MIRA INFORM REPORT
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Report Date : |
08.05.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
SYMRISE PRIVATE LIMITED |
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Registered Office : |
140, Old Mahabalipuram Road, Semmancheri, Chennai - 600 119, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17.12.1990 |
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Com. Reg. No.: |
18-020035 |
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CIN No.: [Company Identification No.] |
U24294TN1990PTC020035 |
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TAN No.: (Tax Deduction & Collection Account No.) |
CHED00571E |
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PAN No.: (Permanent Account No.) |
AAACD2686A |
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Legal Form : |
A Private Limited Liability Company. |
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Line of Business : |
Manufacturing, Exporting and Marketing of Flavours, Fragrances,
Cosmetic Materials and Aroma Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
RATING
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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 2275704 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The company is performing well and expecting to double its' business
in 5 years. Directors are reported as
experienced, respectable and having satisfactory means of their own. Their trade relations are reported as
fair. Payments are usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factory: |
140, Old Mahabalipuram Road, Semmancheri, Chennai - 600 119, Tamilnadu |
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Tel. No.: |
91-44-24501739 |
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Fax No.: |
91-44-24501737 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
114, Seevaram First Street, Perungudi, Chennai – 600 096, Tamilnadu,
India |
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Tel. No.: |
91-44-24960186 |
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Fax No.: |
91-44-24960773 |
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Location : |
Owned |
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Factory : |
v
114, Seevaram First Street, Perungudi, Chennai – 600 096, Tamilnadu v
140, Old Mahabalipuram Road, Semmancheri, Chennai - 600 119, Tamilnadu
v (The above plant
has been opened since may 3, 2003 10 kms further South of this factory) |
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Location : |
Owned |
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Branches : |
Located at : v
Harsha Bhavan, 2nd Floor, Block ‘E’, Connaught Place, New
Delhi – 110 001
Tel No. 91-11-23327112
Fax No. 91-11-23327152 v
606, 6th Floor, ACME Plaza, Andheri-Kurla Road, Andheri
(East), Mumbai – 400 059, Maharashtra Tel No. 91-22-28262802/28262803 Fax No. 91-22-28262802 v
10C, Middletown Row, 4th Floor, Kolkata – 700 071, West
Bengal
Tel No. 91-33-22294712
Fax No. 91-33-22172395 |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. N. Sankar |
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Designation : |
Chairman |
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Address : |
292, TTK Road, Alwarpet, Chennai – 600 018, Tamilnadu |
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Date of Birth/Age : |
19.11.1945 |
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Name : |
Dr. Martin Wolf |
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Designation : |
Director |
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Address : |
Einbecher STR 15, 37603 Holzminden, Germany |
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Date of Birth : |
21.12.1954 |
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Date of Appointment : |
29.01.2004 |
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Date of Ceasing : |
14.10.2004 |
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Name : |
Mr. B. Natarajan |
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Designation : |
Director |
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Address : |
Ashok Prithvi, Second Floor, 87, IV Street, Alwarpet, Chennai – 600
018, Tamilnadu |
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Date of Birth/Age : |
03.10.1946 |
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Name : |
Mr. Bernhard Kirchhoff |
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Designation : |
Director |
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Address : |
28, Scotts Road, Singapore - 228223 |
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Date of Birth/Age : |
22.04.1941 |
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Date of Appointment : |
12.09.1994 |
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Name : |
Mr. J. S. Tan |
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Designation : |
Director |
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Address : |
161, Killiney Road, 10.06 Claremont, Singapore - 239569 |
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Date of Birth/Age : |
06.10.1943 |
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Date of Appointment : |
12.09.1994 |
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Name : |
Mr. N. Kumar |
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Designation : |
Director |
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Address : |
1, George Avenue, Alwarpet, Chennai – 600 018, Tamilnadu, India |
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Date of Birth/Age : |
28.01.1950 |
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Name : |
Mr. Karl Heinz Barz |
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Designation : |
Director |
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Address : |
Germany |
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Date of Birth/Age : |
22.11.1948 |
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Name : |
Mr. C. Venkat |
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Designation : |
Director (CEO) |
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Date of Birth/Age : |
49 Years |
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Qualification : |
B. Tech., MBA |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. S. Srikanthan |
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Designation : |
Director |
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Date of Birth/Age : |
41 Years |
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Qualification : |
BE , MBA |
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Date of Appointment : |
17.06.1996 |
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Name : |
Mr. T. K. Ramachandran |
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Designation : |
Managing Director ( Vice President) |
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Address : |
9 Cheran Street, Plot No. 121, Alwar Thriunagar, Chennai – 600087 |
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Date of Birth/Age : |
25.08.1960 |
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Qualification : |
BE, MBA |
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Date of Appointment : |
15.04.2005 |
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Name : |
Mr. Rainer Klaus Grimm |
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Designation : |
Director |
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Address : |
Weitherweg 4 C, 82194 Grobenzell, Germany |
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Date of Birth/Age : |
14.03.1952 |
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Date of Appointment : |
14.10.2004 |
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Name : |
Mr. Siew Inn Pong |
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Designation : |
Director |
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Address : |
Block 323, Sembawang Close #
09-317, Singapore – 750323 |
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Date of Birth/Age : |
11.02.1972 |
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Date of Appointment : |
10.08.2006 |
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Name : |
Mr. Emiel J L Dons |
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Designation : |
Director |
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Date of Birth/Age : |
31.12.1941 |
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Date of Appointment : |
31.01.2007 |
KEY EXECUTIVES
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Name : |
Mr. V. Sundar |
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Designation : |
Company Secretary (Vice President) |
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Address : |
4/468, 8th South Cross Street, Kapaleeswarar Nagar,
Neelankarai, Chennai – 600041, Tamilnadu, India |
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Date of Birth/Age : |
15.05.1957 |
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Qualifications : |
BE, MBA |
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Date of Appointment : |
02.01.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.06.2006
|
Names
of Shareholders |
No. of Shares |
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Symrise Holding Private Limited |
4499999 |
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Symrise Private Limited |
1 |
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Total |
4500000 |
Equity Share breakup (Percentage of Total Equity)
As on 31.12.2006
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Sr. No. |
Category |
Percentage |
|
1. |
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Exporting and Marketing of Flavours, Fragrances,
Cosmetic Materials and Aroma Chemicals. |
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Products : |
v
Flavours v
Fragrances v
Cosmetic Materials v Aroma Chemicals |
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Exports to : |
Singapore, Sri Lanka and Nepal |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Flavours and
Fragrances |
Kgs |
420000 |
770194 |
GENERAL
INFORMATION
|
Suppliers |
v Anipra Chemicals
Private Limited v R B Organics v Nallakumar Mills v Som Santi
Corporation v Crown Chemicals
Private Limited v Aroma Aromatics
and Flavours v Eskay Cartons
Private Limited v Tadimety
Aromatics private Limited v Omkar Fine
Organics Private Limited v Chemidye
Manufacturing Private Limited |
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No. of Employees : |
81 |
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Bankers : |
v
The Hongkong & Shanghai Banking Corporation Limited 30, Rajai Salai, Chennai - 600 001,
Tamilnadu, India v
Deutsche Bank Chennai, Tamilnadu v
ICICI Bank Chennai, Tamilnadu |
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Banking
Relations : |
Good |
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Auditors : |
S R Batliboi and Associates, Chartered Accountants TPL House, 2nd Floor, Cenotaph Road, Teynampet, Chennai-
600 018, Tamilnadu, India |
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Tel No: |
91-44-24311440 |
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Fax No: |
91-44-24311450 |
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Holding Company : |
Dragoco (Far East) Limited,
Hongkong Symrise holding Private Limited |
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Ultimate Holding Company : |
Symrise GMBH and Co.KG |
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Sister Concerns : |
v
Chemplast Sanmar Limited v
Cabot Sanmar Limited v
Snamar Speciality Chemicals Limited v
Sanmar Shipping Limited v
Sanmar Properties and Investments Limited v
Sanmar Holdings Limited v
AMP Sanmar Assurance Company Limited v
Indchem Software Technologies Limited v
Sanmar Engineering Corporation Limited v
Arco India Limited v
BS & B Safety Systems India Limited v
Fisher Sanmar Limited v
Flowserve Sanmar Limited v
Sanmar Engineering Services Limited v
Micropack Limited v
Sanmar Weighing Systems Limited v
Sensotronics Sanmar Limited v
Dragoco Gerberding & Company AG, Germany v
The Sanmar Group of Companies v
Tyco Sanmar Limited v
Xomox Sanmar Limited |
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Affiliates : |
v
Symrise Export Limited v
Symrise Private Limited, Singapore v
Symrise Inc; USA v
Symrise S De RL de CV, Mexico v
Symrise San Tic Limited, Sti; Turkey v
Symrise Aromas E Fragrancias Limited, Brazil v
Symrise SA, Switzerland v
Symrise Limited, Colombia v
Symrise Private Limited, Australia v
Symrise Limited, China |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 45.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 45.000
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
45.000 |
45.000 |
45.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
523.926 |
322.337 |
196.300 |
NETWORTH
|
568.926 |
367.337 |
241.300 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
0.000 |
68.140 |
172.000 |
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2] Un Secured Loans |
0.000 |
0.000 |
0.000 |
TOTAL BORROWING
|
0.000 |
68.140 |
172.000 |
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DEFERRED TAX LIABILITIES |
14.144 |
15.022 |
0.000 |
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TOTAL
|
583.070 |
450.499 |
413.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
224.146 |
244.093 |
233.600 |
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Capital work-in-progress |
0.874 |
1.944 |
3.200 |
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INVESTMENTS |
0.018 |
0.018 |
0.000 |
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Deferred tax assets (Net) |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
206.350 |
169.493 |
202.500 |
|
Sundry Debtors |
231.697 |
216.344 |
211.700 |
|
Cash & Bank Balances |
84.736 |
17.168 |
0.400 |
|
Other Current Assets |
0.058 |
0.376 |
0.000 |
|
Loans & Advances |
16.921 |
16.310 |
18.500 |
|
Total Current Assets |
539.762 |
419.691 |
433.100 |
|
Less: CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
167.138 |
199.214 |
249.900 |
Provisions
|
14.592 |
16.033 |
6.700 |
Total Current Liabilities
|
181.730 |
215.247 |
256.600 |
Net Current Assets
|
358.032 |
204.444 |
176.500 |
|
|
|
|
|
Miscellaneous expenditure
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
|
583.070 |
450.499 |
413.300 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
1625.200 |
1431.800 |
1473.300 |
|
|
Other Income |
11.000 |
7.800 |
16.800 |
|
|
Total Income |
1625.200 |
1439.600 |
1490.100 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
310.900 |
194.200 |
98.400 |
|
|
Provision for Taxation |
109.300 |
68.200 |
37.700 |
|
|
Profit/(Loss) After Tax |
201.600 |
126.000 |
60.700 |
|
|
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
FOB Value of Exports |
35.788 |
19.040 |
|
|
|
Commission Earnings |
0.211 |
0.207 |
|
|
Total Earnings |
35.999 |
19.247 |
0.000 |
|
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|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
456.493 |
434.834 |
|
|
|
Components |
1.936 |
2.118 |
|
|
Total Imports |
458.429 |
436.952 |
0.000 |
|
|
|
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Expenditures : |
|
|
|
|
|
|
Financial Charges |
6.100 |
11.300 |
16.600 |
|
|
Goodwill |
7.500 |
7.500 |
10.600 |
|
|
Depreciation & Amortization |
27.800 |
26.700 |
27.900 |
|
|
Other Expenditure |
1272.900 |
1199.900 |
1336.600 |
|
Total Expenditure |
1314.300 |
1245.400 |
1391.700 |
|
KEY RATIOS
|
Year |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
Debt-Equity
Ratio |
0.000 |
0.39 |
0.76 |
|
Long Term Debt
Equity Ratio |
0.000 |
0.28 |
0.60 |
|
Current Ratio |
2.74 |
1.53 |
1.41 |
|
TURN OVER RATIOS |
|
|
|
|
Fixed Assets |
4.51 |
5.29 |
5.29 |
|
Inventory |
7.86 |
8.98 |
7.99 |
|
Debtors |
7.00 |
7.81 |
8.51 |
|
Interest Cover
Ratio |
51.98 |
18.19 |
6.93 |
|
Operating Profit
Margin (%) |
21.27 |
13.90 |
9.70 |
|
Profit Before
Interest and Tax Margin (%) |
19.56 |
12.31 |
7.81 |
|
Cash Profit
Margin (%) |
14.154 |
9.15 |
6.01 |
|
Adjusted Net
Profit Margin (%) |
12.43 |
7.55 |
4.12 |
|
Return On
Capital Employed (%) |
55.74 |
48.44 |
31.00 |
|
Return On Net
Worth (%) |
35.44 |
41.44 |
28.76 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
SYMRISE
PRIVATE LIMITED |
|
Presented
By |
Mr. V Sundar, Secretary |
|
1) Date and description of instrument creating the change |
25.06.1999 Hypothecation agreement dated 25.06.1999 executed by the Hong Kong and
Shanghai Banking Corporation limited |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 80.000 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 the whole of company stock viz raw material, work in
progress, finished goods including stock in transit and also present and
future debts lying and / or situated in India. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest at the rate of 0.5% per annum over the Hong Kong prime rate
exclusive quarterly and such other raters as may be the bank from time to time |
|
5) Name and Address and description of the person entitled to the
charge. |
The Hong Kong and Shanghai Banking Corporation Limited, 30 Rajaji
Salai, Chennai – 600001 |
|
6) Date and brief description
of instrument modifying the charge |
Agreement for overdraft, cash credit, loan against hypothecation of
revolving stocks and other movable assets and also present and future book
debts dated 26.03.2004 |
|
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. |
Increased in the overdraft, cash credit limit Rs. 127.000 millions to
Rs. 191.000 millions. |
HISTORY
The company was established under name and style of Coral Aromatics
Private Limited w.e.f. 17th December, 1990 as a Private Limited
Liability Company. Name of the company was change as Dragoco India Limited
w.e.f. 12thMay, 1994 as a closely held Public Limited Liability
Company.
Again it was change Symrise Limited w.e.f. 1st March, 1994 as
closely held Public Limited Liability Company. Now its become known as Symrise
Private Limited w.e.f. 19th August, 2004 as a Private Limited
Liability Company.
Subject was incorporated on 17th December 1990 at Chennai in Tamilnadu
having Company Registration Number 20035.
The company was originally incorporated under the name `Coral Aromatics
Limited' and was changed to the above name from 12.05.1994 when the Joint Venture
partner Dragoco (Far East) Limited, Hongkong acquired 51% of the Equity shares
and became the Holding Company.
Subject is a joint venture between Dragoco Gerberding & Company AG,
Germany and The Sanmar Group, with management responsibility lying with Dragoco
Asia Pacific at Singapore.
Formed in the year 1990 the company manufactures and markets flavours
and fragrances.
Flavours and fragrances are customised blends of natural essential oils
with aroma chemicals (Natural, Nature Identical and Synthetic)
The company currently exports aroma chemicals to Singapore and
fragrances and flavours to Sri Lanka and Nepal.
The company
plans to more than double its turnover in the next four years.
The company was
earlier known as Dragoco India Limited and was set up in 1994 as a joint
venture between the German company Dragoco and the Chennai based Sanmar Group
with the Former Holding 51% of the Equity.
In 2003, Symrise
was formed with the merger of Haarmann and Reimer and Dragoco both based in
Holzminden, Germany. In February 2004, Sanmar exited the joint venture and the
Indian company become Symrise Private Limited.
The company had
shifted its facility in Perungudi to its office and laboratory in a 10 acre
plot in Semmancheri on the Old Mahabalipuram Road, in 2002. it had invested
about Rs. 200 millions in fixed assets and Rs. 200 millions in working capital
in the new facility.
The company has
an 18% market share in the Rs. 10000 millions fragrances and flavours market.
Five major players – IFF (Inteernational Flavors and Fragrances Inc acquired
Bush Boake Allen), Givaudan, Firmenich, Quest and Symrise dominated 70% of the
market. in India, Symrise is second to IFF.
Profile
v
The company is a joint venture between Dragoco Gerberding & Company AG,
Germany and the Sanmar Group with management responsibility lying with Dragoco
Asia Pacific at Singapore.
v
Formed in the year 1990, the company manufactures and markets flavours
and fragrances.
v
Flavours and Fragrances are customised blends of natural essential oils
with aroma chemicals (natural, nature identical and synthetic)
v
As per the instructions and sequences of the creator, and under defined
process conditions, flavours and fragrances of precise composition are
processed.
v
The company currently exports aroma chemicals to Singapore and
fragrances and flavours to Sri Lanka and Nepal.
v
Its aims at furthering its image as a professional, innovative,
proactive, progressive and customer-oriented company.
v
Dragoco India has branches at Mumbai, Delhi and Kolkata
v
Key account managers and executives are based in the branches to
services the customers actively
v
Dragoco India plans to more than double its turnover in the next four
years
Manufacturing
Facility:
·
Subject has its manufacturing facilities at Perungudi, 10 kilometers
from Chennai with its own creation and application laboratories.
·
An ultra modern manufacturing complex is being set up ten kilometers
from Perungudi at Chemmanchery.
·
The new facility, due to be completed by end 2000, have a built up area
of 100,000 sq. fts. and will be one of the largest of its kind in South Asia.
Merger
Merger of Dragoco and Haarmon and Reimer Worldwide had merged under the
name Umbrella of UQT. EQT holds a majority stake or 76%, Horst – otto Gerberding
and Nord Lb hold 22% and 2% respectively in “Symrise” – The new company. Mr.
Horst Otto Gerberding heads the new company and chief executive officer. This
merger would also impact Indian operations where Haarman and Reimer had a
running business and part of Bayer Industries Private Limited.
Change
of name and disinvestments
The Indian arm of the global manufacturer of flavours and fragrances,
plans to expand its existing capacity to supply markets in West Asia and South
Africa.
Mr. C. Venkat,
Chief Executive Officer, Symrise, said that another 3000 tonnes would be added
to the existing capacity of 2000 tonnes to manufacture global fragrances.
The company also plans to add 1000 tonnes to the existing 1000 tonnes
capacity to manufacture savoury powder for the food industry. The total project
cost is Rs. 55 millions.
He said that the 1300.000 Millions company grew by 30% in 2004 over the
previous year. The focus of the company is to develop flavours for ice creams,
biscuits, confectionery and beverges industries. The fragrances are used mainly
for soaps, shampoos and beverages segements.
Mr. Venkat said besides developing fragrances and flavours used by the
industry, the creative staff the ones who develop the flavours and fragrances
also predicts trends for five years in fragrances and flavours.
Press Releases
Dragoco
India commissions new facility
Venkatachari Jagannathan
4 May 2002
Chennai: In order to further tap the growing
Indian demand for the flavours and fragrances market, Dragoco India has
inaugurated its 3,000-tonne, Rs 185.0-millions facility near Chennai. The
company has shut down its existing 1,400-tonne facility.
Dragoco India will manufacture 2,300 tonnes of fragrances
and 700 tonnes of flavours. The plant will manufacture only liquid flavours and
fragrances; powders will be added to the portfolio later. Till date, around Rs
300 millions has been invested in the joint venture.
The company is a 51:49 joint venture (JV) between the $313-million-turnover
Dragoco, Germany, and the Chennai-based Sanmar group. Dragoco India is one of
the several successful JVs of Sanmar. The Indian group is content with the
investment in the venture, while the management rests with the German partner.
Says Sanmar group chairman N Sankar: “Dragoco’s JV illustrates the successful
practice of their time-tested JV principles of trust and transparency and
unified management.”
“The total Indian market for fragrances is around Rs 4000 millions,
and for flavours it is around Rs 2000.000 Millions,” says Dragoco India chief
executive officer C Venkat. The other majors in the domestic market are
International Flavors and Fragrances and Givaudan; there are several
small-scale players, too.
Says Dragoco Gerberding president and CEO Horst Otto
Gerberding: “Asia contributes around 26 per cent to their total turnover. India
and China are the two fastest-growing markets in this region. And we would like
to take advantage of that. We are present in 24 countries and is one of the top
10 players in the world in this field.”
The Rs 860.000 Millions turnover Dragoco India supplies
mainly to cosmetics (perfume, talcum powder), toiletries (soaps, shampoo,
detergents) and food (biscuits, beverages, bakery, sweets) segments. The new
0.100 Millions sq. ft facility also has a pilot biscuit plant to test the
company’s flavours on the end products. The company ranks second and fourth in
the fragrances and flavours market, respectively, in India.
“Hair- and skin-care are the two developing market segments
and we are now concentrating on them,” says Venkat. Cavinkare (shampoo)
Hindustan Lever, Henkel Spic (detergents), Nirma (toilet soaps) are some of its
main clients. Though the German parent is also present in industrial colours,
Venkat says the domestic market is not lucrative enough to focus on that
segment.
With an
increased capacity, says Venkat, Dragoco India hopes to increase its exports to
20 per cent of its turnover by 2005. Currently, the export revenue is 5 per
cent. On the imports side the company imports nearly 40 per cent of its raw material
needs.
Dragoco
India's new plant goes on stream
Bureau
CHENNAI, May 3
A Rs 185.000 millions plant of Dragoco India Limited was inaugurated
here today. The plant can produce 3,000 tonnes of fragrances and flavours.
In its seven years of existence, the Rs 860.000 millions Dragoco India
was producing fragrances and flavours from its smaller plant at Perungudi, a
suburb of Chennai.
From now, the production would be shifted to the new facility, which is
some 10 km farther south.
The company is a joint venture between a German company of the same
name, and the Chennai-based Sanmar group, which holds 49 per cent.
The products that are made here find application in a variety of
fast-moving consumer goods (FMCG) goods such as cosmetics, shampoos, perfumes,
beverages, ice creams, bakery and savoury products.
At a press conference here today, Dragoco India's CEO, Mr. C. Venkat,
said that the fragrances market in India was worth about Rs 3500 million and
the flavours market, around Rs 2000 million.
He said that the company intended to focus on hair care and skin care products
for growth.
He said that some raw materials could be sourced from India for the
Dragoco group's global requirements.
The plant here produces an assortment of fragrances and flavours; there
are, for example, chemicals that smell like coconut, milk, lemon and liquor.
The facility also has equipment for making end products such as soaps
and detergents, biscuits and candy, for testing the fragrances and flavours
produced here.
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. 41.79 |
|
UK Pound |
1 |
Rs. 81.60 |
|
Euro |
1 |
Rs. 64.01 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|