MIRA
INFORM REPORT
|
Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL FLAVOURS AND FRAGRANCES INDIA PRIVATE LIMITED (w.e.f
15.10.2008) |
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Formerly Known
As : |
INTERNATIONAL FLAVORS AND FRAGRANCES INDIA LTD |
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Registered
Office : |
1-5, |
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Country : |
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Financials (as
on) : |
01.01.2010 |
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Date of Incorporation
: |
18.11.1931 |
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Com. Reg. No.: |
18-000112 |
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CIN No.: [Company Identification
No.] |
U24294TN1931PTC000112 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Creator of Flavors
and Fragrances |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 5300000 |
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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 having fine track.
Financial position of the company appears to be sound. Trade relations are fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for good 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
|
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 |
LOCATIONS
|
Registered Office : |
1-5, Seven Wells Street, St. Thomas Mount, Chennai – 600016,
Tamilnadu, India |
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Tel. No.: |
91-44-22341131 |
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Mobile No.: |
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Fax No.: |
91-44-22346158/22341135/22346017 |
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E-Mail : |
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Website : |
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Branches : |
Located at:
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DIRECTORS
As On 25.06.2010
|
Name : |
Mr. Sridhar Balakrishnan |
|
Designation : |
Managing Director |
|
Address : |
5 'Sudarsana',
32 1st |
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Date of Birth/Age : |
04.04.1956 |
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Date of Appointment : |
01.06.1999 |
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DIN No.: |
00024327 |
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Name : |
Mr. Jeroen Henricus Maria Van Noorden |
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Designation : |
Director |
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Address : |
Paulus Potterlaan 4 3723 Ez Bilthoven, The |
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Date of Birth/Age : |
22.12.1960 |
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Date of Appointment : |
13.12.2003 |
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DIN No.: |
00025172 |
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Name : |
Mr. Matthias Reto Hani |
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Designation : |
Director |
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Address : |
11A Gascogne |
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Date of Birth/Age : |
06.11.1965 |
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Date of Appointment : |
18.06.2009 |
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DIN No.: |
02679126 |
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Name : |
Mr. Chandy Cheeran Thambi |
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Designation : |
Whole Time Director |
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Address : |
A4 'Vinay Vihar', 2 New |
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Date of Birth/Age : |
04.02.1960 |
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Date of Appointment : |
01.07.2009 |
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DIN No.: |
02427708 |
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Name : |
Mr. Alagappan Arunachalam Murugappa |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.12.1943 |
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Date of Appointment : |
16.06.1995 |
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Date of Cessation : |
15.07.2009 |
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DIN No.: |
00031805 |
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Name : |
Eduardo III Dagondon Alejandrino |
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Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
31.10.1963 |
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Date of Appointment : |
07.07.2010 |
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DIN No.: |
03143191 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 25.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bush Boake Allen Limited - |
|
3990502 |
|
A. Boak, Roberts and Company (Holding) Limited – |
|
1345872 |
|
Raghavan SUshil Pillai / Nita Pillai |
|
69440 |
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Raymond Ajit Pillai / Binita Pillai |
|
69440 |
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Jayashree S. Bhan / Amey Bhan |
|
41400 |
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Elizabeth Philomena Marie Paes |
|
40757 |
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Yezdi F Unvala |
|
34720 |
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A. Ramana Rao |
|
20720 |
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Bhavani S Rao |
|
20720 |
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Kanwal Kumar Khanna |
|
20295 |
|
Mathias Anthony Estanislau Paes / Bernard Michael Paes |
|
11320 |
|
Sawraj Mehra |
|
8080 |
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Hansa L Hirani |
|
3426 |
|
Vidya Shankar / V S Sunder |
|
2000 |
|
International Flavours and Fragrances ( |
|
2140376 |
As On 25.06.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
96.49 |
|
Other top fifty shareholders |
3.51 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Creator of Flavors
and Fragrances |
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Products : |
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PRODUCTION STATUS (AS ON 01.01.2010)
|
Particulars |
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|
Unit |
Actual
Production * |
|
Flavouring essences and ancillaries |
|
|
Litres |
6857991 |
|
Formulated perfumery compounds |
|
|
Kilos |
2687574 |
* Actual Production is net of captive consumption, goods destroyed and includes goods processed by outside parties.
GENERAL INFORMATION
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
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Pan No.: |
AAEFP3641G |
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Holding Company : |
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Fellow Subsidiaries : |
* Represents related parties with whom the Company had
transactions during the year |
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Subsidiaries : |
CIN: U31501TN1977PTC007355 |
CAPITAL STRUCTURE
As On 01.01.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8738908 |
Equity Shares |
Rs. 10/- each |
Rs. 87.389
Millions |
|
Less: 730602 |
Equity Shares Bought Back |
|
Rs. 7.306
Millions |
|
|
Total |
|
Rs. 80.083 Millions |
Notes:
Number of shares
Number of shares
1. Of the total Issued and Subscribed Capital:
a) Shares allotted as fully paid - up pursuant to a
contract for a consideration other than cash.
150
150
b) Shares allotted as fully paid - up bonus shares by
way of capitalisation of General Reserve.
8116614
8116614
c) Partly paid - up equity shares of Rs 7.50 each
converted as fully paid-up through capitalisation of
General Reserve. 30137 30137
d) Shares allotted as fully paid - up pursuant to
Schemes of Amalgamation to the Members of the
Amalgamating Companies without payments being
received in cash.
258017
258017
2. Number of Equity shares of Rs 10 each held by
subsidiaries of International Flavours and Fragrances, Inc
U.S.A, the ultimate Holding Company.
A.Boake Roberts and Co (Holding) Limited
1345872
1345872
Bush Boake Allen Limited,
International Flavours and Fragrances (
7476750 7476750
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
01.01.2010 |
02.01.2009 (13
months) |
28.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
80.083 |
80.083 |
80.083 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1257.156 |
1191.548 |
1033.006 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1337.239 |
1271.631 |
1113.089 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1337.239 |
1271.631 |
1113.089 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
288.867 |
297.226 |
323.299 |
|
|
Capital work-in-progress |
58.210 |
17.735 |
2.950 |
|
|
|
|
|
|
|
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INVESTMENT |
0.025 |
0.025 |
0.025 |
|
|
DEFERREX TAX ASSETS |
15.836 |
9.935 |
2.035 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
654.312
|
631.583 |
708.819 |
|
|
Sundry Debtors |
554.473
|
530.456 |
481.772 |
|
|
Cash & Bank Balances |
160.075
|
241.516 |
107.102 |
|
|
Other Current Assets |
0.847
|
0.280 |
1.881 |
|
|
Loans & Advances |
304.078
|
272.980 |
226.132 |
|
Total
Current Assets |
1673.785
|
1676.815 |
1525.706 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
654.224
|
689.539 |
704.844 |
|
|
Other Current Liabilities |
17.536
|
14.823 |
14.285 |
|
|
Provisions |
27.724
|
25.743 |
21.797 |
|
Total
Current Liabilities |
699.484
|
730.105 |
740.926 |
|
|
Net Current Assets |
974.301
|
946.710 |
784.780 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1337.239 |
1271.631 |
1113.089 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
01.01.2010 |
02.01.2009 (13
months) |
28.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
3889.228 |
3458.674 |
2827.699 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
3047.753 |
2639.421 |
2218.968 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
841.475 |
819.253 |
608.731 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.208 |
0.066 |
0.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
841.267 |
819.187 |
608.661 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.947 |
41.073 |
40.489 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
797.320 |
778.114 |
568.172 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
216.399 |
244.800 |
202.787 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
580.921 |
533.314 |
365.385 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
847.887 |
742.677 |
718.334 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
58.092 |
53.332 |
36.539 |
|
|
|
Interim Dividend Paid |
440.457 |
320.332 |
260.270 |
|
|
|
Tax on Dividend |
74.856 |
54.440 |
44.233 |
|
|
BALANCE CARRIED
TO THE B/S |
855.403 |
847.887 |
742.677 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
311.043 |
301.383 |
197.193 |
|
|
|
Commission |
10.871 |
10.825 |
9.091 |
|
|
TOTAL EARNINGS |
321.914 |
312.208 |
206.284 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1125.106 |
709.130 |
639.465 |
|
|
|
Packing materials |
1.128 |
1.492 |
0.417 |
|
|
|
Capital Goods |
18.664 |
0.898 |
3.403 |
|
|
TOTAL IMPORTS |
1144.898 |
711.52 |
643.285 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
72.54 |
66.60 |
45.63 |
|
KEY RATIOS
|
PARTICULARS |
|
01.01.2010 |
02.01.2009 (13
months) |
28.12.2007 |
|
PAT / Total Income |
(%) |
14.94
|
15.42 |
12.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
40.62
|
39.42 |
30.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.61 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.57 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39
|
2.30 |
2.06 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS:
The Company’s Sales (excluding Excise Duty) was over Rs.3800.000 Million during the year, a growth of more than 12%. Profit After Tax increased from Rs.533.000 Million in 2008 to Rs.581.000 Million in 2009, a 9% increase. The Company continues to devise strategies to increase sales and improve margins in the competitive market. Operations continued to focus on supply-chain efficiencies to reduce lead-times and improve manufacturing capabilities, by making optimum use of systems and processes. The Fragrance Plant at Thirumudivakkam, Chennai has now become fully operational.
Contingent
Liability (As On 01.01.2010)
Contingent liability in respect of disputed sales tax 31.730 Millions
Fixed Assets:
- Land and
development
- Buildings
- Plant and
machinery
- Electrical
installations
- Water supply
- Furniture,
fixtures, office and laboratory equipment
- Vehicles
AS PER WEBSITE
DETAILS
CORPORATE PROFILE
Subject
is a worldwide innovator and leader in the art of creating flavors and fragrances.
For more than 170 years we've worked closely with the world's leading brands in
developing the scents and tastes for products that have become household names.
The non-cyclical nature of our business, management experience, industry
expertise, and relentless pursuit of product innovation enable us to achieve
steady, continuous growth. Subject is committed to increasing revenues and
managing for top operational performance. The 5,500 employees work at sales,
manufacturing and creative facilities in 33 countries, and 74 percent of our
revenue is generated outside the
PRESS RELEASE:
IFF Declares Dividend for Second Quarter 2011
International
Flavors and Fragrances Inc. (NYSE: IFF), a leading global creator of flavors
and fragrances for consumer products, announced that its Board of Directors has
declared a regular quarterly cash dividend of $0.27 per share on the common
stock of the corporation, payable on 06.07.2011 to shareholders of record on
22.06.2011.
About IFF:
International
Flavors and Fragrances Inc. (NYSE: IFF) is a leading global creator of flavors
and fragrances used in a wide variety of consumer products and packaged goods.
Consumers experience these unique scents and tastes in fine fragrances and
beauty care, detergents and household goods, as well as beverages,
confectionery and food products. The Company leverages its competitive
advantages of brand understanding and consumer insight, combined with its focus
on R and D and innovation, to provide customers with differentiated product
offerings. A member of the S and P 500 Index, IFF has sales, manufacturing and
creative facilities in 33 countries worldwide
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.44.59 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
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 |
|
- |
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.