MIRA
INFORM REPORT
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Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
KEVA FRAGRANCES PRIVATE LIMITED |
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Registered Office : |
Dev Karan Mansion – 36, Mangaldas Road, Mumbai, 400002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
29.10.1980 |
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Com. Reg. No.: |
023362 |
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CIN No.: [Company
Identification No.] |
U24244MH1980PTC023362 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK11309E |
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PAN No.: [Permanent
Account No.] |
AAACK0375P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Seller of Perfumes and Cologne De-Eau. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 1332416 |
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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 company of S. H. Kelkar & Company Private Limited, a
well-known manufacturer of perfumery compounds and aromatic chemicals. Available information indicates high financial responsibility of the
company. The company is controlled by Kelkar family, who are honest,
resourceful and respectable businessmen and perfumers. Their trade relations
are reported as fair. Payments are reported as 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 : |
Dev Karan Mansion – 36, Mangaldas Road, Mumbai, 400002, Maharashtra,
India |
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Tel. No.: |
91-22- 22609609 / 22019130 |
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Fax No.: |
91-22-22081204 |
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E-Mail : |
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Website : |
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Factory : |
Bal Rajeshwar Road, Mulund (West), Mumbai, 400080, Maharashtra, India |
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Tel. No.: |
91-22- 25645273/74 |
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Fax No.: |
91-22 25645271/25647334/25925249 |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. Prabha R. Vaze |
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Designation : |
Director |
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Address : |
C/o. S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund,
400080, Maharashtra, India. |
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Date of Birth/Age : |
19/06/1946 |
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Date of Appointment : |
29.10.1980 |
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Name : |
Mrs. Sudhabai G. Kelkar |
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Designation : |
Director |
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Address : |
C/o. S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund,
400080, Maharashtra, India. |
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Date of Birth/Age : |
24.05.1936 |
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Date of Appointment : |
29.10.1980 |
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Name : |
Mr. Ajit S. Vaze |
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Designation : |
Director |
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Address : |
C/o. S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund,
400080, Maharashtra, India. |
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Date of Appointment : |
06.08.1984 |
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Name : |
Mr. Govind D./ Kelkar |
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Designation : |
Director |
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Address : |
C/o. S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund,
400080, Maharashtra, India. |
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Date of Birth/Age : |
06/02/1932 |
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Date of Appointment : |
11.02.1981 |
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Name : |
Mr. Ramesh V. Vaze |
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Designation : |
Director |
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Address : |
C/o. S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund,
400080, Maharashtra, India. |
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Date of Birth/Age : |
30/04/1941 |
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Date of Appointment : |
11.02.1981 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2004
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Names of Shareholders |
No. of Shares |
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Mrs. Sudhabai G. Kelkar |
80 |
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Mrs. Prabha R. Vaze |
80 |
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Mrs. Sushama S. Vaze |
40 |
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Mr. Suresh V. Vaze |
40 |
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M/s. S.H. Kelkar and Company Private Limited |
32000 |
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Total |
32240 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Perfumes and Cologne De-Eau. |
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Products : |
v Fragrances v Flavours v Aroma Chemicals
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PRODUCTION STATUS
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Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Fragrances |
1,000 M.T. |
1,000 M.T. |
544067 Kgs. |
GENERAL
INFORMATION
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No. of Employees : |
150 Employees |
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Bankers : |
v Standard Chartered Grindlays Bank Limited 90, M. G. Road, Mumbai – 400 001, Maharashtra, India. v The Sangli Bank Limited Sangli Bank Building, 296, Perin Nariman Street, Mumbai – 400 001,
Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Batliboi and Purohit Chartered Accountants |
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Address : |
National Insurance Building, Dr. Dadabhai Naoroji Road, Fort, Mumbai, 400 001, Maharashtra, India |
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Associates: |
v Kelkar Investments Private Limited v K. V. Agrochem Private Limited v Keva Biotech Private Limited v Keva Flavours Private Limited |
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Parent Company: |
S. H. Kelkar & Company Private Limited Devkaran Mansion, 36, Mangaldas Road, Mumbai – 400 002, Maharashtra |
CAPITAL STRUCTURE
As on 28.09.2004
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 4.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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32,240 |
Equity Shares |
Rs. 100/- Each |
Rs. 3.224
millions |
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 |
3.224 |
3.224 |
3.224 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
329.880 |
309.196 |
260.146 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
333.104 |
312.420 |
263.370 |
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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 |
8.300 |
9.800 |
12.800 |
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TOTAL BORROWING |
8.300 |
9.800 |
12.800 |
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DEFERRED TAX LIABILITIES |
3.722 |
0.178 |
0.000 |
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TOTAL |
345.126 |
322.398 |
276.170 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.251 |
12.862 |
16.184 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.006 |
0.006 |
0.006 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
149.285 |
92.361 |
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Sundry Debtors |
0.000 |
57.069 |
58.964 |
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Cash and Bank |
0.000 |
114.590 |
110.109 |
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Other Current Assets |
385.796 |
0.000 |
0.000 |
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Loans and Advances |
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27.441 |
21.137 |
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Total
Current Assets |
385.796 |
348.385 |
282.571
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Less : CURRENT LIABILITIES & PROVISIONS |
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Liabilities |
50.926 |
14.513 |
9.832 |
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Provisions |
0.000 |
24.342 |
12.759 |
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Total
Current Liabilities |
50.926 |
38.855 |
22.591 |
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Net Current Assets |
334.869 |
309.530 |
259.980 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
345.126 |
322.398 |
276.170 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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Sales and Other
Income |
214.288 |
204.348 |
214.978 |
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Total Income |
214.288 |
204.348 |
214.978 |
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Profit/(Loss) Before Tax |
34.228 |
61.455 |
63.686 |
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Provision for Taxation |
12.544 |
11.544 |
6.700 |
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Profit/(Loss) After Tax |
21.683 |
49.911 |
56.986 |
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Earnings in Foreign Currency : |
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Other Earnings |
204.462 |
192.487 |
196.067 |
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Total Earnings |
204.462 |
192.487 |
196.067 |
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Imports : |
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Others |
105.294 |
86.748 |
60.920 |
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Total Imports |
105.294 |
86.748 |
60.920 |
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Expenditures : |
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Manufacturing and Other Expenses |
181.387 |
140.454 |
151.290 |
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Interest on Unsecured Loans |
0.934 |
1.296 |
0.000 |
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Depreciation & Amortization |
2.655 |
3.343 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(4.915) |
(2.200) |
0.000 |
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Total Expenditure |
180.061 |
142.893 |
151.290 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
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PAT / Total
Income |
(%) |
10.12
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24.42 |
26.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
15.97
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30.07 |
29.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.97
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30.07 |
29.62 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.20 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.15
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0.12 |
0.09 |
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Current Ratio (Current Asset/Current Liability) |
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1.15
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1.12 |
1.09 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
KEVA
FRAGFRANCES PRIVATE LIMITED |
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Presented By |
ANZ, Grindlays
Bank, M.G. Road, Mumbai |
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1) Date and description of instrument creating the change |
Memorandum of Hypothecation dated 10.08.1981 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000 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 |
Hypothecation of all the Companies movable properties including movable machinery, Machinery Spares, tools and accessories situated at Mulund (West) in Bombay, Maharashtra, both present and future, subject to prior charges created / to be created – 1) The Company’s stocks of raw material, semi finished and finished goods, consumable to and book debts and such other movables. 2) On specific items of machinery purchased to be purchased by the Company under the Assets. |
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4) Gist of the terms and conditions and extent and Operation of the charge. |
R.O.I.: As would be determined by the bank from time to time. |
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5) Name and Address and description of the Person entitled to the charge. |
ANZ, Grindlays Bank, M.G. Road, Mumbai. |
Fixed Assets
v Residential Quarters
v
Office Equipment
v
Furniture and Fixtures
v
Other Equipments
v
Plant and Machinery
Website Details Attached:
History
Subject Is a wholly owned subsidiary of M/s S. H. Kelkar
& Co. Pvt. Ltd. It is a 100% export oriented unit. Consistent good quality
backed by technical expertise has helped KEVA Fragrances achieve outstanding
success in a short period of time. Today, KEVA Fragrances has become a
well-known identity in international markets of South-east Asia, Middle East,
SAARC and African countries. To keep up with ever increasing demands for high
quality products, a fully computerized compounding unit has been installed.
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. 39.94 |
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UK Pound |
1 |
Rs. 78.81 |
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Euro |
1 |
Rs. 63.05 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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. |
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 |
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