|
Report Date : |
05.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
FLAVORS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-5 And 14, Industrial Estate, Meetupalayam– 605009, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
26.05.1975 |
|
|
|
|
Com. Reg. No.: |
59-000130 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15499PY1975PTC000130 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of beverage Flavours,
Food Flavours , Food colour, grape Flavours , soft drinks etc. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 9300 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company has
incurred some losses in the current year. 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 – 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Murgavel |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-413-2271361 |
|
Date : |
08.05.2012 |
LOCATIONS
|
Registered Office/ Factory : |
C-5 and 14, Industrial Estate, Meetupalayam– 605009, |
|
Tel. No.: |
91-413-2271361/ 2271833 |
|
Fax No.: |
91-413-2277119 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Prabha Sureender Bramanandam |
|
Designation : |
Managing director |
|
Address : |
No.33, Kasturi Bai Nagar, Thattanchavady, Pondcheery – 605009, |
|
Date of Birth/Age : |
15.05.1969 |
|
Date of Appointment : |
27.03.1998 |
|
DIN No.: |
00748375 |
|
|
|
|
Name : |
Mr. Seetharaman Senthil |
|
Designation : |
Director |
|
Address : |
No.30, Beach Sreet, Cuddalore – 607001, |
|
Date of Birth/Age : |
26.09.1961 |
|
Date of Appointment : |
01.08.2000 |
|
DIN No.: |
00748500 |
KEY EXECUTIVES
|
Name : |
R. Ghuna Shekaran |
|
Designation : |
Practising Company Secretary |
|
Address : |
F-3, Subramanian Flat, New No. 9, Naidu Street, 3rd Lane,
Kottur, Chennai – 600085, Tamilnadu, India |
|
Qualification : |
M.Com, AICWA, A.C.S. |
|
Email Id : |
|
|
|
|
|
Name : |
Mr. Murgavel |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
S. Prabha |
|
12500 |
|
B. Chandra |
|
4000 |
|
S. Sendhil |
|
400 |
|
S. Sureender |
|
3100 |
|
Total |
|
20000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of beverage Flavours,
Food Flavours , Food colour, grape Flavours , soft drinks etc. |
|
|
|
|
Products : |
v
Beverage ( Non - Alcoholic ) v
Bakery and Confectionery v
Dairy and Tea Industry v
Beverage ( Alcoholic ) v
Household Use v
Pharmaceuticals v
Savoury and Snack Foods v
Tobacco |
|
|
|
|
Exports : |
|
|
Products : |
v
Beverage ( Non - Alcoholic ) v
Bakery and Confectionery v
Dairy and Tea Industry v
Beverage ( Alcoholic ) v
Household Use v
Pharmaceuticals v
Savoury and Snack Foods v
Tobacco |
|
Countries : |
v
v
v
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Flavours |
Litres |
NA |
NA |
27,961.70 |
|
Caramel |
Kgs. |
NA |
NA |
541,737.00 |
|
Liquid Preservatives |
Litres |
NA |
NA |
34,941.50 |
|
Food Colours |
Kgs. |
NA |
NA |
15,749.50 |
Notes:
(i) The Company is exempt from the licensing provisions of the
Industries (Development Regulation) Act, 1951.
(ii) Installed capacity, is in the opinion of the management, not
ascertainable.
(iii) Figures in brackets relate to previous period.
GENERAL INFORMATION
|
Suppliers : |
Industrial Associates |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Customers : |
Monali Chemicals |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
50 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
v
Indian Overseas Bank, |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
Overdraft Rs. 5.000 Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution
: |
v
Sundaram Finance Limited, |
|
|
|
|
Auditors : |
|
|
Name : |
Vaithianathan and Company Chartered Accountants |
|
Address : |
229, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAGFV6423Q |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000 |
Equity shares |
Rs. 100/- each |
Rs. 3.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity shares |
Rs. 100/- each |
Rs. 2.000
Millions |
|
|
|
|
|
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 |
2.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.340 |
0.756 |
0.698 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.340 |
2.756 |
2.698 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.503 |
0.290 |
1.638 |
|
|
2] Unsecured Loans |
0.300 |
0.650 |
1.050 |
|
|
TOTAL BORROWING |
0.803 |
0.940 |
2.688 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3.143 |
3.696 |
5.386 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.808 |
1.718 |
2.112 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.010 |
0.010 |
0.009 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.629
|
1.601
|
4.529 |
|
|
Sundry Debtors |
6.392
|
5.170
|
3.653 |
|
|
Cash & Bank Balances |
1.023
|
1.029
|
0.004 |
|
|
Other Current Assets |
0.117
|
0.039
|
0.057 |
|
|
Loans & Advances |
0.631
|
0.861
|
0.721 |
|
Total
Current Assets |
10.792
|
8.700
|
8.964 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.203
|
5.621
|
4.940 |
|
|
Other Current Liabilities |
2.288
|
0.647
|
0.618 |
|
|
Provisions |
0.976
|
0.464
|
0.141 |
|
Total
Current Liabilities |
10.467
|
6.732
|
5.699 |
|
|
Net Current Assets |
0.325
|
1.968
|
3.265 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3.143 |
3.696 |
5.383 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
SALES AND OTHER
INCOME |
37.901 |
35.254 |
25.295 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
37.779 |
34.209 |
24.462 |
|
|
|
TOTAL |
37.779 |
34.209 |
24.462 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
0.122 |
1.045 |
0.833 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.090 |
0.271 |
0.183 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.032 |
0.774 |
0.650 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.318 |
0.392 |
0.301 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(0.286) |
0.382 |
0.349 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.130) |
0.324 |
0.142 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
(0.416) |
0.058 |
0.207 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.79 |
2.91 |
10.35 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
45.000 |
|
|
|
|
|
Expected Sales ( 2012-2013 ) : Rs. 60.000 Millions
The above information has been parted by Mr. Murgavel (Finance Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(1.10)
|
0.16
|
0.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.10)
|
3.67
|
3.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12)
|
0.14
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.82
|
2.78
|
3.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.29
|
1.57 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constitution of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
-- |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
No |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
-- |
|
26. Buyer visit details |
-- |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
FIXED ASSETS:
v
Furniture
v
Plant and Machinery
v
Tools
v
Typewriter
v
Building
v
Lab Equipments
v
Office Equipments
v
Car
v
Computer
v
Mini Van
Trade references
v Industrial Associates
v Monali Chemicals
AS PER WEBSITE DETAILS
PROFILE:
Subject is a well established and systematically organised company engaged in the manufacture of Food flavours, Food colours and Caramel. The genesis of Flavors India dates back to 1975 after an indepth and intensive market survey to cater to the needs of high demand areas.
The Promoter Late Shri.R. Bramanandam and his team had the Business Acumen, Professional background obtained after serving a long stint in flavour industry sound business ethics, skills and had brought this to bear in the discipline and systems required to maintain and sustain quality and quantity in such a mass production.
Subject, Operates from
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. 55.52 |
|
|
1 |
Rs. 85.29 |
|
Euro |
1 |
Rs. 68.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.