MIRA
INFORM REPORT
|
Report Date : |
07.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
K V AROCHEM PRIVATE LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
01.08.1978 |
|
|
|
|
Com. Reg. No.: |
11-020545 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110MH1978PTC020545 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK11130A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACK2243A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Basic Organic Chemicals. |
|
|
|
|
No. of Employees
: |
180 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 690000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-22069609 / 22019130 / 9198 |
|
Fax No.: |
91-22-22081204 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Lal Bahadur Shastri Marg, Near |
|
Tel. No.: |
91-22-21649163 – 69 |
|
Mobile No.: |
91-22-21649160 / 61 / 62 |
|
E-Mail : |
|
|
|
|
|
Sales Office : |
|
|
Tel. No.: |
91-22-22019130 / 98 |
|
E-Mail : |
|
|
|
|
|
Factory 1: |
Vashivali, S. No. 12 - 5,6, and S. No. 30 - 34 &
36, Village Vashivali - Vadgaon, Near Patalganga - 410220, Dist. -
Raigad, |
|
Tel. No.: |
91-2192-25062830 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Plot No.170 to 175, GIDC Industrial Estate, Vapi – 396 195, |
|
Tel. No.: |
91-260-2430699/ 2420799 / 2400949/ 2638-220949 / 220699 |
|
Fax No.: |
91-2638-230499 |
|
Area : |
28 Acres |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
Plot Nos. 322/10, GIDC Industrial Estate, Vapi - 396 195, Dist.
Bulsar, |
DIRECTORS
As on 23.09.2011
|
Name : |
Mr. Ramesh Vinayak Vaze |
|
Designation : |
Director |
|
Address : |
S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund (West),
Mumbai – 400 002, |
|
Date of Birth/Age : |
30.04.1941 |
|
Date of Appointment : |
20.11.1980 |
|
DIN : |
00509751 |
|
|
|
|
Name : |
Mrs. Prabha Ramesh Vaze |
|
Designation : |
Director |
|
Address : |
S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund (West),
Mumbai – 400 002, |
|
Date of Birth/Age : |
19.06.1946 |
|
Date of Appointment : |
04.09.2010 |
|
DIN : |
00509817 |
|
|
|
|
Name : |
Mr. Kedar Ramesh Vaze |
|
Designation : |
Director |
|
Address : |
S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund (West),
Mumbai – 400 002, |
|
Date of Birth/Age : |
12.11.1973 |
|
Date of Appointment : |
19.09.2001 |
|
DIN : |
00511325 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2011
|
Names of Shareholders |
No. of Shares |
|
Ramesh Vaze – Nominee of S.H. Kelkar and Company Private Limited, |
1 |
|
S.H. Kelkar and Company Private Limited, |
49999 |
|
Total |
50000 |
As on 23.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Basic Organic Chemicals. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
(As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Aromatic Chemicals |
M.T. |
1800 |
1040 |
GENERAL INFORMATION
|
Customers : |
Manufacturer |
|||||||||
|
|
|
|||||||||
|
No. of Employees : |
180 [Approximately] |
|||||||||
|
|
|
|||||||||
|
Bankers : |
·
ICICI Bank, Vapi, ·
Standard Chartered Bank, Fort, Mumbai, ·
The Sangli Bank Limited, 296, ·
Standard Chartered Grindlays Bank Limited, 90, ·
Bank of |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Batliboi and Purohit Chartered Accountants |
|
Address : |
|
|
|
91-22-22077941 / 42 |
|
PAN : |
AAAFB0915F |
|
|
|
|
Holding Company : |
S.H. Kelkar and Company Private Limited, CIN No.: U74999MH1955PTC009593 |
|
|
|
|
Fellow Subsidiaries : |
·
Keva Fragrances Private Limited ·
Kelkar Investment Company Private Limited ·
PFW Aroma Chemicals B.V. ·
Keva Flavours Private Limited ·
Keva Biotech Private Limited ·
Keva Chenicals Private Limited U24100MH2007PTC169546 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
|
|
|
|
|
Note : S.H. Kelkar and
Company Private Limited, Mumbai [the holding company] is holding 49760
[P.Y.32016] Equity Shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
3.226 |
3.226 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
167.526 |
84.264 |
82.627 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
172.526 |
87.490 |
85.853 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.118 |
|
|
2] Unsecured Loans |
0.000 |
80.000 |
92.478 |
|
|
TOTAL BORROWING |
0.000 |
80.000 |
92.596 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.840 |
0.931 |
|
|
|
|
|
|
|
|
TOTAL |
172.526 |
168.330 |
179.380 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
91.931 |
94.893 |
98.391 |
|
|
Capital work-in-progress |
2.809 |
5.138 |
3.582 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.013 |
0.013 |
0.013 |
|
|
DEFERREX TAX ASSETS |
1.205 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
195.917
|
107.571
|
92.374 |
|
|
Sundry Debtors |
70.356
|
24.195
|
21.613 |
|
|
Cash & Bank Balances |
9.361
|
7.677
|
32.517 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
29.403
|
16.237
|
16.936 |
|
Total
Current Assets |
305.037
|
155.680
|
163.440 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
82.518
|
25.989
|
17.448 |
|
|
Other Current Liabilities |
136.068
|
57.333
|
65.381 |
|
|
Provisions |
9.883
|
4.072
|
3.217 |
|
Total
Current Liabilities |
228.469
|
87.394
|
86.046 |
|
|
Net Current Assets |
76.568
|
68.286
|
77.394 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
172.526 |
168.330 |
179.380 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
369.870 |
230.006 |
217.973 |
|
|
|
Other Income |
63.613 |
53.580 |
48.693 |
|
|
|
TOTAL (A) |
433.483 |
283.586 |
266.666 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing & Other Expenses |
- |
- |
229.074 |
|
|
|
Increase/(Decrease) in Finished Goods |
- |
- |
7.814 |
|
|
|
TOTAL (B) |
427.391 |
281.215 |
236.888 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
- |
NA |
29.778 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
NA |
NA |
9.989 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
- |
19.292 |
19.789 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
16.921 |
17.713 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6.092 |
2.371 |
2.076 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.055 |
0.734 |
0.625 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.037 |
1.637 |
1.451 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
1.451 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
93.022 |
3.826 |
0.000 |
|
|
TOTAL EARNINGS |
93.022 |
3.826 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
96.709 |
28.187 |
10.798 |
|
|
TOTAL IMPORTS |
96.709 |
28.187 |
10.798 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
152.04 |
50.75 |
45.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.16
|
0.58
|
0.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.65
|
1.03
|
0.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.53
|
0.95
|
0.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.03
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
1.91
|
2.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.78
|
1.90 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The profit after tax for the current year amounted to Rs. 5.037 millions
as against a profit after tax of Rs.1.637 millions for the previous year
amounted to Rs.369.870 millions as against Rs.230.006 millions during the
previous year. There was a rise of remarkable 60.80% in sales contributed
primarily by increase in demand by existing customers and by introduction of
new customers and new products. The directors expect that this upward trend in
topline will continue in the coming years.
The performance of the company has been satisfactory during the year.
Purchase Details :
[As on 31.03.2011]
Rs. in millions
|
Particulars |
S.H.
Kelkar and Company Private Limited |
PFW
Aroma Chemicals B.V. |
|
Purchase |
89.494 |
34.823 |
CONTINGENT
LIABILITIES
Contingent
Liabilities not provided for:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
a) Bank guarantees given by |
|
|
|
State Bank of |
0.150 |
0.150 |
FIXED ASSETS:
·
·
· Residential Flats
· Plant and Machinery
· Furniture and Fixtures
· Motor Cars and Vehicles
WEBSITE DETAILS
Company Profile
The Kelkar Group with an annual turnover of US $ 115 million
is focused on its core business of Fragrances, Flavours and Aroma Chemicals for
nearly nine decades. Today it is leading the fragrance industry in
Through its sales force, agents and marketing representation, the Kelkar Group
covers over 50 countries in South East Asia, China,
The Kelkar Group is well known for its quality and innovation offering its
customers a creative edge and helping to support their products and brands. 
Continuous investment in Research and Development and constant upgradation in its manufacturing facilities have helped the Kelkar Group to serve its customers of today and tomorrow. With the new Fragrance compounding plant at Vashivali, at an investment over US $ 18 million, the Kelkar Group is well prepared to take advantage of the growing global demand for Fragrances, Flavours and Aroma Chemicals.
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.52.78 |
|
|
1 |
Rs.82.33 |
|
Euro |
1 |
Rs.68.19 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.