MIRA INFORM REPORT
|
Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
S H KELKAR AND COMPANY PRIVATE LIMITED |
|
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|
|
Registered
Office : |
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Country : |
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|
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|
Financials (as
on) : |
31.03.2013 |
|
|
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|
Date of
Incorporation : |
01.07.1955 |
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|
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|
Com. Reg. No.: |
11-009593 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 120.320 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1955PTC009593 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37437B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS9778G |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Aromatic Chemicals Flavours and Fragrances. |
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|
No. of Employees
: |
Information declined by the management |
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 |
|
|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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|
Comments : |
Subject is a successor of a partnership firm set up in 1922 and later
in the year 1995 it was been reconstituted as a private limited company under
“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.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A [Long Term] |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
06.02.2014 |
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 DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-22069609)
LOCATIONS
|
Registered Office/ Export and Import Department : |
|
|
Tel. No.: |
91-22-22069609/ 22019130/ 22069620/ 29/ 30 |
|
Fax No.: |
91-22-22081204 |
|
E-Mail : |
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|
Website : |
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|
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 : |
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|
Representative Office : |
Located At:
|
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. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
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 |
|
|
|
|
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives: |
[U29219MH2006PTC164210]
[U65990MH1979PTC021994]
|
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1051.88 |
1072.852 |
120.320 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1,051.880 |
1,072.852 |
120.320 |
|
|
|
|
|
|
long-term borrowings |
654.386 |
601.836 |
361.361 |
|
Short term borrowings |
1173.595 |
1104.842 |
454.933 |
|
Total
borrowings |
1,827.981 |
1,706.678 |
816.294 |
|
Debt/Equity
ratio |
1.738 |
1.591 |
6.784 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2764.900 |
3056.900 |
3415.400 |
|
|
|
10.561 |
11.728 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2764.900 |
3056.900 |
3415.400 |
|
Profit |
190.300 |
301.100 |
173.300 |
|
|
6.88% |
9.85% |
5.07% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
174.491 |
152.277 |
106.685
|
|
|
|
|
|
|
Total |
174.491 |
152.277 |
106.685
|
|
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 |
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 |
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.:
CASFST/29004/2013
FILING DATE: 19/10/2013 REG NO.
CAF/1280/2014 REG
DATE : 28/03/2014 STAMP NO.:
FAST/29001/2013
|
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.
UNSECURED LOAN
|
PARTICULARS |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Short Term
Borrowings |
|
|
|
Loans repayable on demand |
50.049 |
50.049 |
|
TOTAL
|
50.049 |
50.049 |
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
PRESS RELEASES
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.
FAMILY-OWNED FRAGRANCE MAKER SH KELKAR AND COMPANY GETS OUTSIDER ON
BOARD AS CEO
SEPTEMBER 25, 2012
Together, they have put together a team of professional managers. The list includes Pramod Davre, head of fragrance business, a veteran with 15 years of experience. They have also hired experienced sales personnel from MNCs in east-Asian markets.
With professionals in place and Blackstone as a partner, SHK is aiming to sustain its annual growth of 12%, double the rate at which the Rs 14000.000 Millions fragrance industry is growing. To that end, the company is looking to acquire smaller rivals. SHK will keep a war chest of Rs 1150.000 Millions ready for acquisitions over the next five years, says Vaze.
Blackstone is bullish on the company. "SHK has unique intellectual property and a strong market presence for over eight decades. 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," Akhil Gupta, senior managing director and chairman of Blackstone India, had said at the time of investing in the company a fortnight ago.
SHK also wants to build a library of intellectual properties, says Vaze, who spends extra time at his laboratory, adjacent to his spacious cabin. The company had received two patents, one each in 2010 and 2011, and wants to get many more.
Vaze's target is to catapult SHK to the top 10 global fragrance players in the next 10 years from its current ranking of 25. By the time he hangs up his boots, the third-generation entrepreneur would like the company to be in the top 5. The combination of professional execution capabilities and entrepreneurial energy and passion will help in that endeavour.
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.60.00 |
|
|
1 |
Rs.102.05 |
|
Euro |
1 |
Rs.81.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
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.