MIRA
INFORM REPORT
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Report Date : |
14.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
S H KELKAR AND
COMPANY LIMITED |
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Registered Office : |
Devkaran Mansion,
36 Mangaldas Road, Mumbai - 400 002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
01.07.1955 |
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Com. Reg. No.: |
11-9593 |
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CIN No.: [Company
Identification No.] |
U74999MH1955PTC009593 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37437B |
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PAN No.: [Permanent
Account No.] |
AAACS9778G |
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Legal Form : |
A Private Limited
Liability Company |
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Line of Business : |
Manufacturer and
Marketer of Aromatic Chemicals Flavours and Fragrances. |
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 5000000 |
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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
well-established and reputed company in its field. Directors are reported as experienced, respectable and
resourceful businessmen. Their trade
relations are reported as fair. Financial position of the company is
good. Business is active. Payments
are reported as usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. R. V. Kulkarni |
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Designation : |
Accountant |
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Contact No.: |
--- |
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Date : |
14.03.2008 |
LOCATIONS
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Registered
Office : |
Devkaran Mansion,
36 Mangaldas Road, Mumbai - 400 002, Maharashtra, India |
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Tel. No.: |
91-22-2206 9609 /
2201 9130/22069620/29/30 |
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Fax No.: |
91-22-2208 1204 |
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E-Mail : |
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Website : |
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Factory 1 : |
Lalbahadur
Shastri Marg, Mulund (West), Mumbai - 400 080, Maharashtra, India |
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Tel. No.: |
91-22-2564 2242 /
43 / 45/ 0960/56/58 |
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Fax No.: |
91-22-2564 7334 /
2564 5271 |
DIRECTORS
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Name : |
Mr. G. D. Kelkar |
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Designation : |
Managing Director |
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Age : |
75 years |
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Qualification
: |
B.Sc. |
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Experience : |
55 years |
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Date of
Joining: |
1st August, 1955 |
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Name : |
Mr. Ramesh V. Vaze |
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Designation : |
Whole Time Director |
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Age : |
66 Years |
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Qualification
: |
BSC |
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Experience : |
46 Years |
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Name : |
Mrs. Prabha R. Vaze |
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Designation : |
Director |
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Qualification
: |
Graduate |
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Name : |
Mrs. Sudha G. Kelkar |
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Designation : |
Director |
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KEY EXECUTIVES
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Name : |
Mr. G. D. Kelkar |
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Designation : |
Managing Director |
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Age : |
69 years |
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Qualification
: |
B.Sc. |
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Experience : |
48 years |
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Date of
Joining : |
1st August, 1955 |
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Name : |
Mr. S. V. Vaze (Deceased) |
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Designation : |
Wholetime Director |
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Age : |
61 years |
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Qualification
: |
B.Sc. |
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Experience : |
41 years |
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Date of
Joining : |
01.04.1960 |
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Name : |
Mr. R. V. Vaze |
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Designation : |
Wholetime Director |
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Age : |
59 years |
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Qualification
: |
B.Sc. |
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Experience : |
38 years |
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Date of
Joining: |
01.01.1960 |
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Name : |
Mrs. A. U.
Thakurdesai |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Marketer of Aromatic Chemicals Flavours and Fragrances. |
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Products : |
·
Mixture of Odoriferrous Substances (commonly known as fragrances
& flavours) - 33.02 ·
Organic Chemicals - 29.00 |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Aromatic Chemicals |
MT |
1117 |
715 |
828 |
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Fragrances |
MT |
90 |
90 |
1412 |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
Standard
Chartered Grindlays Bank Limited 90, Mahatma
Gandhi Road, Mumbai - 400 001, Maharashtra, India The Sangli Bank
Limited Mumbai Branch,
Sangli Bank Building, 296, Perin Nariman Street, Mumbai - 400 001,
Maharashtra, India Standard
Chartered Bank 123/125, M. G.
Road, Fort, Mumbai – 400 001, Maharashtra, India |
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Facilities : |
[Figures are in
Rupees Millions]
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Batliboi &
Purohit Chartered
Accountants |
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Address : |
204, Dr. Dadabhai
Naoroji Road, Mumbai - 400 023,
Maharashtra |
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Subsidiaries : |
K. V. Arochem
Private Limited, Vapi, Manufacturer Keva Fragrances
Private Limited, Mumbai, Manufacturer Keva Flavours
Private Limited, Mumbai, Manufacturer Keva Biotech
Private Limited, Mumbai, Manufacturer |
CAPITAL STRUCTURE
Note : The Authorised Capital and Paid Up Capital has been increased
after 31.03.2004, which is as follow :
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 1,000/- |
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
120000 |
Equity Shares |
Rs. 1,000/- |
Rs.120.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Note :
No Subsequent financials could be available from any source.
Mr. Bapat and Mr. R.V. Kulkarni (Accountants) declined financial details
.
Management is very secretative and they may not divulge any business and
financial details to any one.
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 |
90.000 |
90.000 |
60.000 |
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2] Reserves &
Surplus |
1261.762 |
1122.425 |
1008.453 |
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NETWORTH
|
1351.762 |
1212.425 |
1068.453 |
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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 |
65.833 |
109.480 |
129.937 |
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TOTAL
BORROWING
|
65.833 |
109.480 |
129.937 |
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DEFERRED TAX
LIABILITIES |
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TOTAL
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1417.595 |
1321.905 |
1198.390 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
180.855 |
168.826 |
181.141 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
2.828 |
6.620 |
6.620 |
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DEFERREX TAX ASSETS
|
2.215 |
0.779 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories |
543.776 |
566.072 |
542.555 |
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Sundry Debtors |
319.195 |
256.706 |
227.569 |
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Cash & Bank Balances |
433.925 |
364.514 |
279.180 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
973.202 |
845.656 |
709.114 |
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Total
Current Assets |
2270.098
|
2032.948 |
1758.418 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
117.724 |
86.183 |
93.587 |
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Provisions |
920.677 |
801.085 |
654.202 |
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Total
Current Liabilities |
1038.401 |
887.268 |
747.789 |
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Net Current Assets |
1231.697 |
1145.680 |
1010.629 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1417.595 |
1321.905 |
1198.390 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
Sales Turnover [including other income]
|
1628.374 |
1453.747 |
1312.181 |
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Profit/(Loss) Before Tax
|
384.432 |
327.576 |
290.054 |
Provision for Taxation
|
143.564 |
120.576 |
104.000 |
Profit/(Loss) After Tax
|
240.868 |
207.000 |
186.054 |
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Export Value
|
65.993 |
71.600 |
55.250 |
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Import Value
|
459.571 |
416.095 |
314.154 |
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Total Expenditure
|
1243.941 |
1126.171 |
1022.126 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
14.79
|
14.24 |
14.18 |
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Net Profit Margin
(PBT/Sales) |
(%) |
23.61
|
22.53 |
22.10 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
15.65
|
14.83 |
14.90 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.28
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0.27 |
0.27 |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
1.81
|
1.82 |
1.82 |
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Current Ratio
(Current
Asset/Current Liability) |
|
2.18
|
2.29 |
2.35 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was
incorporated on 1st July 1955 at Mumbai in Maharashtra having
Company Registration Number 9593.
Subject has become
private limited liability company w.e.f. 18th May 2001.
Rights Shares
Pursuant to the
resolution passed at the meeting held on 14th May, 2002, 30000
equity shares of Rs. 1000 each were allotted as fully paid up on rights basis
to existing equity shareholders of the company in the ratio of one new equity
share to every two equity shares held.
Production and
Sales
All the plants and
equipments operated satisfactorily. The
sales for the year amounted to Rs. 1600.000 millions as compared to Rs.
1410.400 millions in the previous year,
showing a rise of 13.45 %.
Purchase of Land
The company
purchased about 11.615 hectares of land at village Vadgaon/Vashivali, Taluka
Khalapur District Raigad. The company intends to shift some if its
manufacturing facilities to the new location after development of the land.
Exports
Subject has been
able to export goods worth Rs. 64.300 millions as against Rs. 71.600 millions
during the previous year. The export during the year has decreased due to stiff
competition in the world market. Subject plans to capture a wider foreign
market through K. V. Arochem Private Limited and Kava Fragrances Private
Limited are fully owned subsidiaries of the company.
Conservation of
Energy
Subject’s
operations involve low energy consumption. Wherever possible, energy
conservation measures have already been implemented and there are no major
areas where further energy conservation measures can be taken. However, efforts
to conserve and optimise the use of energy through improved operational and
other means will continue.
Fixed Assets:
The company's
fixed assets of important value include Goodwill, Land, Factory Building, Shed
& Office Premises, Residential Quarters, Research Laboratory Building Unit,
Research Laboratory Equipment, R & D Green House, Creative Centre New R
& D Building, Plant & Machinery, Furniture & Fixtures, Office
Equipments & Appliances, Motor Lorries, Motor Cars & Vehicles, Weighing
Machines, Storage Tanks, Books & Magazines, Tube Wells, Staff Welfare
Buildings, Agricultural Implements, Aroma Chemical Godown, Kelkar Research
Building (Under Construction) and Capital (Work-In-Progress).
Future Plan of
Action
Subject’s future
plan of action is the development of products with export potential and made
with raw materials available locally, setting up a pilot plant facility to get
required data for equipment design. The new subsidiary company, namely Keva
Biotech Private Limited established for production and export of Patchouli Oil
is progressing satisfactorily.
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.40.45 |
|
UK Pound |
1 |
Rs.82.25 |
|
Euro |
1 |
Rs.63.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
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OPERATING SCALE |
1~10 |
9 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
9 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
9 |
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--CREDIT LINES |
1~10 |
9 |
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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 |
|
81 |
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 |
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