MIRA INFORM REPORT
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Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
AARAV FRAGRANCES AND FLAVORS PRIVATE LIMITED |
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Registered
Office : |
"Aarav House", A-152 / A-153, Road No 25, Wagle Estate, Thane (West), Thane – 400604, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
13.03.2007 |
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Com. Reg. No.: |
11-168695 |
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Capital
Investment / Paid-up Capital : |
Rs.40.000 Millions |
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CIN No.: [Company Identification
No.] |
U74999MH2007PTC168695 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Fragrances and Flavors
Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 380000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There appears huge external borrowing recorded by the company which
acts as a threat to the company’s liquidity. The profitability is also low. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
INFORMATION PARTED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-41130232 |
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Date : |
09.05.2013 |
LOCATIONS
|
Registered Office : |
"Aarav House", A-152 / A-153, Road No 25, Wagle
Estate, Thane (West), Thane – 400604, Maharashtra, India |
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Tel. No.: |
91-22-41130232/ 34 |
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Fax No.: |
91-22-25827419 |
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E-Mail : |
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Website : |
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Factory : |
Located at Wada, Maharashtra, India |
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Showroom : |
No.136, 3rd Main 9th Corss, Chamrajpet
Bangalore, Karnataka, India |
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Tel. No.: |
91-80-26612296 |
DIRECTORS
As on: 24.09.2012
|
Name : |
Mr. Ajit Suresh Vaze |
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Designation : |
Managing director |
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Address : |
801/ 802, Ixora, Hiranandani Medows, Galdys, Alwaris Road Off Pokhran
Road 2, Thane – 400610, Maharashtra, India |
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Date of Birth/Age : |
31.10.1965 |
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Date of Appointment : |
13.03.2007 |
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DIN No.: |
00509899 |
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Name : |
Mrs. Anuradha Ajit Vaze |
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Designation : |
Director |
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Address : |
801/ 802, Ixora, Hiranandani Medows, Galdys, Alwaris Road Off Pokhran
Road 2, Thane – 400610, Maharashtra, India |
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Date of Birth/Age : |
12.03.1969 |
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Date of Appointment : |
13.03.2007 |
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DIN No.: |
01186560 |
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Name : |
Mr. Ajit Shamrao Deshmukh |
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Designation : |
Director |
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Address : |
Samarth Krupa, Ram Mandir Road, Vile Parle East, Mumbai – 400057,
Maharashtra, India |
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Date of Birth/Age : |
13.01.1969 |
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Date of Appointment : |
08.06.2011 |
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DIN No.: |
00203706 |
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Name : |
Jean Louis Yves Matthey De L'endroit |
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Designation : |
Director |
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Address : |
Primelweg 1, 6440, Brunnen, Switzerland 6440 |
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Date of Birth/Age : |
24.06.1945 |
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Date of Appointment : |
04.07.2011 |
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DIN No.: |
03645515 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin |
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Designation : |
Accounts Department |
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Name : |
Dilip Deokule and Company |
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Designation : |
Company Secretary |
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Address : |
9A/14, Brindaban, Thane – 400601, Maharashtra, India |
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Tel No.: |
91-22-25345829 |
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Mobile No.: |
91-9820725858 |
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Email : |
MAJOR SHAREHOLDERS
As on: 24.09.2012
|
Names of Shareholders |
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No. of Shares |
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Ajit Suresh Vaze |
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1000000 |
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Anuradha Ajit Vaze |
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2000000 |
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Ajit Suresh vaze (Karta) |
|
1000000 |
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Total |
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4000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 24.09.2012
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Fragrances and Flavors
Products. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G M Kapadia and Company Chartered Accountants |
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Address : |
36 B, Tamarind House, Tamarind Lane, Fort Mumbai – 400001,
Maharashtra, India |
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Tel. No.: |
91-22-66775555 |
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Fax No.: |
91-22-66775500 |
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PAN No.: |
AAAFG4713G |
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Subsidiary Company : |
CIN No.: U72300MH2011PTC214891
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CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
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2000000 |
Preference Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Total |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
40.000 |
40.000 |
40.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
57.144 |
64.951 |
47.736 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
97.144 |
104.951 |
87.736 |
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LOAN FUNDS |
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1] Secured Loans |
66.618 |
62.486 |
45.906 |
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2] Unsecured Loans |
632.712 |
542.787 |
80.793 |
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TOTAL BORROWING |
699.330 |
605.273 |
126.699 |
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DEFERRED TAX LIABILITIES |
1.958 |
1.645 |
0.141 |
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TOTAL |
798.432 |
711.869 |
214.576 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
422.369 |
145.106 |
84.680 |
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Capital work-in-progress |
0.000 |
223.692 |
14.013 |
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INVESTMENT |
198.546 |
198.447 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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FOREIGN CURRENCY MONETARY ITEMS TRANSLATION DIFFERENCE RESERVE (FCMITDR) |
15.210 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
108.230
|
72.797 |
60.695 |
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Sundry Debtors |
92.026
|
93.787 |
59.222 |
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Cash & Bank Balances |
5.373
|
6.536 |
1.775 |
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Other Current Assets |
4.077
|
0.000 |
0.000 |
|
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Loans & Advances |
55.673
|
75.516 |
23.065 |
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Total
Current Assets |
265.379
|
248.636 |
144.757 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
61.776
|
41.442 |
26.064 |
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Other Current Liabilities |
36.305
|
58.750 |
0.430 |
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Provisions |
4.991
|
3.820 |
2.380 |
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Total
Current Liabilities |
103.072
|
104.012 |
28.874 |
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Net Current Assets |
162.307
|
144.624 |
115.883 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
798.432 |
711.869 |
214.576 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
355.130 |
314.529 |
228.967 |
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Other Income |
5.177 |
2.332 |
0.305 |
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TOTAL |
360.307 |
316.861 |
229.272 |
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Less |
EXPENSES |
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Office Expenses |
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|
193.079 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
329.758 |
280.141 |
193.079 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
30.549 |
36.720 |
36.193 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
29.359 |
10.455 |
3.992 |
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PROFIT BEFORE
TAX |
1.189 |
26.265 |
32.201 |
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Less |
TAX |
0.313 |
9.003 |
10.998 |
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PROFIT AFTER TAX
|
0.876 |
17.261 |
21.203 |
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PRIOR PERIOD
ADJUSTMENTS (INCOME/ EXPENSES) |
(8.683) |
(0.046) |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
54.951 |
40.236 |
21.533 |
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Less |
APPROPRIATIONS |
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|
Transfer to General Reserve |
0.000 |
2.500 |
2.500 |
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BALANCE CARRIED
TO THE B/S |
47.144 |
54.951 |
40.236 |
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EARNINGS IN
FOREIGN CURRENCY |
NA |
6.540 |
4.796 |
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IMPORTS |
|
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Raw Materials |
|
83.894 |
41.352 |
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Capital Goods |
|
16.996 |
0.000 |
|
|
|
Interest Paid on ECB Loan |
|
0.222 |
0.000 |
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Expenditure on Investment |
|
5.926 |
0.000 |
|
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TOTAL IMPORTS |
NA |
107.038 |
41.352 |
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Earnings Per
Share (Rs.) |
0.22 |
4.31 |
5.30 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.24
|
5.45 |
9.25 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.33
|
8.35 |
14.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.17
|
6.67 |
14.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.25 |
0.37 |
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Debt Equity Ratio (Total Debt /Networth) |
|
7.20
|
5.77 |
1.44 |
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Current Ratio (Current Asset/Current Liability) |
|
2.57
|
2.39 |
5.01 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Trade payables |
61.776
|
41.442 |
26.064 |
|
|
|
|
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Total |
61.776
|
41.442 |
26.064 |
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Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
No |
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9] |
Name of person contacted |
Yes |
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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 |
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 |
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 |
|
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 |
OPERATIONS AND
DIVIDEND:
The Company is in Stabilization phase and has registered a 13.05 % (37%) growth in sales: Growth in sales on year on yen basis was mainly due to increasing applications and wider applications of the company's products continued to mark the growth. Despite general Strengthens in industry market, the company continued to maintain its Operating Profit Margins (EBIDT) 14.15% (14.10%). No dividend is recommended for the financial year. Similarly no transfers to General Reserves are under proposition.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG-TERM
BORROWINGS |
|
|
|
Term loans |
|
|
|
From Bank (F.CB Loan) |
191.845 |
167.573 |
|
Loans and Advance
from Related parties |
|
|
|
Loan from Directors |
408.270 |
372.497 |
|
SHORT-TERM BORROW
INGS |
|
|
|
Overdraft from HDFC Bank |
26.404 |
2.717 |
|
Loan from Aarav ITES Private Limited |
6.193 |
0.000 |
|
Total |
632.712 |
542.787 |
FUTURE PROSPECTS AND
EXPANSION:
The Company is preparing its infrastructure, making market analysis and sales strategy for added products in flavors. The company has begun construction of a separate building at Wada factory for flavor production.
The company is in the process of strengthening its Exports to European markets. Middle east and has also explored possibility of export to African countries. The Company is confident of making a niche presence with its products in this new market area.
Synergic services from IT subsidiaries in the areas of if support, tools would help control operating costs and provide pricing advantages for the company's products.
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Electrical
Fittings
- Vehicle
- Office
Equipment
- Air
Conditioner
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 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.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.