MIRA
INFORM REPORT
|
Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
FIRMENICH AROMATICS PRODUCTION (INDIA) PRIVATE LIMITED |
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Registered
Office : |
Novel House, Road No. 13, MIDC, Marol, Andheri (East), Mumbai –
400093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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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.9.589 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U24119MH2007FTC170590 |
|
|
|
|
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. |
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|
No. of Employees
: |
Not Divulged by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Yet to commenced business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
As per last available financials, the company is yet to commenced its
commercial operations. The management denied to disclose any information about
the company. Therefore, in absence of latest financials the current status of
the company is unavailable. Payments terms are not known. The company can be considered for business dealings on a secured 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.
INFORMATION DECLINED BY
Management Non Co-operative
LOCATIONS
|
Registered Office : |
Novel House, Road No. 13, MIDC, Marol, Andheri (East), Mumbai –
400093, Maharashtra, India |
|
Tel. No.: |
91-22-66400648/564 |
|
Fax No.: |
91-22-66400609 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. Z-10, SEZ Area, Dahej Taluka Vagra, Bharuch – 392130,
Gujarat, India |
DIRECTORS
As on 30.12.2010
|
Name : |
Mr. Matthew Howard Furner |
|
Designation : |
Director |
|
Address : |
52, Route de Valavran 1293, Bellevue, Switzerland |
|
Date of Birth/Age : |
07.11.1972 |
|
Date of Appointment : |
04.05.2007 |
|
DIN No.: |
01399462 |
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|
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|
Name : |
Mr. Sudhir Narasinga Rao |
|
Designation : |
Director |
|
Address : |
C7, Om Sabari CHS, Hanuman Cross Lane – 2, Vile Parle (East), Mumbai –
400057, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1961 |
|
Date of Appointment : |
04.05.2007 |
|
DIN No.: |
01399719 |
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|
|
|
Name : |
Mr. Robert Michael Weinstein |
|
Designation : |
Director |
|
Address : |
276, Holcombe way Lambertville, New Jersey 08230 USA |
|
Date of Birth/Age : |
24.10.1958 |
|
Date of Appointment : |
24.12.2009 |
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DIN No.: |
02801654 |
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|
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|
Name : |
Mr. Sanjay Govindrao Kalyankar |
|
Designation : |
Director |
|
Address : |
Flat No. 13, 3rd Floor, Hill Grangea, Ghodbunder Road,
Hiranandani Estate, Thane (West), Mumbai – 400607, Maharashtra, India |
|
Date of Birth/Age : |
14.09.1961 |
|
Date of Appointment : |
22.03.2010 |
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DIN No.: |
02969691 |
KEY EXECUTIVES
|
Name : |
Mr. Ashit Patel |
|
Designation : |
Manager |
|
Address : |
2901, Odyssey II, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
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Date of Birth/Age : |
11.03.1951 |
|
Date of Appointment : |
22.03.2010 |
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PAN No.: |
AAAPP7483Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
Firmenich Trading Corporation, Switzerland |
|
141009 |
|
Fragar (Europe) SA, Switzerland |
|
1 |
|
Total |
|
141010 |
As on 14.11.2011
|
Names of Shareholders |
|
No. of Shares |
|
Firmenich Trading Corporation, Switzerland |
|
53981 |
|
Total |
|
53981 |
Equity Share Break up (Percentage of Total Equity)
As on 30.12.2010
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Industrial Perfumes, Flavours and
Aromatic Chemicals. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Price Waterhouse, 252 Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai
– 400028, Maharashtra, India |
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PAN.: |
AAEFP5579P |
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Holding Company : |
Firmenich Trading Corporation (FTC) |
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Fellow Subsidiaries : |
·
Firmenich SA ·
Firmenich Inc ·
Firmenich Chemical and Manufacturing |
CAPITAL STRUCTURE
After 30.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
194991 |
Equity Shares |
Rs.100/- each |
Rs.19.499 Millions |
|
|
|
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|
As on 30.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
141010 |
Equity Shares |
Rs.100/- each |
Rs.14.101 Millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
95887 |
Equity Shares |
Rs.100/- each |
Rs.9.589 Millions |
|
|
|
|
|
Note:
1. All the above shares are held by Firmenich Trading Corporation, Switzerland,
the holding Company and its nominee.
2. During the year 14000 Equity shares of Rs.100 each and 33336 Equity
shares of Rs.100 each were issued in cash at a premium of Rs.9900 per Equity share,
pursuant to a resolution passed at the meeting of the Board of Directors held
on June 25, 2009 and March 22, 2010, respectively.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.589 |
4.855 |
4.702 |
|
|
2] Share Application Money |
0.009 |
0.001 |
15.350 |
|
|
3] Reserves & Surplus |
503.771 |
35.145 |
19.949 |
|
|
4] (Accumulated Losses) |
(32.064) |
(5.251) |
(0.933) |
|
|
NETWORTH |
481.305 |
34.750 |
39.068 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1655.672 |
607.560 |
0.000 |
|
|
TOTAL BORROWING |
1655.672 |
607.560 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2136.977 |
642.310 |
39.068 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
242.275 |
232.022 |
0.150 |
|
|
Capital work-in-progress |
1744.963 |
437.043 |
24.936 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
211.992
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
158.964
|
14.719 |
8.988 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.026 |
|
|
Loans & Advances |
31.387
|
11.187 |
7.500 |
|
Total
Current Assets |
402.343
|
25.906 |
16.514 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
239.228
|
52.111 |
2.438 |
|
|
Other Current Liabilities |
11.995
|
0.545 |
0.085 |
|
|
Provisions |
1.381
|
0.005 |
0.009 |
|
Total
Current Liabilities |
252.604
|
52.661 |
2.532 |
|
|
Net Current Assets |
149.739
|
(26.755) |
13.982 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2136.977 |
642.310 |
39.068 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
NA |
|
|
|
Other Income |
0.250 |
0.000 |
NA |
|
|
|
TOTAL (A) |
0.250 |
0.000 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Rates and Taxes |
0.265 |
0.000 |
|
|
|
|
Employee cost |
|
|
|
|
|
|
-
Salaries, Wages and Bonus |
5.916 |
0.000 |
|
|
|
|
-
Contributions to Provident Fund |
0.285 |
0.000 |
|
|
|
|
-
Staff Welfare |
2.608 |
0.000 |
|
|
|
|
-
Leave Encashment and Gratuity |
1.360 |
0.000 |
|
|
|
|
Professional Fees |
6.460 |
2.820 |
|
|
|
|
Rent |
0.794 |
0.000 |
|
|
|
|
Insurance Charges |
1.223 |
0.000 |
|
|
|
|
Travel and Conveyance |
2.805 |
0.000 |
|
|
|
|
Office Supplies |
1.068 |
0.122 |
|
|
|
|
Entertainment Expenses |
0.367 |
0.112 |
|
|
|
|
Telephone |
0.425 |
0.031 |
NA |
|
|
|
Exchange Loss (net) |
0.000 |
0.853 |
|
|
|
|
Miscellaneous Expenses |
0.655 |
0.381 |
|
|
|
|
TOTAL (B) |
24.231 |
4.319 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(23.981) |
(4.319) |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.337 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(25.318) |
(4.319) |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.493 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(26.811) |
(4.319) |
(0.933) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
(26.811) |
(4.319) |
(0.933) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(5.252) |
(0.933) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(32.063) |
(5.252) |
(0.933) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
209.021 |
0.000 |
0.000 |
|
|
|
Capital Goods |
106.342 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
315.363 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
445.36 |
88.97 |
19.90 |
|
%20PRIVATE%20LIMITED%20-%20174415%2027-Mar-2012_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10724.40
|
0.00 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.16)
|
(1.67) |
(5.60) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06)
|
(0.12) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.96
|
19.00 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
0.49 |
6.52 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Trade Creditors |
|
|
|
|
Micro, Small and Medium Enterprise |
0.000 |
0.000 |
0.000 |
|
Others |
239.228
|
52.111 |
2.438 |
|
Total |
239.228
|
52.111 |
2.438 |
Note: The registered address
of the company 74/II, C Cross Road, MIDC, Andheri (East), Mumbai – 400093,
Maharashtra, India has been shifted to the present address w.e.f. 01.07.2010
FIXED ASSETS
·
Land – Leasehold
·
Furniture and Fixtures
·
Information Systems (IS)
Equipments
·
Office Equipment
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 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.51.31 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.67.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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.