Givaudan (India)
Limited Jointly with Mr. Ajit Pal |
10 |
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TOTAL: |
8033450 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturers and
Sellers of Aromatic Chemicals, Perfumery Compounds, Flavours and Fragrances. |
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Products : |
Aromatic
Chemicals, Perfumery Compounds, Flavours and Fragrances.
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Exports to : |
USA, Europe and
Asian Markets. |
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Imports from : |
France, Europe
and Switzerland |
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Terms : |
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Selling : |
Contract or
Credit (30/45 days) terms. |
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Purchasing : |
L/C or Suppliers
Credit |
PRODUCTION STATUS
|
Particulars |
Unit |
Actual Production |
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Perfumery
Compounds |
MT |
1250.43 |
|
Flavour Compounds |
MT |
80.69 |
GENERAL
INFORMATION
|
Suppliers : |
·
Givaudan,
France ·
Pinnacle Flavours
and Chemicals Limited, India ·
Givaudan
(India) Private Limited, India ·
Givaudan
Vernier SA, Switzerland ·
Givaudan UK
Limited, UK |
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Customers : |
·
Givaudan
(India) Private Limited ·
Givaudan,
Switzerland ·
Givaudan,
USA ·
Givaudan Singapore
PTE Limited, Singapore |
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No. of
Employees : |
50 |
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Bankers : |
·
State Bank
of India Small Industries Branch, J. C. Road, Bangalore - 560 002, Karnataka ·
Deutsche
Bank Raheja Towers, M. G. Road, Bangalore – 560 001, Karnataka |
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Facilities : |
Own Funds Unsecured, as on
31.12.2002 :- External
Commercial Borrowing from Givaudan SA., Switzerland – Rs. 303.471 millions. Interest accrued
and Due thereon Rs. 3.364 millions Book Overdraft
Rs. 2.420 millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Dutta Price Waterhouse
(Auditor’s Firm) Chartered
Accountants, |
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Address: |
10th
Floor, ‘C’ Wing, Mittal Tower, M G Road, Bangalore - 560 001, Karnataka |
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Associates: |
·
Givaudan (India)
Limited, Mumbai, Maharashtra, India ·
Givaudan
(India) Limited, Bangalore, Karnataka, India ·
Pinnacle
Flavours and Chemicals Limited, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, &
Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,990,000 |
Equity shares |
Rs. 10/- each |
Rs. 99.900 Millions |
Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8033450 |
Equity shares |
Rs. 10/- each |
Rs. 80.334 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Particulars of Mobilisation and Deployment of Funds
|
SOURCES
OF FUNDS |
|
31.12.2005 |
31.12.2004 |
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|
SHAREHOLDERS
FUNDS |
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|
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1] Share Capital |
|
80.334 |
80.334 |
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2] Share
Application Money |
|
0.000 |
0.000 |
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3] Reserves &
Surplus |
|
222.782 |
136.390 |
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4] (Accumulated
Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
303.116 |
216.724 |
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LOAN FUNDS |
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|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured
Loans |
|
247.132 |
243.144 |
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TOTAL BORROWING |
|
247.132 |
243.144 |
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DEFERRED TAX
LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
550.258 |
459.869 |
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APPLICATION OF
FUNDS |
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Gross Fixed
Assets |
|
281.460 |
265.010 |
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Less:
Depreciation and Amortisation |
|
137.463 |
120.782 |
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Net
Fixed Assets |
|
143.997 |
144.252 |
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Capital
work-in-progress |
|
40.000 |
0.000 |
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INVESTMENT |
|
40.000 |
0.000 |
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DEFERREX TAX
ASSETS |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
|
152.133 |
141.829 |
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Sundry Debtors |
|
200.521 |
205.645 |
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Cash & Bank
Balances |
|
13.987 |
1.287 |
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Other Current
Assets |
|
7.318 |
18.215 |
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Loans &
Advances |
|
94.710 |
44.469 |
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Total Current Assets |
|
468.669 |
411.445 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
|
116.227 |
103.886 |
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Provisions |
|
3.200 |
1.994 |
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Total Current Liabilities |
|
119.427 |
105.88 |
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Net
Current Assets |
|
349.243 |
305.566 |
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MISCELLANEOUS
EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
550.258 |
459.869 |
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Performance Of The Company
|
Particulars |
31.12.2005 |
31.12.2004 |
|
Domestic Turnover |
|
|
|
I. Sale of goods manufactured |
1082.087 |
911.648 |
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II. Sale of goods traded |
0.544 |
4.542 |
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III. Sale of Supply of Services |
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Export Turnover |
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I. Sale of goods manufactured |
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II. Sale of goods traded |
1.649 |
1.552 |
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III. Sale of Supply of Services |
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Other Income |
5.171 |
23.042 |
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Total Income |
1089.431 |
940.786 |
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Raw Material Consumed (Note 1) |
697.118 |
615.444 |
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Purchase made for re-sale (Note 2) |
3.407 |
9.610 |
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Salaries, Wages and Bonus |
42.738 |
38.642 |
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Managerial remuneration |
4.282 |
3.369 |
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Payment to Auditors |
1.755 |
1.580 |
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Interest Paid or Payable |
8.661 |
4.642 |
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Insurance expenses |
0.941 |
0.853 |
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Consumption of Power & fuel |
5.246 |
6.080 |
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Other Expenditure |
191.603 |
139.794 |
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Total Expenditure |
955.755 |
818.920 |
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Net Profit & Net Loss |
133.676 |
121.868 |
|
Income Tax including Deffered Tax |
47.275 |
43.567 |
Note 1. Raw material consumed is to be given as per
following calculation:
Opening Stock of
Raw Material+ Purchases of Raw Material-Closing Stock of raw Material
Note 2. Purchases made for re-sale is to be given as
per following calculation:
Opening Stock of
Goods Traded+ Purchases of Goods Traded -Closing Stock of Goods Traded
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2005 |
31.12.2004 |
|
PAT / Total
Income |
(%) |
|
12.27 |
12.95 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
12.27 |
12.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
19.96 |
21.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.44 |
0.56 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.21 |
1.61 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.92 |
3.86 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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.44.56 |
|
UK Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.40 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|