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MIRA
INFORM REPORT
|
Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FIRMENICH AROMATICS PRODUCTION ( |
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Registered
Office : |
Novell House, Road No.13, MIDC, Marol, Andheri (East), Mumbai –
400093, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
04.05.2007 |
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Com. Reg. No.: |
11-170590 |
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Capital
Investment / Paid-up Capital : |
Rs.4.855 Millions |
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CIN No.: [Company Identification
No.] |
U24119MH2007FTC170590 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF0517F |
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PAN No.: [Permanent Account No.] |
AABF1130G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and exporter of Industrial Perfumes, Flavours and
Aromatic Chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 140000 |
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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 established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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
|
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 |
|
Insignificant |
A1 |
|
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 |
LOCATIONS
|
Registered Office : |
Novell House, Road No.13, MIDC, Marol, Andheri (East), Mumbai –
400093, |
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Tel. No.: |
91-22-66400564 |
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Fax No.: |
91-22-66400609 |
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E-Mail : |
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Website : |
http://www.firmenrich.com
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Factory 1: |
Survey No.57/3, Village Dunetha, |
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Tel. No.: |
91-260-2260827 |
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Fax No.: |
91-260-2262602 |
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Factory 2: |
Plot No. Z-10, SEZ Area, Dahej Taluka Vagra, Bharuch-392130, |
DIRECTORS
(AS ON 30.09.2009)
|
Name : |
Mr. Matthew Howard Furner |
|
Designation : |
Director |
|
Address : |
52, Route de Valavran, 1293, |
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Date of Birth/Age : |
07.11.1972 |
|
Date of Appointment : |
04.05.2007 |
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|
Name : |
Mr. Asit Patel |
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Designation : |
Director |
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Address : |
2901, Odyssey, 11, |
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Date of Birth/Age : |
11.03.1951 |
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Date of Appointment : |
04.05.2007 |
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Email : |
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Other Directorship : |
Firmenich Aromatics ( U74130MH1997PTC105255 M. C. Davar Aromatics Private Limited U99999MH1985PTC038428 Speciality Flavours and Fragrances Private Limited U24231GJ1986PTC008686 M C Davar Corporate Services Private Limited U74140MH1990PTC057456 |
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Name : |
Mr. Sudhir Narasinga Rao |
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Designation : |
Director |
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Address : |
C-7, Om Sabari Co-operative Housing Society, |
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Date of Birth/Age : |
11.11.1961 |
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Date of Appointment : |
04.05.2007 |
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Name : |
Mr. Sanjay Govindrao Kalyankar |
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Designation : |
Additional Director |
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Address : |
Flat No.301, 3rd Floor, Hill Grange A, |
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Date of Birth/Age : |
14.09.1961 |
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Date of Appointment : |
22.03.2010 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2009)
|
Names of Shareholders |
|
No. of Shares |
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Firmenich Trading Corporation, |
|
62550 |
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Fragar (Europe) SA, |
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1 |
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Total |
|
62551 |
(AS ON 22.03.2010)
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Names of Allottee |
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No. of Shares
Allotted |
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Firmenich Trading Corporation, |
|
33336 |
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Total |
|
33336 |
(AS ON 30.09.2009)
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Category |
|
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of Industrial Perfumes, Flavours and
Aromatic Chemicals. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Not Available. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Lalit Punjabi Chartered Accountant |
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Address : |
Price Waterhouse, 252 Veer Savakar Marg, |
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Tel. No.: |
91-22-66400564 |
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Fax No.: |
91-22-66400669 |
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Associates/Subsidiaries : |
·
Firmenich SA ·
Firmenich Inc ·
Firmenich Chemical and Manufacturing |
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Holding Company ; |
·
Firmenich Trading Corporation, |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.100/- Each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
62551 |
Equity Shares |
Rs.100/-
Each |
Rs.6.255
Millions |
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AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.100/- Each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
48551 |
Equity Shares |
Rs.100/-
Each |
Rs.4.855
Millions |
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NOTE:
1.
All the above shares
are held by Firmenich Trading Corporation,
2.
During the year, Nil
Equity Shares of Rs.100 each were issued as fully paid up for cash at par.
3.
A. During the year, 1,535 Equity Shares of
Rs.100 each were issued as fully paid up for cash at premium of Rs.9,900 per
equity share.
B. Pusuant to
approval of board of directors in Board Meeting held on April 9, 2009, the
Company has issued and allotted 1,535 equity shares of Rs.100 each to
Firmenrich Trading Corporation,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
4.855 |
4.702 |
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2] Share Application Money |
|
0.001 |
15.350 |
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3] Reserves & Surplus |
|
35.145 |
19.949 |
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4] (Accumulated Losses) |
|
(5.251) |
(0.933) |
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NETWORTH |
|
34.750 |
39.068 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
607.560 |
0.000 |
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TOTAL BORROWING |
|
607.560 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
|
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TOTAL |
|
642.310 |
39.068 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
232.022 |
0.150 |
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Capital work-in-progress |
|
342.323 |
6.760 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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Incidental Capital expenditure Pending Allocation |
|
94.720 |
18.176 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
14.719 |
8.988 |
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Other Current Assets |
|
0.000 |
0.026 |
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Loans & Advances |
|
11.187 |
7.500 |
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Total
Current Assets |
|
25.906 |
16.514 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
|
52.111 |
2.438 |
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Other Current Liabilities |
|
0.545 |
0.085 |
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Provisions |
|
0.005 |
0.009 |
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Total
Current Liabilities |
|
52.661 |
2.532 |
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Net Current Assets |
|
(26.755) |
13.982 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
642.310 |
39.068 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
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|
SALES |
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TOTAL |
|
NIL
|
NIL
|
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Less |
EXPENSES |
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TOTAL |
|
4.320 |
0.933 |
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PROFIT BEFORE
TAX |
|
(4.320) |
(0.933) |
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Less |
TAX |
|
0.000 |
0.000 |
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PROFIT AFTER TAX
|
|
(4.320) |
(0.933) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.933) |
-- |
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BALANCE CARRIED
TO THE B/S |
|
(5.253) |
(0.933) |
|
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|
Earnings Per Share- Basic (Rs.) |
|
(88.97) |
(20.57) |
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Earnings Per Share-Diluted (Rs.) |
|
(88.97) |
(19.90) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(1.67) |
(5.60) |
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.12) |
(0.02) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
19.00 |
0.06 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
0.49 |
6.52 |
LOCAL AGENCY FURTHER INFORMATION
PROGRESS REPORT
Project is progressing well and has now entered the final phase of
completion. The set of key employees are recruited and undergoing training in
They are hopeful that SEZ will provide the necessary connectivity of raw
water, discharge of treated water and power connection. These connections are
not under direct control of the Project team.
In next year’s report the directors expect to inform of moving from
project status to operation status.
FIXED ASSETS:
·
Land – Leasehold
·
Furniture and Fixture
·
Information Systems (IS) equipments
·
Office Equipments
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. 44.12 |
|
|
1 |
Rs. 72.05 |
|
Euro |
1 |
Rs. 63.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.