MIRA INFORM REPORT

 

 

Report Date :

21.02.2013

 

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL FLAVOURS AND FRAGRANCES INDIA PRIVATE LIMITED (w.e.f 15.10.2008)

 

 

Formerly Known As :

INTERNATIONAL FLAVOURS AND FRAGRANCES INDIA LIMITED

 

 

Registered Office :

1-5, Seven Wells Street, St. Thomas Mount, Chennai – 600 016, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

30.12.2011

 

 

Date of Incorporation :

18.11.1931

 

 

Com. Reg. No.:

18-000112

 

 

Capital Investment / Paid-up Capital :

Rs.80.083 Millions

 

 

CIN No.:

[Company Identification No.]

U24294TN1931PTC000112

 

 

PAN No.:

[Permanent Account No.]

AAACB1376K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Creator of Flavours (Flavouring Essences and Ancillaries and Synthetic Food Colour Preparation) and Fragrances (Formulated perfumery Compounds).

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

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

 

Maximum Credit Limit :

USD 5832000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having fine track record. 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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

LOCATIONS

 

Registered Office/ Sales Office 1/ Factory 1/ Creative Laboratory 1 :

1-5, Seven Wells Street, St. Thomas Mount, Chennai – 600 016, Tamilnadu, India

Tel. No.:

91-44-22341131

Fax No.:

91-44-22346158/ 22341135/ 22346017

E-Mail :

chandy.tambi@iff.com

IFF.India@iff.com

Website :

www.iff.com

 

 

Factory 2 :

Uttarabhrahmanapalli (Village Post), Kanipakkam S.O., Chittoor District – 517 131, Andhra Pradesh, India

Tel. No.:

91-8573-281301/ 281302/ 281558

Fax No.:

91-8573-281303

 

 

Fragrance Plant :

Located at:

 

v      Thirumudivakkam, Chennai

 

 

Branch Office 2 (Bangalore) :

Unit 114, Level-1, Prestige Center Point, 7, Edward Road, Bangalore – 560 052, Karnataka, India

Tel. No.:

91-80-22373173/ 22373174

Fax No.:

91-80-22373175

 

 

Branch Office 2 (Jammu) :

Rakhraj Pura, Next to Amtex Plant, Parmandal Morh, Gangyal PO, Jammu – 181 133, Jammu and Kashmir, India

Tel. No.:

91-191-2107354

 

 

Sales Office 2 :

IInd Floor, Global Vantage, IFFCO Road, Sector-18, Gurgaon – 122 001, Haryana, India

Tel. No.:

91-124-4408300

Fax No.:

91-124-4408340

 

 

Sales Office 3 :

Premlata 39, Shakespeare Sarani, Kolkata – 700 017, West Bengal, India

Tel. No.:

91-33-22836435/ 22836436/ 22836437/ 22836438

Fax No.:

91-33-22836439

 

 

Sales Office 4/ Creative Laboratory 2 :

“Delphi” 501-503, ‘C’ Wing, Hiranandani Business Park, Powai, Mumbai – 400 076, Maharashtra, India

Tel. No.:

91-22-40006700

Fax No.:

91-22-28203835

 

 

DIRECTORS

 

As on 28.06.2012

 

Name :

Mr. Sridhar Balakrishnan

Designation :

Managing Director

Address :

5 'Sudarsana', 32 1st Main Road, Raja Annamalai Puram, Chennai - 600 028, Tamilnadu, India

Date of Birth/Age :

04.04.1956

Qualification :

B.Com., F.C.A., F.C.S.

Date of Appointment :

01.06.1999

DIN No.:

00024327

 

 

Name :

Mr. Jeroen Henricus Maria Van Noorden

Designation :

Director

Address :

Paulus Potterlaan 4 3723 Ez Bilthoven, The Netherlands

Date of Birth/Age :

22.12.1960

Date of Appointment :

13.12.2003

DIN No.:

00025172

 

 

Name :

Mr. Chandy Cheeran Thambi

Designation :

Whole Time Director

Address :

A4, 'Vinay Vihar', 2, New Beach Road, Tiruvalluvar Nagar, Tiruvanmiyur, Chennai - 600 041, Tamilnadu, India

Date of Birth/Age :

04.02.1960

Date of Appointment :

01.07.2009

DIN No.:

02427708

PAN No.:

AAAPT3381M

 

 

Name :

Mr. Eduardo III Dagondon Alejandrino

Designation :

Director

Address :

No.10, 1600 Ling Bai Road, PUDONG New Area, Shanghai 201201, China

Date of Birth/Age :

31.10.1963

Date of Appointment :

07.07.2010

DIN No.:

03143191

 

 

KEY EXECUTIVES

 

Name :

Mr. Chandy Cheeran Thambi

Designation :

Secretary

Address :

A4, 'Vinay Vihar', 2, New Beach Road, Tiruvalluvar Nagar, Tiruvanmiyur, Chennai - 600 041, Tamilnadu, India

Date of Birth/Age :

04.02.1960

Date of Appointment :

01.02.1994

PAN No.:

AAAPT3381M

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 28.06.2012

 

Names of Shareholders

 

 

No. of Shares

Bush Boake Allen Limited, U.K.

 

3990502

A. Boake, Roberts and Company (Holding) Limited, U.K.

 

1345872

Raghavan Sushil Pillai

Nita Pillai

 

69440

Raymond Ajit Pillai

Binita Pillai

 

69440

Jayashree S. Bhan

Master Amey Bhan

 

41400

Elizabeth Philomena Marie Paes

 

40757

Yezdi F. Unvala

 

34720

Preeti Nitin Gaitonde

Uma Narendra Kaikini

Lt. Col. Narendra Laxman Kaikini

 

14256

Uma Narendra Kaikini

Neeti Narendra Kaikini

Lt. Col. Narendra Laxman Kaikini

 

28512

Janaki Gopal Bhandarkar

Gopal Kashinath Bhandarkar

Prasad Gopal Bhandarkar

 

28512

Janaki Gopal Bhandarkar

Gopal Kashinath Bhandarkar

Aditya Gopal Bhandarkar

 

28512

A. Ramana Rao

 

20720

Bhavani S. Rao

 

20720

Kanwal Kumar Khanna

 

20295

Bernard Michael Paes

Mathias Anthony Estanislau Paes

 

14470

Mathias Anthony Estanislau Paes

Bernard Michael Paes

 

11320

Lakshmi Nori

 

11032

Rashmi N. Hirani

Narendra K. Hirani

 

8774

Christopher Joseph John Paes

Mathias Anthony Estanislau Paes

 

8597

Sawraj Mehra

 

8080

Kashinath N. Dandekar

 

7488

Hansa L. Hirani

 

3426

Narendra K. Hirani

Rashmi N. Hirani

 

5694

P. Prameela

P.L. Reddy

 

5385

Subha Sundaram

 

2450

B.R. Jawaharlal

J. Anusuya

 

1600

T.N. Viswanathan

Lathika Viswanathan

 

1600

K. Nagaraj

K. Amritha Nagaraj

 

1280

Jayanthi Rajaram

 

1150

Latha Krishnaiyer

 

760

Padma Ramanathan

Latha Krishnaiyer

 

760

Annamma Mathew

 

260

P.K. Zeenath Afraz Rahim

 

140

P.K. Mohammed Abdullah

 

140

P.K. Nasser Abdullah

 

120

B. Harish Mallya

Asha Mallya

 

100

S. Savithri

V.S. Subramanian

 

28

International Flavors and Fragrances (Mauritius) Limited, Republic of Mauritius

 

2140376

Neeti Narendra Kaikini

Uma Narendra Kaikini

Lt. Col. Narendra Laxman Kaikini

 

14256

V.S. Sunder

Sita Sunder

 

2000

Amit Lalit Hirani

Anisha Amit Hirani

 

3362

Total

 

8008306

 

As on 28.06.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian 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 Flavours (Flavouring Essences and Ancillaries and Synthetic Food Colour Preparation) and Fragrances (Formulated perfumery Compounds).

 

 

Products :

Item Code No.

Product Description

3302.10.10

Flavouring Essences

3302.90.11

Formulated Perfumery Compounds

3204.19.81-90

Synthetic Food Colour Preparations

 

 

 

PRODUCTION STATUS (AS ON 31.12.2010)

 

Particulars

Period ended December 31, 2010

 

Licensed capacity

 

Flavouring Essences and Ancillaries

Not applicable

Formulated Perfumery compounds

Not applicable

 

 

Installed capacity

 

Flavouring Essences and Ancillaries

On a review of the technical aspects of the capacity it is considered by the management that the installed capacity is not determinable

Formulated Perfumery compounds

 

 

Actual Production*

 

Flavouring essences and ancillaries – Litres

8248048

Formulated perfumery compounds – Kilos

3259758

 

* Actual Production is net of captive consumption, goods destroyed and includes goods processed by outside parties.

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Bank of Baroda, 252-A, T.T.K. Road, Chennai – 600 018, Tamilnadu, India

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountants 

Address :

32, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600 006, Tamilnadu, India

PAN No.:

AAEFP3641G

 

 

Ultimate Holding Company :

International Flavors and Fragrances Inc, U.S.A. *

 

 

Fellow Subsidiaries :

·         International Flavors and Fragrances I.F.F. (Nederland) B.V. *

·         International Flavors and Fragrances EAME CV

·         International Flavors and Fragrances I.F.F. (Nederland) International B.V.

·         International Flavours and Fragrances (GB) Holdings Limited

·         Aromatics Holdings Limited

·         IFF International Inc.

·         IFF-Benicarlo, S.A. *

·         IFF Financial Services

·         International Flavours and Fragrances (China) Limited *

·         International Flavors and Fragrances Gibraltar Holding (Luxembourg) SCS

·         Irish Flavours and Fragrances Limited *

·         IFF Capital Services

·         International Flavours and Fragrances I.F.F. (Great Britain) Limited *

·         IFF Australia Holdings Pty Limited

·         International Flavors and Fragrances I.F.F. (Italia) S.r.l.

·         IFF Chemical Holdings Inc.

·         International Flavors and Fragrances I.F.F. (Deutschland)

·         IFF (Gibraltar) Holdings G.m.b.H.

·         International Flavors and Fragrances I.F.F. (Switzerland) A.G.

·         IFF Mexico Holdings LLC

·         International Flavors and Fragrances I.F.F. (France) SAS *

·         IFF Latin American Holdings (Espaa) SL

·         International Flavors and Fragrances (Hong Kong) Limited *

·         IFF Augusta Limited

·         International Flavors and Fragrances (Japan) Limited *

·         Fragrance Ingredients Holdings Inc.

·         International Flavors and Fragrances S.A.C.I.

·         Bush Boake Allen Inc.

·         I.F.F. Essencias e Fragrancias Ltda. *

·         Bush Boake Allen (Chile) S.A.

·         International Flavours and Fragrances (Australia) Pty. Limited *

·         Bush Boake Allen Industria E Commercial do Brasil Limitada

·         P.T. Essence Indonesia *

·         Bush Boake Allen Controladora S.A. de C.V.

·         International Flavors and Fragrances (Mexico), S. de R.L. de C.V. *

·         Bush Boake Allen (Nominees) Limited

·         IFF Mexico Manufactura, S.A. de C.V.

·         Bush Boake Allen Holdings (U.K.) Limited

·         International Flavors and Fragrances I.F.F. (Espana) S.A.

·         Bush Boake Allen Pension Investments Limited

·         International Flavors and Fragrances (Poland) Sp.z.o.o.

·         Bush Boake Allen (Pension Trustees) Limited

·         International Flavors and Fragrances (Hangzhou) Co. Limited *

·         Bush Boake Allen Limited *

·         International Flavors and Fragrances (Zhejiang) Co. Limited *

·         Bush Boake Allen Australia Pty Limited

·         International Flavors and Fragrances I.F.F. (S.A.) (Pty) Limited *

·         Boake, Roberts And Company (Holding), Limited *

·         International Flavors and Fragrances I.F.F. (Canada) Limited

·         Bush Boake Allen (New Zealand) Limited

·         Alva Insurance Limited

·         International Flavours and Fragrances (New Zealand) Limited

·         van Ameringen-Haebler Inc.

·         International Flavors and Fragrances Singapore Pte. Limited *

·         International Flavors and Fragrances (Caribe) Inc.

·         Bush Boake Allen Zimbabwe (Private) Limited

·         Sabores y Fragrancias S.A.

·         Bush Boake Allen (Jamaica) Limited

·         IFF Sabores y Fragrancias de Chile Ltda.

·         Bush Boake Allen Benelux B.V.

·         IFF Aroma Esans Sanayi Ve Ticaret A.S. *

·         International Flavors and Fragrances I.F.F. (Norden) AB

·         International Flavors and Fragrances I.F.F. (Israel) Limited

·         Bush Boake Allen Pakistan (Private) Limited

·         International Flavors and Fragrances I.F.F. (Portugal) Lds.

·         Asian Investments Inc.

·         International Flavors and Fragrances (Zimbabwe) (Private) Limited

·         Fragrance Holdings Private Limited

·         International Flavours and Fragrances (Mauritius) Limited *

·         Essence Scientific Research Private Limited

·         International Flavors and Fragrances (Philippines) Inc. *

·         Jamaica Extracts Limited

·         International Flavors and Fragrances (Asia Pacific) Pte. Limited*

·         Bush Boake Allen Barbados Inc.

·         International Flavors and Fragrances (Greater Asia) Pte. Limited

·         Bush Boake Allen Enterprises Limited

·         International Flavours and Fragrances (Thailand) Limited *

·         International Flavours and Fragrances (CIL) Limited

·         International Flavors and Fragrances (Korea) Inc.

·         International Flavors and Fragrances I.F.F. (Middle East) FZE

·         International Flavors and Fragrances (Nederland) Holding B.V.

·         IFF Worldwide (Gibraltar) Limited

·         International Flavors and Fragrances Ardenne S.a.r.l.

·         International Flavors and Fragrances Irish Acquisition Company Limited

·         International Flavors and Fragrances (Luxembourg) S.a.r.l.

·         International Flavors and Fragrances SRL *

·         Misr Co. for Aromatic Products (MARP) S.A.E. *

 

* Represents related parties with whom the Company had transactions during the period

 

CAPITAL STRUCTURE

 

As on 28.06.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

10000000

Equity Shares

Rs.10/- each

Rs.100.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

8008306

Equity Shares

Rs.10/- each

Rs.80.083 Millions

 

 

 

 

 

As on 30.12.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

10000000

Equity Shares

Rs.10/- each

Rs.100.000 Millions

 

 

 

 

 

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 of Rs.10 each bought back

 

Rs.7.306 Millions

 

Total

 

Rs.80.083 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

30.12.2011

31.12.2010

01.01.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

80.083

80.083

80.083

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1377.802

1378.211

1257.156

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1457.885

1458.294

1337.239

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

1457.885

1458.294

1337.239

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

333.300

365.696

288.867

Capital work-in-progress

56.538

9.304

58.210

 

 

 

 

INVESTMENT

0.000

0.000

0.025

DEFERRED TAX ASSETS

17.701

12.814

15.836

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
856.447
825.659
654.312

 

Sundry Debtors
640.240
670.300
554.473

 

Cash & Bank Balances
175.804
183.595
160.075

 

Other Current Assets
0.064
0.107
0.847

 

Loans & Advances
3281.792
2952.448
304.078

Total Current Assets
4954.347
4632.109
1673.785

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
832.999

801.586
654.224

 

Other Current Liabilities
31.369
22.948
17.536

 

Provisions
3039.633
2737.095
27.724

Total Current Liabilities
3904.001
3561.629
699.484

Net Current Assets
1050.346
1070.480
974.301

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1457.885

1458.294

1337.239

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

30.12.2011

31.12.2010

01.01.2010

 

SALES

 

 

 

 

 

Income

5061.075

4689.341

3889.228

 

 

Other Income

 

 

 

 

 

TOTAL                                     (A)

5061.075

4689.341

3889.228

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

3870.905

3543.204

3047.753

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

3870.905

3543.204

3047.753

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

1190.170

1146.137

841.475

 

 

 

 

 

Less

INTEREST                                                         (D)

0.000

0.014

0.208

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1190.170

1146.123

841.267

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

62.795

51.974

43.947

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1127.375

1094.149

797.320

 

 

 

 

 

Less

TAX                                                                  (H)

290.113

303.022

216.399

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

837.262

791.127

580.921

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

890.384

855.403

847.887

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Interim Dividend Paid

720.748

580.602

440.457

 

 

Tax on Dividend

116.923

96.431

74.856

 

 

Transfer to General Reserve

83.726

79.113

58.092

 

BALANCE CARRIED TO THE B/S

806.249

890.384

855.403

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods on F.O.B. basis

NA

358.950

311.043

 

 

Commission

NA

15.689

10.871

 

TOTAL EARNINGS

NA

374.639

321.914

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

1296.447

1125.106

 

 

Packing Materials

NA

1.100

1.128

 

 

Capital Goods

NA

8.779

18.664

 

TOTAL IMPORTS

NA

1306.326

1144.898

 

 

 

 

 

 

Earnings Per Share (Rs.)

104.55

98.79

72.54

 

KEY RATIOS

 

PARTICULARS

 

 

30.12.2011

31.12.2010

01.01.2010

PAT / Total Income

(%)

16.54

16.87
14.94

 

 

 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)

21.32

21.89
40.62

 

 

 

 
 

Return on Investment (ROI)

(PBT/Networth)

 

0.77

0.75
0.60

 

 

 

 
 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.00
0.00

 

 

 

 
 

Current Ratio

(Current Asset/Current Liability)

 

1.27

1.30
2.39

 

 

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) Constitutions 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

No

9) Name of person contacted

No

10) Designation of contact person

No

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

No

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

No

18) Major customers

No

19) Payments terms

No

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

No

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

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


BUSINESS

 

The Company marked a milestone when, in its 80th year in India, Sales (excluding Excise Duty) crossed Rs.5000.000 Millions during the year, a growth of more than 8% over the previous year. Profit After Tax increased from Rs.791.000 Millions in 2010 to Rs.832.000 Millions in 2011, a 6% increase.

 

Flavour business continues to maintain its market leadership position with a growth of 17% over the previous year. To ensure proximity to the customers, the company is setting up a modern Creative and Application Centre in Gurgaon, which should be ready for operation from the third quarter of 2012.

 

Fragrance business had a challenging year with extremely difficult market conditions. The Company continues to devise strategies to increase sales and improve margins in the competitive market. During the year the Company opened a Global Technical Centre for Fabric Care, at Mumbai, as part of an initiative to provide value-added service to Fragrance customers.

 

CONTINGENT LIABILITY:

 

Particulars

30.12.2011

(Rs. in millions)

31.12.2010

(Rs. in millions)

Contingent liability in respect of disputed sales tax

31.730

31.730

 

FIXED ASSETS:

 

v      Land and Development

v      Buildings

v      Plant and Machinery

v      Electrical Installations

v      Water Supply

v      Furniture, Fixtures, Office and Laboratory Equipment

v      Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.54.05

UK Pound

1

Rs.83.45

Euro

1

Rs.72.54  

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

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

NO

--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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.