MIRA INFORM REPORT
|
Report Date : |
11.03.2014 |
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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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.07.1955 |
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Com. Reg. No.: |
11-009593 |
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Capital
Investment / Paid-up Capital : |
Rs. 120.320 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U74999MH1955PTC009593 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37437B |
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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 |
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|
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.
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 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
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 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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) |
|
|
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|
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 |
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Fax No.: |
91-2192-252753 |
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Email: |
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Sales Office : |
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Tel No : |
91-22-22019130/ 22019198 |
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Email : |
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Representative Office : |
Located At:
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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 |
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|
|
|
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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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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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 : |
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|
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 : |
Address: Lal Bahadur
Shastri Marg, Near Tel
No.: 91-22-21643300 Fax
No.: 91-22-21644300 Email: kevaflavours@shkelkar.com
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
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
Address: Lal Bahadur
Shastri Marg, Near Tel
No.: 91-22-21649163-69/21677777 Fax
No.: 91-22-21649160
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
|
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
|
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.:
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.
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
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.61.20 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
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.