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MIRA
INFORM REPORT
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Report Date : |
30.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
GIVAUDAN (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
GIVAUDAN – ROURE (INDIA) PRIVATE LIMITED |
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Registered Office : |
No.1301-4,
Prestige Meridian-1, No.29, M G Road, Bangalore – 560001, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20.07.1994 |
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Com. Reg. No.: |
08-15957 |
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CIN No.: [Company
Identification No.] |
U24244KA1994PLC015957 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG00505B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Importers, Exporters and Traders of Cosmetics, Perfumes, Perfumery Compounds, Aromatic Chemicals and Flavours, Fragrances and Pharmaceutical Products. |
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 642652 |
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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 Group, a multi – national operations. Available information indicates
high financial responsibility of the company. Their trade relations are fair.
Financial position is good. Payments are usually correct and as per
commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. It can be regarded as a promising business partner in a medium to
long run. |
LOCATIONS
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Registered Office/ Factory : |
No.1301-4,
Prestige Meridian-1, No. 29, M G Road, Bangalore – 560001, Karnataka, India. |
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Tel. No.: |
91-80-25593030/308/309/310/311/3031-39 |
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Fax No.: |
91-80-25585376 |
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E-Mail : |
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Area : |
5000 sq. ft. |
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Location : |
Leased |
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Branche Office
: |
Europe Givaudan Suisse
SA, 5, Chemin de la Parfumerie, CH-1214 Vernier - Geneva Fax 41-22-780 90
11 North America Givaudan Fragrances Corp. International Trade Center, 300
Waterloo Valley Road, Mount Olive, NJ 07828, USA Tel 1-973-4486500 Fax 1-973-4486679
Givaudan do
Brasil Ltda, Av. Engenheiro Billings, 2185 – Jaguaré, São Paulo – P -
CEP 05321-010, Caixa Postal: 66041 Tel 55-11-3760
8000 Fax 55-11-3768
5149
Tel 65-67519100 Fax 65-67591297
Tel
86-21-50801288 Fax
86-21-50801000
India Fax 91-22-830
0060
Tel 81-3-5793
3857 Fax 81-3-5793
3873 |
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Other Offices: |
(Flavours and
Fragrances Sales) Bonanza Building 401-410, Sahar Plaza Complex, A Wing, M.V. Road, Andheri (East), Mumbai – 400059, India Tel. No.: 91-22-28300030/ 0040 /0050, 91-22-830 0060 Fax No.: 91-22-28300060 (Flavours and Fragrances production) Plot No. 26, 2ndcross Jigani Industry Area, Jigani 562106, Anekal Paluk, Karnataka, India. Tel. No.: 91-80-27826301/ 302/ 303/ 304 /305/ 306 Fax No.: 91-80-27825344 |
DIRECTORS
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Name : |
Mr. Ajit Kumar Pal |
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Designation : |
Managing Director |
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Address : |
133, Embassy Woods,
6/A, Cunningham Road, Bangalore – 560052. |
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Date of Birth/Age : |
01.10.1957 |
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Date of Appointment : |
20.07.1994 |
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Email : |
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Name : |
Mr. Wong Jee Ting Nicholas |
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Designation : |
Director |
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Address : |
46, Wooman Chew
Road, Singapore – 455123. |
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Date of Birth/Age : |
07.12.1960 |
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Date of Appointment : |
28.06.2002 |
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Email : |
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Name : |
Mr. B. Ramakrishnan |
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Designation : |
Alternate Director to Mr. Nicholas Wong |
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Name : |
Mr. Gururaj Karur |
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Designation : |
Director |
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Address : |
No. 22, First
Street, Karpagam Avanue, SoythBeach Road, Chennai – 600028. |
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Date of Birth/Age : |
21.02.1965 |
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Date of Appointment : |
25.11.2003 |
KEY EXECUTIVES
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Name : |
Mr. Sudesh R.
Chinchewadi |
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Designation : |
Secretary |
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Address : |
No.7, Vijayashri,
3rd Crosss, 1st Main, Basavasamiti Layout, Tindlu,
Vidyaranyapura Post, Bangalore – 560097, India |
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Date of Birth/Age : |
16.02.1971 |
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Date of Appointment : |
31.10.2002 |
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Date of Ceasing : |
01.09.2006 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 26.06.2006)
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Names of Shareholders |
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No. of Shares |
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Givaudan Suisse
SA, Switzerland |
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2 |
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Givaudan SA,
Switzerland |
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7699998 |
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Total |
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7700000 |
(As on 31.12.2006)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers, Exporters and Traders of Cosmetics, Perfumes, Perfumery Compounds, Aromatic Chemicals and Flavours, Fragrances and Pharmaceutical Products. |
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Products : |
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Imports : |
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Countries : |
France |
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Terms : |
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Selling : |
Contract or Credit
- (15 - 30 Days) |
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Purchasing : |
L/C or Open Account terms |
GENERAL
INFORMATION
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Suppliers : |
· Vinarom Limited, India ·
Pinnacle Flavours and Chemicals Private Limited,
India |
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No. of Employees : |
50 |
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Bankers : |
· Standard Chartered
Grindlays Bank Limited
M.G. Road, Bangalore - 560 001, Karnataka, India
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Facilities : |
The company enjoys Bank Overdraft Facilities of Rs.10.037
Millions from it’s Bankers |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Mittal Tower, 10th Floor, C Wing, 47/6 M.G. Road, Bangalore – 560001, Karnataka, India |
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Tel. No.: |
91-80-25595335/25591298 |
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Name : |
S. Dutta Chartered Accountant |
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Address : |
Mittal Tower, 10th Floor, C Wing, 47/6 M.G. Road, Bangalore – 560001, Karnataka, India |
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Subsidiaries : |
· Vinarom Private Limited (U11200KA1985PTC007056) ·
Pinnacle Flavours and Chemicals Private Limited (U24249MH1993PTC073918) |
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Parent Company: |
· Givaudan SA, Switzerland |
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Group Companies: |
· Givaudan Australia Pty Limited , Australia · Givaudan do Brasil Ltda, Brazil · Givaudan Schweiz AG, Switzerland · Givaudan Fragrances Corporation, USA · Givaudan Singapore Pte Limited, Singapore · Givaudan Suisse SA, Switzerland · Shanghai Givaydan Limited, China · Givaudan Flavors Corporation, USA · Givaudan Nederland B. V., Netherlands · Givaudan France Aromes SAS, France |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8227000 |
Equity Shares |
Rs.100/- each |
Rs.822.700 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1150000 |
Equity Shares |
Rs.100/- each |
Rs.115.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
115.000 |
115.000 |
115.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.663 |
14.030 |
13.160 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
160.663 |
129.030 |
128.160 |
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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 |
50.000 |
42.593 |
23.219 |
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TOTAL BORROWING |
50.000 |
42.593 |
23.219 |
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DEFERRED TAX LIABILITIES |
0.623 |
1.033 |
1.488 |
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TOTAL |
211.286 |
172.656 |
152.867 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.719 |
21.832 |
21.709 |
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Capital work-in-progress |
0.000 |
0.027 |
0.000 |
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INVESTMENT |
146.708 |
146.708 |
146.708 |
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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 |
5.426
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6.786 |
4.236
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Sundry Debtors |
42.410
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41.010 |
22.297
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Cash & Bank Balances |
1.950
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0.410 |
0.254
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Other Current Assets |
56.110
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30.922 |
27.412
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Loans & Advances |
2.926
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7.360 |
4.200
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Total
Current Assets |
108.822
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86.488 |
58.399 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
64.744
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48.006 |
40.349
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Provisions |
1.219
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34.393 |
33.600
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Total
Current Liabilities |
65.963
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82.399 |
73.949 |
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Net Current Assets |
42.859
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4.089 |
(15.550)
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
211.286 |
172.656 |
152.867 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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Sales Turnover (Including Other Income) |
304.649 |
280.203 |
481.527 |
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Total Income |
304.649 |
280.203 |
481.527 |
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Profit/(Loss) Before Tax |
52.080 |
53.146 |
53.397 |
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Provision for Taxation |
20.447 |
19.495 |
15.702 |
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Profit/(Loss) After Tax |
31.633 |
33.651 |
37.695 |
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Export Value |
NA |
NA |
52.106 |
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Import Value |
NA |
NA |
53.661 |
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Expenditures : |
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Financial Charge |
3.363 |
0.507 |
0.000 |
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Depreciation |
3.127 |
2.893 |
0.000 |
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Other Expenditure |
246.079 |
223.657 |
428.130 |
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Total Expenditure |
252.569 |
227.057 |
428.130 |
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KEY RATIOS
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PARTICULARS |
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31.12.2006 |
31.12.2005 |
31.12.2004 |
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PAT / Total Income |
(%) |
10.38
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12.01 |
7.83
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Net Profit Margin (PBT/Sales) |
(%) |
17.09
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18.97 |
11.09
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Return on Total Assets (PBT/Total Assets} |
(%) |
39.89
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49.06 |
23.54
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Return on Investment (ROI) (PBT/Networth) |
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0.32
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0.41 |
0.42
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Debt Equity Ratio (Total Liability/Networth) |
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0.72
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0.97 |
0.76
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Current Ratio (Current Asset/Current Liability) |
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1.65
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1.05 |
0.79
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LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 20th July, 1994 at Bangalore in Karnataka under the name and style of Givaudan Roure (India) Private Limited having Company Registration Number 15957. Subsequently, the name of the company was changed to subject. Later on, it was converted into a deemed public limited liability company w.e.f. 1st April, 1995.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.22 |
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UK Pound |
1 |
Rs.79.94 |
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Euro |
1 |
Rs.62.83 |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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