MIRA
INFORM REPORT
|
Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MASCHMEIJER AROMATICS [INDIA] PRIVATE LIMITED |
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Registered Office : |
No. 3 Leith Castle, North Street, Santhome, Chennai – 600028,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.12.1960 |
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Com. Reg. No.: |
18-4370 |
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CIN No.: [Company
Identification No.] |
U24246TN1960PTC004370 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM00364A |
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PAN No.: [Permanent
Account No.] |
AAACH4389H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Artificial Musks, Aromatic Chemicals, Perfume
Compounds and Essential Oils |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 48000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is low and has some accumulated losses. Trade relations
are fair. Payments are reported as slow but correct. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Shahajanan |
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Designation : |
Director [Technical] |
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Contact No.: |
91-9444389959 |
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Date : |
21.05.2008 |
LOCATIONS
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Registered Office : |
No. 3 Leith Castle, North Street, Santhome, Chennai – 600028,
Tamilnadu, India |
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Tel. No.: |
91-44-22412112 / 22368788 / 22368789 / 24942242 |
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Mobile No.: |
91-9444389959 |
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Fax No.: |
91-44-22413100 / 22366828 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. [Owned] |
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Factory : |
PB No.3, G.S.T. Road, Chromepet, Chennai - 600 044, Tamilnadu, India |
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Tel. No.: |
91-44-22412112/13/14 |
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Fax No.: |
91-4422413100/ 24981188 |
DIRECTORS
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Name : |
Mr. Habibyllah Badsha |
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Designation : |
Chairman |
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Address : |
No. 3 Leith Castle, North Street, Santhome, Chennai – 600028,
Tamilnadu, India |
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Date of Birth/Age : |
08.03.1933 |
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Qualification : |
LLB |
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Date of Appointment : |
12.11.1987 |
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Name : |
Mr. SA Md Shareef |
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Designation : |
Managing Director |
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Address : |
No. 32, Old No. 84, Poes Garden, Chennai – 600086, Tamilnadu,
India |
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Date of Birth/Age : |
02.09.1929 |
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Qualification : |
Chartered Accountants |
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Date of Appointment : |
12.11.1987 |
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Name : |
Mr. Abdul Jabbar Suhail |
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Designation : |
Director |
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Address : |
No. 3 Leith Castle, North Street, Santhome, Chennai – 600028,
Tamilnadu, India |
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Date of Birth/Age : |
04.07.1964 |
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Qualification : |
LLB and B Com |
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Date of Appointment : |
26.09.1998 |
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Name : |
Dr. S M Abdul Kader |
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Designation : |
Director |
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Address : |
No. 32, Old No. 84, Poes Garden, Chennai – 600086, Tamilnadu,
India |
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Date of Birth/Age : |
10.11.1954 |
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Qualification : |
M B B S |
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Date of Appointment : |
26.09.2005 |
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Name : |
Mr. M G Narayana Moorthy |
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Designation : |
Director |
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Address : |
No. 10, Wallace Garden, III Street, Chennai – 600086, Tamilnadu, India
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Date of Birth/Age : |
15.06.1935 |
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Qualification : |
B Com |
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Date of Appointment : |
26.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Habibullah Badsha |
|
228 |
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A J Suhail |
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380 |
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SA Md Shareef |
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196 |
|
V Marinuthu |
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40 |
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Ms S Badhsa |
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87 |
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Dr [Ms] H Mussareth |
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48 |
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Ms M Badhsa |
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48 |
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M G Narayana Moorthy |
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160 |
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Ms KS Amina Shareef |
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80 |
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Dr S M Abdul Kedar |
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121 |
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S M Shajahan |
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121 |
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SM A Kalam |
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121 |
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SM Naseer Ahmed |
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121 |
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Ms Saraswathi |
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70 |
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MVM C Pillai |
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40 |
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MVM A Pillai |
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121 |
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Others |
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18 |
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Total |
|
2000 |
AS ON 29.09.2007
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
79.00 |
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Others |
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21.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Artificial Musks, Aromatic Chemicals, Perfume
Compounds and Essential Oils |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C and Advance |
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Purchasing : |
L/C and Credit |
GENERAL
INFORMATION
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Customers : |
Industries |
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No. of Employees : |
250 [In Office : 50 and In Factory 200] |
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Bankers : |
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Facilities : |
C/C, L/C and Hypothecation |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kurien and Company [U K Ragavendra] Chartered Accountants |
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Address : |
1-C, Queens Court, 6/102, Montieth Road, Egmore, Chennai – 600008,
Tamilnadu, India |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
||
|
2000 |
Equity Shares |
Rs.
1000/-each |
Rs. 2.000
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2000 |
Equity Shares |
Rs.
1000/-each |
Rs. 2.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.122 |
9.623 |
10.016 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.122 |
11.623 |
12.016 |
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LOAN FUNDS |
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1] Secured Loans |
13.600 |
12.042 |
10.563 |
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2] Unsecured Loans |
1.958 |
1.958 |
1.958 |
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TOTAL BORROWING |
15.558 |
14.000 |
12.521 |
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DEFERRED TAX LIABILITIES |
0.058 |
0.000 |
0.025 |
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TOTAL |
27.738 |
25.623 |
24.562 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.553 |
9.596 |
6.943 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.160 |
0.170 |
0.170 |
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DEFERREX TAX ASSETS |
0.000 |
0.134 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.576
|
9.528 |
5.690 |
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Sundry Debtors |
19.182
|
16.077 |
17.326 |
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Cash & Bank Balances |
6.888
|
4.416 |
4.819 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.762
|
6.442 |
5.042 |
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Total
Current Assets |
38.408
|
36.463 |
32.877 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.314
|
19.107 |
14.582 |
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Provisions |
2.069
|
1.633 |
0.846 |
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Total
Current Liabilities |
19.383
|
20.740 |
15.428 |
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Net Current Assets |
19.025
|
15.723 |
17.449 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.738 |
25.623 |
24.562 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
156.981 |
113.440 |
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Other Income |
|
1.637 |
1.196 |
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Total Income |
|
158.618 |
114.636 |
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Profit/(Loss) Before Tax |
|
2.557 |
0.798 |
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Provision for Taxation |
|
1.707 |
0.963 |
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Profit/(Loss) After Tax |
|
0.850 |
[0.165] |
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Export Value |
|
20.149 |
9.029 |
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Import Value |
|
32.732 |
16.049 |
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Total Expenditure |
|
156.061 |
113.838 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.54
|
[0.14] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.63
|
0.70 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.44
|
1.73 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.07 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.88
|
2.99 |
2.33 |
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Current Ratio (Current Asset/Current Liability) |
|
1.98
|
1.76 |
2.13 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE
- Himalaya
- J. K. Helan Curtis [Park Avenue Brand]
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Name of the company |
MASCHMEIJER
AROMATICS [INDIA] PRIVATE LIMITED |
|
Presented By |
MASCHMEIJER
AROMATICS [INDIA] PRIVATE LIMITED and Canara Bank, Pallavaram Branch, Chennai
|
|
1) Date and description of instrument creating the change |
21.07.2005 Can Mobile
Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Can Mobile Loan
Rs. 0.495 Million together with interest, penal interest, other charges,
costs and expenses debited to the account by the bank from time to time. |
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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
Brand New TATA 407 Citi rider Euro Ii vehicle together with all accessories and
spares parts Costing Rs. 0.554 Million by way of exclusive 1st
charge |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
– 9.50 % p.a. [Subject to Change by Bank from time to time] Repayment – in 60
monthly [EMI] of Rs. 0.010 million each commencing from August, 2005 and all
other terms and conditions are as per the agreement cited above. |
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5) Name and Address and description of the person entitled to the charge. |
Canara bank Pallavaram Branch Chennai – 600048 |
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6) Date and brief description of instrument modifying the charge |
Not Available |
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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. |
Not Available |
AS PER WEBSITE
Profile
Subject
was setup in 1960 in collaboration with the world famous Maschmeijer Aromatics B.V.,
Amsterdam for the manufacture of musks and fragrances. A state of the art aroma
chemical plant was setup in Madras, India, alongwith a blending unit for
fragrances. Subject was suppliers of nitro musks namely Musk Ambrette, Musk
Ketone and Musk Xylol. They are also manufacturers of fragrances and flavours
in India. Large volumes of operation with inhouse manufacture of a number of
raw materials ensure that they are able to offer the best prices to the
customers.
Musks and Other Products
Musk Ambrette
It has a powerful musky odour suggestive of Ambrette seed and should have a
melting point of 84 to 86oC
Musk Xylol
It should have a powerful musky odour somewhat harsher and has a melting point
of 112.5oC
Musk Ketone
More closely resembles the odour of natural Musks but slightly sweeter. It has
a melting point of 135oC
Other items manufactured by them:
- Essential Oils:
Eucalyptus oil.
- Aromatic Resinoids:
Labdanum, Myrrh, Olibanum, and Benzoin.
- Subject manufacture all
esters namely acetates, utyrates, isobutyrates, valerianates, formates and
propionates of benzyl alcohol, geraniol, citronellol and rhodinol.
- Subject also
manufacture Vetiveryl acetate, amyris acetate, and sandalyl acetate.
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 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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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. |
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 |
|