MIRA INFORM
REPORT
|
Report
Date : |
15.02.2008 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL
FLAVORS AND FRAGRANCES (INDIA) LIMITED |
|
|
|
|
Formerly
Known As : |
BUSH BOAKE ALLEN INDIA LIMITED |
|
|
|
|
Registered
Office : |
1-5 Seven Wells Street, St
Thomas Mount, Chennai – 600016, Tamil Nadu |
|
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Country
: |
India |
|
|
|
|
Financial
As On |
29.12.2006 |
|
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|
|
Date
of Incorporation : |
18.11.1931 |
|
|
|
|
Com.
Reg. No.: |
18-112 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U24294TN1931PLC000112 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
CHEB00173F |
|
|
|
|
PAN
No.: [Permanent
Account No.] |
AAACB1376K |
|
|
|
|
Legal
Form : |
A Closely held a Public Limited Liability
Company. |
|
|
|
|
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
4236080 |
|
|
|
|
Status
: |
Good |
|
|
|
|
Payment
Behaviour : |
Regular |
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|
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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 / Factory: |
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 |
|
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 |
|
Fax
No.: |
91-80-5591721 |
|
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 |
|
Fax
No.: |
91-8573-281303 |
|
E-Mail
: |
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Branch
3: |
Premlata 39, Shakespeare Sarani, Kolkata – 700017, India |
|
Tel.
No.: |
91-33-22836435/36/37/38 |
|
Fax
No.: |
91-33-22836439 |
|
E-Mail
: |
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|
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|
Branch
4: |
Delphi, C Wing, Hiranandani Business Park, Powai, Mumbai –
400076, India |
|
Tel.
No.: |
91-22-50006700 |
|
Fax
No.: |
91-22-28203835 |
|
E-Mail
: |
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|
Branch
5 : |
F-93, Green Park, New Delhi – 110016, India |
|
Tel.
No.: |
91-11-26961165/26854754/26517938/26961096 |
|
Fax
No.: |
91-11-26523402 |
|
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 : |
05.04.1957 |
|
Date
of Appointment: |
01.11.2001 |
|
|
|
|
Name : |
Mr. Jerden H M Van Noorden |
|
Designation
: |
Director |
|
Date
of Birth/Age : |
22.12.1960 |
|
Date
of Appointment: |
13.12.2003 |
|
|
|
|
Name : |
Mr. Arun Bewoor |
|
Designation
: |
Managing Director |
|
Address;
|
20 Gilchrist Avenue, Harrington Road, Chetpet, Chennai – 600
031, Tamil Nadu, India |
|
Date
of Birth/Age : |
06.09.1942 |
|
Date
of Appointment: |
30.06.2007 |
|
|
|
|
Name : |
Mr. John Alfred Dean |
|
Designation
: |
Director |
|
Date
of Birth/Age : |
20.05.1920 |
|
Date
of Appointment: |
01.09.1983 |
|
Date of
Ceasing: |
06.06.2005 |
|
|
|
|
Name : |
Mr. M A Alagappan |
|
Designation
: |
Director |
|
Address:
|
New No. 10, Old Number:17, Chittaranjan Road, Teynampet,
Chennai – 600 018, Tamil Nadu, India |
|
Date
of Birth/Age : |
06.12.1943 |
|
Date of Appointment: |
16.06.1995 |
|
|
|
|
Name : |
Mr. Sridhar Balakrishnan |
|
Designation
: |
Executive Director |
|
Address:
|
5 , Sudarsana 32, 1st Main Road, Raja
Annamalaipuram, Chennai – 600 028, Tamil Nadu, India |
|
Date
of Birth/Age : |
04.04.1956 |
|
Date
of Appointment: |
01.06.1999 |
KEY EXECUTIVES
|
Name : |
Mr.
Chandy Cheeran Thambi |
|
Designation
: |
Company
Secretary |
|
Address
: |
A 4, Vinay
Vihar, 7 New Beach Road, Tiruvanmiyur, Chennai – 600 041, Tamil Nadu, India |
|
Date
of Birth/Age : |
04.02.1960 |
|
Date
of Appointment: |
01.02.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING
PATTERN
|
Names of Shareholders |
No. of Shares |
|
Bush Boake
Allen Limited |
3972628 |
|
Bush
Boake Allen Inc |
2089036 |
|
A Boake,
Roberts And Company (Holding) Limited |
1345872 |
|
Mr.
Raghavan Sushil Pillai |
69440 |
|
Mrs.
Jayashree S Bhan |
41400 |
|
Mrs. Elizebeth Philomena Marie Paes |
40757 |
|
Mr. Yezdi F Unvala |
34720 |
|
Mrs. Preeti Nitin Gaitonde |
28512 |
|
Mrs. Uma Narendra Kaikini |
28512 |
|
Mrs. Janaki Gopal Bhandarkar |
28512 |
|
Mrs. Janaki Gopal Bhandarkar |
28512 |
|
Mr. A Ramana Rao |
20720 |
|
Mr. Kanwal Kumar Khana |
20295 |
|
Mr. Bernard Michael Paes |
14470 |
|
Mr. Mathias Anthony Estanislav Paes |
11320 |
|
Mrs. Lakshmi Nori |
11032 |
|
Mrs. Rashmi N Hirani |
8774 |
|
Mr. Christopher Joseph John Paes |
8597 |
|
Mr. Kashinath N Dandekar |
7488 |
|
Mrs. Hansa L Hirani |
3426 |
|
Mrs. Mani Jehangir Clubwala |
6732 |
|
Mrs. Vidya Shankar |
5730 |
|
Mr. Narendrakumar K Hirani |
5694 |
|
Mrs. P Premeela |
5385 |
|
Mrs. Hansa L Hirani |
3362 |
|
Mrs. Subha Sundaram |
2450 |
|
Mr. B R Jawaharlal |
1600 |
|
Mr. T N Vishwanathan |
1600 |
|
Mr. K Nagaraj |
1280 |
|
Mrs. Jayanthi Rajaram |
1150 |
Equity
Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Foreign holdings (Foreign institutional investors ) foreign
companies foreign financial institutions , non residents or Overseas
corporate bodies or others |
96.49 |
|
2 |
Other top fifty (50) shareholders |
3.51 |
|
|
Total |
100.00 |
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 ·
ANZ
Grindlays Bank Plc Address: 19, Rajaji Salai, Madras
– 600 001 |
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors
: |
Price Water House and Company Chartered Accountants |
|
Address 1: |
610, Anna Salai, Chennai-600006, Tamilnadu, India |
|
Address 2: |
32 Khader Nawaz Khan Road, Nungambakkam , Chennai
– 600 006, Tamil Nadu, India |
|
|
|
|
Holding
Company : |
International Flavors and Fragrances |
|
|
|
|
Associates/Subsidiaries
: |
Hindustan Flavours and Fragrances (International)
Limited CIN of the company: U31501TN1977PLC007355 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
10000000 |
Equity
Shares |
Rs. 10/-
Each |
Rs. 100.000
Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
8008306 |
Equity Shares |
Rs. 10/-
Each |
Rs.
80.083 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
29.12.2006 |
30.12.2005 |
02.01.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
80.083 |
79.570 |
79.570 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
978.937 |
740.896 |
494.304 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1059.020 |
820.466 |
573.874 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
31.602 |
50.080 |
|
|
2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
31.602 |
50.080 |
|
|
DEFERRED
TAX LIABILITIES |
7.978 |
19.838 |
31.688 |
|
|
|
|
|
|
|
|
TOTAL |
1066.998 |
871.906 |
655.642 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
299.402 |
325.296 |
244.033 |
|
|
Capital
work-in-progress |
31.655 |
4.659 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.025 |
0.025 |
0.025 |
|
|
DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
460.465
|
469.842 |
391.677
|
|
|
Sundry
Debtors |
439.135
|
398.123 |
293.112
|
|
|
Cash
& Bank Balances |
243.560
|
301.322 |
29.497
|
|
|
Other
Current Assets |
1.035
|
0.683 |
0.261
|
|
|
Loans
& Advances |
131.316
|
108.133 |
65.610
|
|
Total Current Assets |
1275.511
|
1278.103 |
780.157 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
513.877
|
720.827 |
|
|
|
Provisions |
25.718
|
15.350 |
|
|
Total Current
Liabilities |
539.595
|
736.177 |
391.784 |
|
|
Net Current Assets |
735.916
|
541.926 |
388.373 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
23.211 |
|
|
|
|
|
|
|
|
TOTAL |
1066.998 |
871.906 |
655.642 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
29.12.2006 |
30.12.2005 |
02.01.2004 |
|
|
Sales
Turnover |
2853.059 |
2674.109 |
2121.907 |
|
|
Other Income |
22.661 |
41.264 |
0.000 |
|
|
Total
Income |
2875.720 |
2715.373 |
2121.907 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
662.617 |
632.877 |
429.423 |
|
|
Provision for Taxation |
232.358 |
229.024 |
164.257 |
|
|
Profit/(Loss) After Tax |
430.259 |
403.853 |
265.166 |
|
|
|
|
|
|
|
Export Value
|
245.648 |
213.013 |
227.335 |
|
|
|
|
|
|
|
Import Value
|
NA |
NA |
321.221 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1383.402 |
1295.330 |
|
|
|
Purchases made for re-sale |
11.197 |
9.291 |
|
|
|
Consumption of stores and spares parts |
0.887 |
1.313 |
|
|
|
Increase/(Decrease) in Finished Goods |
[18.778] |
[5.662] |
|
|
|
Salaries, Wages, Bonus, etc. |
160.530 |
137.310 |
|
|
|
Managerial Remuneration |
22.273 |
16.610 |
|
|
|
Payment to Auditors |
1.318 |
0.515 |
|
|
|
Interest |
3.050 |
4.442 |
1692.484 |
|
|
Insurance Expenses |
6.468 |
6.378 |
|
|
|
Power & Fuel |
12.663 |
12.266 |
|
|
|
Depreciation & Amortization |
43.881 |
47.796 |
|
|
|
Other Expenditure |
586.212 |
556.907 |
|
|
Total
Expenditure |
2213.103 |
2082.496 |
1692.484 |
|
KEY
RATIOS
|
PARTICULARS |
|
29.12.2006 |
30.12.2005 |
02.01.2004 |
PAT / Total Income
|
(%)
|
14.96
|
14.87 |
12.49
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
23.22
|
23.67 |
20.22
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
41.24
|
39.35 |
0.05
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.63
|
0.77 |
0.74
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
0.51
|
0.94 |
1.78
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.36
|
1.73 |
1.99
|
FORM 8:-
|
Name
of the company |
BUSH
BOAKE ALLEN (INDIA) LIMITED |
|
Presented By |
Chandy C Thambi , Company
Secretary |
|
1) Date
and description of instrument creating the change |
11.07.1988,
Instrument of hypothecation of goods to secure advances and other
Indebtedness. |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.
140.000 millions |
|
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 raw materials, packing materials,
stores and spares work in progress, inventory and finished goods. |
|
4) Gist of
the terms and conditions and extent and operation of the charge. |
Interest at 16.55 per annum Charge ranking pari passu with
bank of Baroda fro granting of advances by way of overdraft, inland bills
discounting packing credit, Export Bills Discounting, packing credit Export
Bills, Discounting, Cheque purchases and Letter of credit. |
|
5) Name
and Address and description of the person entitled to the charge. |
ANZ Grindlays Bank Plc Address: 19, Rajaji Salai, Madras
– 600 001 |
|
6)
Date and brief description of
instrument modifying the charge |
25/08/1995 – Supplemental Letter of hypothecation of goods
to cover further facilities and letter of hypothecation of book debts. |
|
7)
Particulars of modifications specifying the terms and conditions or the extent
of operations of the charge in which modification is made and the details of
the modification. |
Charges over stocks and book debts reduced from Rs. 43.150
millions to Rs. 33.150 millions to secure Overdraft, Inland Bills,
Discounting, Cheque Purchase, Packing Credit, Export Bills, Discounting and
Letter of Credit. Book Debts form prime security. Charges rank on pari passu
basis with Bank of Baroda and State Bank of India. |
FIXED ASSETS:
·
Land
and Development
·
Buildings
·
Plant
and Machinery
·
Water
Supply
·
Furnitures,
Fixtures, Office and Laboratory Equipments
·
Vehicles
·
Electrical
Installations
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.39.66 |
|
UK Pound |
1 |
Rs.78.16 |
|
Euro |
1 |
Rs.58.09 |
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 |