%20PRIVATE%20LIMITED%20-%20140486%2029-Apr-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
29.04.2011 |
Note: ‘GIVAUDAN FLAVOURS INDIA PRIVATE LIMITED’ has been
merged with ‘GIVAUDAN (INDIA) PRIVATE LIMITED’.
IDENTIFICATION DETAILS
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Name : |
GIVAUDAN (INDIA) PRIVATE LIMITED (w.e.f.06.07.2009) GIVAUDAN FLAVOURS INDIA PRIVATE LIMITED MERGED WITH GIVAUDAN ( |
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Formerly Known As : |
VINAROM PRIVATE LIMITED |
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Registered Office : |
Plot No. 26, 2nd Cross, Jigani Industrial Area, Anekal
Taluk, Jigani – 562106, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
05.08.1985 |
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Com. Reg. No.: |
08-007056 |
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CIN No.: [Company
Identification No.] |
U24290KA1985PTC007056 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Dealer of Perfumery Compounds and Flavour
Compounds. |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 7400000 |
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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 a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
MANAGEMENT NON CO-OPERATIVE
LOCATIONS
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Registered Office : |
Plot No. 26, 2nd Cross, Jigani Industrial Area, Anekal
Taluk, Jigani – 562106, |
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Tel. No.: |
91-80-27826301 |
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Fax No.: |
91-80-27825344/ 27825343 |
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E-Mail : |
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Website : |
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Factory 1 : |
Flavours and Fragrances sales Block B - Vatika Atrium, |
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Tel. No.: |
91-124-437 5534 |
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Fax No.: |
91-124-437 5535 |
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Factory 2 : |
Flavours and Fragrances
creation/application and sales Bonanza A Wing,
402-412 Sahar Plaza Complex, J.B. Nagar M.V. Road, Andheri East, Mumbai 400
059, Maharashtra, India |
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Tel. No.: |
91-22-2830 0030 |
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Fax No.: |
91-22-2830 0060 |
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Factory 3 : |
Flavours and Fragrances creation/application and sales 401, Akruti Centre Point, 4th |
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Tel. No.: |
91-22-66625700 |
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Fax No.: |
91-22-66625751 |
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Factory 4 : |
Flavours and Fragrances production Plot No.30, Survey No.168, Dabhel Industrial Estate, Daman
396210, |
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Tel. No.: |
91-260-22 40 646 |
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Fax No.: |
91-260-22 40 040 |
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Factory 5 : |
Flavours and
Fragrances 13th Floor, Prestige Meridian 1, Tel: 91-80-2559 3030 |
DIRECTORS
As on 16.08.2010
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Name : |
Mr. Mohanrao Chandappa Suvarna |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 1801/1802/1803, Samartha Aangan Building No. 23 W-A, Off Link
Road, Osiwara, Andheri (W), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
22.06.1958 |
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Date of Appointment : |
25.01.1999 |
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Name : |
Mr. Ajit Kumar Pal |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 7, 7th Floor, Sanghi Residency, Situated at Final
Plot No. 12010F TPS IV, Mahim Division, Palki Guly, Off |
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Date of Birth/Age : |
01.10.1957 |
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Date of Appointment : |
26.09.2009 |
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Name : |
Mr. Gururaj Karur |
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Designation : |
Whole Time Director |
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Address : |
Le Chateau, Flat No. 52, TPS – III, |
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Date of Birth/Age : |
21.02.1965 |
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Date of Appointment : |
29.09.2009 |
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Name : |
Dr. Prakash Narayanan |
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Designation : |
Director |
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Address : |
Flat No. 302, 13 A and 14, Sai Madhura Apartment, 25th
Main, J.P Nagar, VI Phase, |
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Date of Birth/Age : |
16.05.1959 |
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Date of Appointment : |
04.10.2007 |
KEY EXECUTIVES
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Name : |
Mr. K. Gururaj |
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Designation : |
Secretary |
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Address : |
33, S.B.I Officers Colony, Basaveshwaran Nagar, |
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Date of Birth/Age : |
22.07.1967 |
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Date of Appointment : |
11.06.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.08.2010
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Names of Shareholders |
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No. of Shares |
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Givaudan SA Add: 5, Chemin De La Parefumerie, CH – 1214, Vernier, |
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7575509 |
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Givaudan Suisse SA Add: 5, Chemin De La Parefumerie, CH – 1214, Vernier, |
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2 |
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Total |
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7575511 |
As on 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Dealer of Perfumery Compounds and Flavour
Compounds. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2010
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Particulars |
Unit |
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Actual
Production |
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Perfumery Compound |
M.T |
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|
5416.44 |
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Flavour Compound |
M.T |
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|
4044.24 |
Notes:
i)
It has been certified by
the management that the installed capacity is annual capacity on triple shift
basis and is dependent on batch size and product mix, and hence not
ascertainable. This has been relied upon by the Auditors, being a technical
matter.
ii)
Production includes goods
manufactured at third party facilities.
GENERAL INFORMATION
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No of Employees : |
Not divulged by the management. |
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Bankers : |
·
State Bank of India, Bangalore City Branch, J.C.
Road, Bangalore-560002, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, |
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Tel No.: |
91-22-56679000 |
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Fax No.: |
91-22-56679025 |
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Holding Company : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10 /- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8227000 |
Equity Shares |
Rs. 10 /- each |
Rs. 82.270 Millions |
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Less: |
Bought Back during the year |
|
Rs. 6.515
Millions |
|
7575511 |
Equity Shares |
Rs. 10/-
each |
Rs. 75.755
Millions |
Of the above:
7575509 (Previous period 8226998) Equity Shares are held by Givaudan SA, the Holding Company and 2 shares are held by
Givaudan Suisse SA, a fellow subsidiary company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
75.755 |
82.270 |
80.335 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1788.493 |
2014.482 |
502.974 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1864.248 |
2096.752 |
583.309 |
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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 |
82.641 |
221.801 |
192.403 |
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TOTAL BORROWING |
82.641 |
221.801 |
192.403 |
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DEFERRED TAX LIABILITIES |
12.351 |
36.579 |
0.000 |
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TOTAL |
1959.240 |
2355.132 |
775.712 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
423.051 |
508.439 |
130.568 |
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Capital work-in-progress |
23.349 |
10.948 |
0.511 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
2.396 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
689.990
|
470.216 |
287.714 |
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Sundry Debtors |
1264.255
|
904.450 |
273.127 |
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Cash & Bank Balances |
67.277
|
508.057 |
78.996 |
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Other Current Assets |
0.000
|
225.662 |
35.592 |
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Loans & Advances |
464.604
|
283.252 |
122.296 |
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Total
Current Assets |
2486.126
|
2391.637 |
797.725 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
897.144
|
541.171 |
144.188 |
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Other Current Liabilities |
32.958
|
5.804 |
5.212 |
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Provisions |
43.184
|
8.917 |
6.088 |
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Total
Current Liabilities |
973.286
|
555.892 |
155.488 |
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Net Current Assets |
1512.840
|
1835.745 |
642.237 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1959.240 |
2355.132 |
775.712 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
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SALES |
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Income |
4599.594 |
4545.648 |
1528.629 |
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Other Income |
42.280 |
28.452 |
53.012 |
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TOTAL (A) |
4641.874 |
4574.100 |
1581.641 |
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Less |
EXPENSES |
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|
|
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|
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|
3141.525 |
973.097 |
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Expenditure on Employees |
566.283 |
176.222 |
58.576 |
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Operating and other Expenses |
|
470.167 |
239.998 |
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Merger Expenses |
|
3.235 |
0.000 |
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TOTAL (B) |
566.283 |
3791.149 |
1271.671 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
566.283 |
782.951 |
309.970 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
8.898 |
9.975 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
566.283 |
774.053 |
299.995 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
108.585 |
36.222 |
18.870 |
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PROFIT BEFORE
TAX (E-F) (G) |
457.698 |
737.831 |
281.125 |
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Less |
TAX (H) |
143.930 |
257.932 |
96.832 |
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PROFIT AFTER TAX
(G-H) (I) |
313.768 |
479.899 |
184.293 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1212.742 |
483.409 |
301.307 |
|
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Add |
Transferred
on Amalgamation |
0.000 |
249.434 |
0.000 |
|
|
Less |
Adjustment
on adoption of revised as 15 |
0.000 |
0.000 |
2.191 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
6.515 |
-- |
0.000 |
|
|
|
Transfer to Capital Redemption Reserve |
31.377 |
-- |
0.000 |
|
|
|
Proposed Dividend |
18.939 |
-- |
0.000 |
|
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Tax on Dividend |
3.145 |
-- |
0.000 |
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BALANCE CARRIED
TO THE B/S |
1466.534 |
1212.742 |
483.409 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
749.469 |
918.181 |
1.462 |
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TOTAL EARNINGS |
749.469 |
918.181 |
1.462 |
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IMPORTS |
|
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Raw Materials |
1762.413 |
1568.043 |
620.793 |
|
|
|
Capital Goods |
4.692 |
6.365 |
0.000 |
|
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TOTAL IMPORTS |
1767.105 |
1574.408 |
620.793 |
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Earnings Per
Share (Rs.) |
39.04 |
58.61 |
22.94 |
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%20PRIVATE%20LIMITED%20-%20140486%2029-Apr-2011_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
|
PAT / Total Income |
(%) |
6.76
|
10.49 |
11.65 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.95
|
16.23 |
18.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.73
|
25.44 |
30.30 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.35 |
482.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.57
|
0.37 |
0.60 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.55
|
4.30 |
5.13 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
|
SUNDRY CREDITORS |
|
|
|
|
Due to Micro Enterprises and Small Enterprises |
3.225 |
0.447 |
0.000 |
|
Others |
893.919 |
540.724 |
144.188 |
|
Total |
897.144 |
541.171 |
144.188 |
Note:
The Registered office of the company has been shifted from # 1301-4,
Prestige Meridian 1,
Operating
performance:
Year ended March 2010 was difficult year due to recession. Despite
worldwide recession, the company has been able to defend the business plus
achieve Sales growth of 2% over the previous year. The previous year 2009 was a
15 months period in view of change of accounting year. Profit after tax
decreased by 34.6% over previous year mainly on account of following factors.
- Lower
depreciation in the previous year due to change of method of depreciation
to straight line method. Impart Inr. 82.260 Millions
- Payment of
Royalty of Inr. 276.742 Millions to holding company Givaudan SA.
Bankers Charges
Report as per Registry
|
Name of the company |
VINAROM PRIVATE LIMITED |
|
Presented By |
Director Vinoram Private Limited |
|
1) Date and description of instrument creating the change |
i) General Agreement for the grant of small industrial advances and
hypothecation of moveable, book-debts and other assets (working capital
finance) dated 15.06.1987 modified on 23.12.1987, 18.07.1989, 05.11.1970 and
on 25.04.1991 (Regd. On 10.05.1991) ii) Agreement of hypothecation dated 25.04.1991 (Both relate to the
same and single charge.) |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.850 Million modified to Rs. 1.090 Millions Rs. 1.900 Millions Rs. 2.850 Millions and to Rs. 8.500 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 |
All present and future goods, book-debts movables and other assets of
the borrower including documents of title to goods and other assets such as
outstanding moneys, receivables, claims, bills, invoices, documents,
contracts, engagements, securities investments and rights and the present
machinery and all future machinery
belonging to or in the possession of or under the control of the borrower or
of the bank or of any third party, whether in India or elsewhere throughout
the world (including all such goods, machineries, movable and other assets as
may be in course of shipment, transit or delivery. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
a) As envisaged in the general agreement for the grant of small industrial
advances and hypothecation of all moveables, book-debts and other assets
whether present or future with restrictions against the creation of any
further charges thereon for all the indebtedness and liabilities of the
borrower to the bank at present and future, the present limit having been
fixed at Rs. 8.500 Millions working capital. b) Interest shall be charged on the outstanding in the account opened
in respect of various facilities at such rate as would be determined by the
Bank form time to time and if such rate is linked to the State Bank of India
Advance rate (SBAR) obtaining at a particular time, any revision in the SBAR
will correspondingly change the effective rate of interest on such account.
At present the rate of interest is 1.00% above SBAR, Minimum 17.50% per
annum. c) The margin will be as stipulated by the Bank separately in respect
of various facilities. At present margin on raw materials 85% on
Semi-Finished and Finished Goods 33.3% on Bills at 20% and on LC/ Guarantee
25%. The borrower will at all times maintain sufficient quantity and market
value of form time to time. The bank will be at liberty to change such
margins and the borrower will be bound by it notwithstanding any margin
earlier agreed to by the bank. The borrower shall at all times confine to
retention of stipulated margins. d) The working capital advance is repayable on demand. |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of |
|
6) Date and brief description
of instrument modifying the charge |
No Instrument –Letter ceding Second charge by Karnataka State
Financial Corporation (KSFC) in favour of State Bank of |
|
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. |
By the subject letter KSFC has ceded second charge on all the fixed
assets of the company in favour of State Bank of |
Fixed Assets:
- Goodwill
- Trademark
- Technology
- Brand
- Landscaping
- Building
- Plant and
Machinery
- Furniture, Fixture and Equipment
- Computer
- Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.33 |
|
|
1 |
Rs.74.13 |
|
Euro |
1 |
Rs.65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.