S H Kelkar and Company Limited are one of the largest fragrance and flavour companies in India by revenue, with a market share of approximately 12.0% for the year ended December 31, 2013 (Source: Market Study on Fragrances and Flavours by Nielsen, March 22, 2015). The Company is the largest domestic fragrance producer in India with a market share of approximately 20.5% for the year ended December 31, 2013 (Source: Market Study on Fragrances and Flavours by Nielsen, March 22, 2015), with exports of fragrance products to 52 countries. They are an emerging flavour producer in India with exports to 15 countries. Its fragrance manufacturing plants in Mumbai and Raigad in Maharashtra comply with the regulations of the International Fragrance Association (IFRA) and its flavour manufacturing plant in Raigad in Maharashtra is registered with the United States Food and Drug Administration (US FDA). The Company has a long standing reputation...