|
Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
S H KELKAR AND COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.07.1955 |
|
|
|
|
Com. Reg. No.: |
11-009593 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1051.880 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1955PTC009593 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37437B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS9778G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Aromatic Chemicals Flavours and Fragrances. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12180000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of “Kelkar Group” It is an established company having satisfactory tack. The management has
seen a drastic dip in its net profitability during 2013. However, financial
as well as liquidity position appears to be sound marked by healthy networth
and decent cash balance during the year under review. The ratings also take into consideration the sizeable equity
contribution from Blackstone Capital Partners (Singapore) which has further
improved subject’s financial profile. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of group’s established position in the flavours and fragrances
industry, and the extensive experience of the promoters, the company can be
considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A [Long Term] |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
15.11.2012 |
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/ Export and Import Department : |
|
|
Tel. No.: |
91-22-22069609/ 22019130/ 22069620/ 29/ 30 |
|
Fax No.: |
91-22-22081204 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Lal Bahadur Shastri Marg, Near |
|
Tel. No.: |
91-22-25642242/ 43 / 45/ 0960/ 56/ 58 / 25640960/ 25906245 (Marketing) |
|
Fax No.: |
91-22-25647334/ 25645271/ 25645272/25640202 (Sales Department) |
|
Email: |
marketing@shkelkar.com
(Marketing) katke@shkelkar.com (Sales) |
|
|
|
|
Factory : |
Vashivali, S. No.12-5,6 and S. No.30-34 and 36, Village Patalgana,
District – Raigad - 410220, |
|
Tel. No.: |
91-2192-250628/ 30/ 250452/ 3 |
|
Fax No.: |
91-2192-252753 |
|
Email: |
|
|
|
|
|
Sales Office : |
|
|
Tel No : |
91-22-22019130/ 22019198 |
|
Email : |
|
|
|
|
|
Representative Office : |
Located At: ·
New Delhi ·
Lucknow ·
Nagpur ·
Kolkata ·
Pune ·
Alwaye ·
Bangalore ·
Ahmedabad ·
Hyderabad |
DIRECTORS
AS ON 25.09.2013
|
Name : |
Mr. Ramesh Vinayak Vaze |
|
Designation : |
Managing Director |
|
Address : |
L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India |
|
Date of Birth/Age : |
30.04.1941 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
11.02.1981 |
|
DIN No.: |
00509751 |
|
|
|
|
Name : |
Mrs. Prabha Ramesh Vaze |
|
Designation : |
Director |
|
Address : |
Bal Rajeshwar Road, Mulund (West), Mumbai – 400080, Maharashtra, India
|
|
Date of Birth/Age : |
19.06.1946 |
|
Date of Appointment : |
29.10.1980 |
|
DIN No.: |
00509817 |
|
|
|
|
Name : |
Mr. Kedar Ramesh Vaze |
|
Designation : |
Director |
|
Address : |
Bal Rajeshwar Road, Mulund (West), Mumbai – 400080, Maharashtra, India
|
|
Date of Birth/Age : |
12.11.1973 |
|
Qualification : |
M. Sc., DMS |
|
Date of Appointment : |
27.08.2010 |
|
DIN No.: |
00511325 |
|
|
|
|
Name : |
Mr. Amit Mahendra Kumar Dixit |
|
Designation : |
Director |
|
Address : |
Thakur Nivas, Flat No.21, 173 Jamshedji Tata Road, Churchgate, Mumbai
– 400020, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1973 |
|
Date of Appointment : |
27.09.2012 |
|
DIN No.: |
01798942 |
|
|
|
|
Name : |
Mr. Amit Satya Narayan Dalmia |
|
Designation : |
Director |
|
Address : |
Flat No.94, Building 4-A, Kalpataru Estate, JVLR, Andheri (East), Mumbai
– 400093, Maharashtra, India |
|
Date of Birth/Age : |
30.10.1975 |
|
Date of Appointment : |
27.09.2012 |
|
DIN No.: |
05313886 |
KEY EXECUTIVES
|
Name : |
Mrs. Deepti Pramod Parkar |
|
Designation : |
Company Secretary |
|
Address : |
3, Om Ramanand CHS, |
|
Date of Birth/Age : |
30.06.1984 |
|
Date of Appointment : |
30.06.2011 |
|
PAN No.: |
AOHPP5769E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Prabha Vaze |
|
7677 |
|
Ramesh Vaze |
|
11665 |
|
Kedar Vaze |
|
11322 |
|
Aditi Vaze |
|
1269 |
|
Ramesh Vaze (as
Karta of Ramesh Vaze HUF) |
|
7675 |
|
Kedar Vaze (as Karta
of Kedar Vaze HUF) |
|
6503 |
|
Ramesh Vaze
Family Trust |
|
3045 |
|
Prabha Vaze
Family Trust |
|
3045 |
|
KNP Industries
Pte. Limited, Singapore |
|
10424 |
|
V G Vaze Charity
Trust |
|
2030 |
|
Kelkar
Investment Company Private Limited, India |
|
12918 |
|
Blackstone
Capital Partners (Singapore) VI FDI Two Pte. Limited, Singapore |
|
31692 |
|
Blackstone
Family Investment Partnership (Singapore) VI-ESC FDI Two Pte. Limited |
|
207 |
|
Aachman Vanijya
Private Limited , India |
|
1200 |
|
Acme Polytwist
Private Limited, India |
|
1200 |
|
Sri Agraganya
Investment and Advisers Private Limited , India |
|
600 |
|
Global
Mercantile Private Limited, India |
|
2400 |
|
Linton
Engineering Services Private Limited, India |
|
2400 |
|
Plant Lipids
Private Limited, India |
|
2124 |
|
Rashmi Pathak |
|
588 |
|
Rajeev Pathak HUF |
|
336 |
AS ON 25.09.2013
|
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] |
|
47.61 |
|
Bodies
corporate |
|
1.36 |
|
Directors
or relatives of directors |
|
22.63 |
|
Other
top fifty shareholders |
|
28.40 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Aromatic Chemicals Flavours and Fragrances. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Grindlays Bank Limited, 90 M.G. Road, Fort, Mumbai-400023, Maharashtra, India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India · Standard Chartered Grindlays Bank Limited, 90, Mahatma Gandhi Road, Mumbai - 400 001, Maharashtra, India · The Sangli Bank Limited, Mumbai Branch, Sangli Bank Building, 296, Perin Nariman Street, Mumbai - 400 001, Maharashtra, India · Standard Chartered Bank, 123/125, M. G. Road, Fort, Mumbai – 400 001, Maharashtra, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalaxmi, Mumbai, Maharashtra, India |
|
PAN No: |
AAIFB4734C |
|
|
|
|
Subsidiaries / Group Companies : |
·
Keva Flavours
Private Limited Address: Lal Bahadur
Shastri Marg, Near Tel
No.: 91-22-21643300 Fax
No.: 91-22-21644300 Email: kevaflavours@shkelkar.com ·
Keva Fragrances
Private Limited Address: Bal Rajeshwar
Road, CTS No. 635, 637, Mulund (West), Mumbai-400080, Maharashtra, India Tel
No.: 91-22-21649350/53 Fax
No.: 91-22-21645271 Fax
No.: (Factory): 91-22-21649354 Website: www.kevafragrances.com ·
K.V. Arochem
Private Limited [Aroma Ingredients Manufacturing Unit] Address: Plot No. 170 to
175, GIDC, Industrial Estate, Vapi-396195, Valsad, Gujarat, India Tel
No.: 91-260-2430699/2420799 Fax
No.: 91-260-2430499 ·
Keva Biotech
Private Limited Address: Lal Bahadur
Shastri Marg, Near Tel
No.: 91-22-21649163-69/21677777 Fax
No.: 91-22-21649160 ·
PFW Aroma
Chemicals B.V. [Step Down Subsidiary] Address: Veemweg 29-31,
3770 AK Barneveld, The Netherlands Tel
No.: +31-342-407-700/10 Fax
No.: +31-342-407-720 Email: pfw@pfw.nl Website: www.pfw.nl ·
Saiba Industries Private Limited ·
Keva UK Ltd., United Kingdom ·
Keva Fragrance Industries Pte. Limited, Singapore ·
Keva Chemicals Private Limited (Step-Down
Subsidiary) |
CAPITAL STRUCTURE
AS ON 25.09.2013
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.1000/- each |
Rs.250.000 Millions |
|
1059845 |
Preferences Shares |
Rs.1000/- each |
Rs.1059.845 Millions |
|
15500 |
Preferences Shares |
Rs.10/- each |
Rs.0.155 Million |
|
|
TOTAL
|
|
Rs.1310.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
132271 |
Equity Shares |
Rs.1000/- each |
Rs.132.271
Millions |
|
9195 |
Preferences Shares |
Rs.1000/- each |
Rs.9.195
Millions |
|
|
TOTAL |
|
Rs.141.466 Millions |
AS ON 31.03.2013
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.1000/- each |
Rs.250.000 Millions |
|
1059845 |
Preferences Shares |
Rs.1000/- each |
Rs.1059.845 Millions |
|
15500 |
Preferences Shares |
Rs.10/- each |
Rs.0.155 Million |
|
|
TOTAL
|
|
Rs.1310.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120320 |
Equity Shares |
Rs.1000/- each |
Rs.120.320
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
120.320 |
1072.852 |
1051.880 |
|
(b) Reserves & Surplus |
2401.547 |
1409.843 |
559.058 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
523.364 |
0.000 |
624.750 |
|
Total Shareholders’ Funds (1) + (2) |
3045.231 |
2482.695 |
2235.688 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
361.361 |
601.836 |
654.386 |
|
(b) Deferred tax liabilities (Net) |
15.040 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
9.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
18.543 |
15.321 |
7.281 |
|
Total Non-current
Liabilities (3) |
403.944 |
617.157 |
661.667 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
454.933 |
1104.842 |
1173.595 |
|
(b)
Trade payables |
511.941 |
251.022 |
324.494 |
|
(c)
Other current liabilities |
333.007 |
308.931 |
200.480 |
|
(d) Short-term
provisions |
31.210 |
31.454 |
78.915 |
|
Total Current
Liabilities (4) |
1331.091 |
1696.249 |
1777.484 |
|
|
|
|
|
|
TOTAL |
4780.266 |
4796.101 |
4674.839 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
970.044 |
962.919 |
999.359 |
|
(ii)
Intangible Assets |
4.999 |
0.000 |
4.833 |
|
(iii)
Capital work-in-progress |
258.116 |
212.450 |
192.337 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1128.404 |
1122.799 |
998.612 |
|
(c) Deferred tax
assets (net) |
0.000 |
30.201 |
5.573 |
|
(d) Long-term Loan and Advances |
47.897 |
60.173 |
89.495 |
|
(e) Other
Non-current assets |
1.480 |
0.398 |
6.615 |
|
Total Non-Current
Assets |
2410.940 |
2388.940 |
2296.824 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1.766 |
1.669 |
5.678 |
|
(b)
Inventories |
1157.037 |
1188.009 |
1160.595 |
|
(c)
Trade receivables |
714.714 |
703.622 |
609.949 |
|
(d) Cash
and cash equivalents |
210.980 |
113.742 |
60.331 |
|
(e)
Short-term loans and advances |
283.466 |
395.376 |
541.462 |
|
(f)
Other current assets |
1.363 |
4.743 |
0.000 |
|
Total
Current Assets |
2369.326 |
2407.161 |
2378.015 |
|
|
|
|
|
|
TOTAL |
4780.266 |
4796.101 |
4674.839 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3415.400 |
3056.900 |
2764.900 |
|
|
|
Other Income |
26.200 |
94.800 |
112.800 |
|
|
|
TOTAL |
3441.600 |
3151.700 |
2877.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
3086.600 |
2771.800 |
2573.000 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
355.000 |
379.900 |
304.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
181.700 |
78.800 |
114.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
173.300 |
301.100 |
190.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
59.600 |
119.600 |
133.100 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1507.57 |
3752.95 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.04
|
9.55 |
6.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.39
|
12.43 |
11.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.46
|
11.07 |
8.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.15 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.27
|
0.69 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.42 |
1.34 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10384309 |
31/10/2012 |
300,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B61265856 |
|
2 |
10300772 |
15/07/2011 |
250,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B18264283 |
|
3 |
10295855 |
31/05/2011 |
350,000,000.00 |
ST HELEN'S
NOMINEES INDIA PRIVATE LIMITED |
STANDARD CHARTERED
BANK BLDG23-25 M G ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B16395527 |
|
4 |
10247573 |
31/05/2011 * |
807,500,000.00 |
ST HELEN'S
NOMINEES INDIA PRIVATE LIMITED |
CHARTERED BANK
BLDG23-25 M G ROAD, FORT, MUMBAI - 400001, |
B15773534 |
|
5 |
10231927 |
24/06/2011 * |
950,000,000.00 |
ST HELEN'S
NOMINEES INDIA PRIVATE LIMITED |
STANDARD
CHARTERED BANK BLDG23-25 M G ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B17104480 |
|
* Date of charge modification |
||||||
|
CASE DETAILS BENCH: BOMBAY PRESENTATION DATE: 27/09/2013 LODGING NO.:
FAST/29901/2013
FILING DATE: 19/10/2013
|
FINANCIAL RESULTS
AND BUSINESS REVIEW:
The Company seeks to
help its customers drive growth in their market share, in mature as well as
developing markets, through bringing innovation, consumer insight, market
understanding and commercial expertise to the development of sustainable
creations. During the year, the Company continued its focus on innovation that
supports the Company’s business strategy and helps drive brand growth for its F
and F customers. The Company’s fragrance business continues to grow, driven by
a combination of new business and volume gains with key clients as they expand
in these regions.
Resilient in the
volatile environment, the Company achieved good results in FY 2012-13 and
maintained a healthy balance sheet. The Company was able to achieve top-line
growth in line with its long-term growth targets, owing to strong sales
increases in the emerging markets as well as good performance in the developed
markets. The topline of the Company has increased from Rs. 3056.900 Millions as
on March 31, 2012 to Rs. 3415.400 Millions representing an increase of 11% over
the previous financial year primarily due to growth in the Fragrance business.
The finance cost has come down significantly i.e. by 26% during the year due to
lowering of interest rates and borrowings.
Inventory policy
was substantially revamped along with a change in the overhead allocation
process which resulted in an additional charge during the year of Rs. 76.000
Millions. Additionally, dividend income of Rs. 54.000 Millions received from a
subsidiary company in FY 2011-12 was not forthcoming in FY 2012-13. These
factors impacted the bottom line of the Company in the current year. Excluding
these one off factors, the underlying Profit before Tax recorded a healthy 15%
growth over previous year.
Similarly, Profit
after Tax was impacted by change in Effective Tax Rate which has increased from
21% to 51% on account of prior period adjustment amounting to Rs 33.400
Millions. Additionally, a cumulative refund of Rs 32.800 Millions in last
financial year has also affected the year on year growth percentage. Without
these one off adjustments, the Profit after Tax has recorded a healthy growth
of 12%.
OUTLOOK:
The Company is
confident that it will continue to grow at a faster pace in FY 2013-14. The
Company shall remain committed to its strict cost management for the constant
improvement of our result. In addition to cost reduction, these initiatives
include price management, portfolio optimization and a focus on innovative
products and technologies.
FIXED ASSETS:
·
Goodwill
·
Land
·
Buildings
·
R and D Building
·
Creative Centre – New R
and D Building
·
R and D Equipments
·
R and D Green House
·
Plant and Machinery
·
Motor Cars and Vehicles
·
Furniture and Fixtures
· Agricultural Implements
NEWS:
BLACKSTONE TO INVEST RS 2430.000 MILLIONS IN S H
KELKAR AND COMPANY
MUMBAI, SEPTEMBER 3: The Blackstone
Group today said that it will invest Rs 2430.000 millions in the Mumbai-based
S.H. Kelkar and Company (SHK). SHK is a manufacturer of fragrances, flavours
and aroma chemicals with huge emphasis on research and development.
The company supplies a wide variety of speciality
fragrance and flavour ingredients to leading FMCG companies in India and
abroad.
The company aims to consolidate its position in
India as well as expand its presence in the global markets. Akhil Gupta, Chairman, Blackstone India,
said: “SHK is intrinsic to India’s well-known FMCG brands that are used in
everyone’s daily lives. The company has unique intellectual property and a
strong market presence for over eight decades. In the domestic fragrance
market, SHK is the leader with a large customer base and is the only Indian
player of scale. We are excited to partner SHK management as we foresee a huge
growth opportunity for SHK both in domestic and other emerging markets, driven
by the growth in personal consumption in India, Africa and South-East Asia.”
Keynote Corporate Services Limited was the advisor
for this transaction.
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.61.63 |
|
|
1 |
Rs.101.25 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.