MIRA
INFORM REPORT
|
Report Date : |
30.10.2006 |
IDENTIFICATION
DETAILS
|
Name : |
BLUE
HEAVEN COSMESTICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
39-B,
DLF Industrial Area, Kirti Nagar, New Delhi – 110 015, India. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
13.12.2002 |
|
|
|
|
Com. Reg. No.: |
55-118034 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24246DL2002PTC118034 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELB05480G |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Health Care
Products, Herbal Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow
and delayed |
|
|
|
|
Litigation : |
Unknown
|
|
|
|
|
Comments : |
Financial
position of the company is poor. Ways and means position are difficult. The
company can be considered for any business dealings on safe and secured trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
39-B,
DLF Industrial Area, Kirti Nagar, New Delhi – 110 015, India. |
|
Tel. No.: |
91-11-25119452 |
|
Mobile No.: |
91-98106
05420/ 98110 66232 |
|
Fax No.: |
91-11-25119610 |
DIRECTORS
|
Name : |
Mr. Charanjit
Singh |
|
Designation : |
Director |
|
Address : |
15A/21, East Patel Nagar, New Delhi – 110 008, India. |
|
Date of Birth/Age : |
06.07.1954 |
|
Date of Appointment : |
13.12.2002 |
|
|
|
|
Name : |
Mr. Gurnam
Singh |
|
Designation : |
Director |
|
Address : |
15A/21, East Patel Nagar, New Delhi – 110 008, India. |
|
Date of Birth/Age : |
05.05.1956 |
|
Date of Appointment : |
13.12.2002 |
|
|
|
|
Name : |
Sandeep Kansal & Associates |
|
Designation : |
Company
Secretary |
|
Address: |
A-254,
Adarsh Nagar, New Delhi – 110 033, India. |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr. Charanjit
Singh |
105000 |
42.95 |
|
Mr. Gurnam
Singh |
135000 |
55.21 |
|
Mr. Gurnam
Singh (HUF) |
500 |
0.20 |
|
Ms Pritpal
Kaur |
1000 |
0.41 |
|
Ms Asmeet
Kaur |
1000 |
0.41 |
|
Mr. Charanjit Singh (HUF) |
1000 |
0.41 |
|
Mr. Ramandeep
Singh |
1000 |
0.41 |
|
|
|
|
|
Total: |
244500 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Health Care
Products, Herbal Products. |
|
|
|
|
Products : |
Ø
Cosmetics Ø
Lipsticks Ø
Nail Polish Ø
Nail Enamel Remover Ø
Kum-Kum Powder Ø
Bindi Ø
Mascara Ø
Eye Liner Ø
Blush-on Glitters Ø
Kajal Ø
Make-up Cream Ø
Beauty Mask Ø
Cream Powder Ø
Cold Cream Ø
Hair Remover Ø
Cleanser Creams Ø
Shampoo Ø
Perfumes Ø
Sprays Ø
Lip Gloss Ø
Liquid Sindhur Ø
Face Glow Ø
Moisturizer Ø
Bleach Cream Ø
Skin Care Ø
Hair Care Ø
Color Cosmetics Ø
Toiletries |
|
|
|
|
Exports to : |
USA, UK, Europe, Middle East, Malaysia, and Dubai |
|
|
|
|
Terms : |
|
|
Selling : |
50% Advance and remaining payment on Irrevocable
L/C basis |
GENERAL
INFORMATION
|
No. of Employees : |
90 |
|
|
|
|
Bankers : |
Ø
ING Vysya Bank Limited, Karol Bagh Branch, Karol
Bagh, New Delhi – 110 005, India. Ø
Syndicate Bank |
|
|
|
|
Facilities : |
Term
Loan: Rs. 3.900 Millions from ING Vysya Bank Limited as per
agreement dated 21.03.2006 |
|
|
|
|
Banking Relations : |
Unknown
|
|
|
|
|
Auditors : |
HDSG & Associates Chartered Accountants |
|
Address: |
D-36,
Jangpura Extension, New Delhi – 110 014, India. |
|
Tel. No.: |
91-11-24321152,
24321153, 51823415 |
|
Fax No.: |
91-11-24321154 |
|
E-Mail : |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
244500 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.445 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.445 |
2.445 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(8.753) |
(4.828) |
|
|
NETWORTH |
|
(6.308) |
(2.383) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.084 |
2.083 |
|
|
2] Unsecured Loans |
|
13.095 |
10.856 |
|
|
TOTAL BORROWING |
|
14.179 |
12.939 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.871 |
10.556 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6.510 |
6.955 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
4.235 |
3.052 |
|
|
Sundry Debtors |
|
1.404 |
2.507 |
|
|
Cash & Bank Balances |
|
0.012 |
0.072 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.648 |
1.274 |
|
Total Current Assets |
|
6.299 |
6.905 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
5.058 |
3.677 |
|
|
Provisions |
|
0.160 |
0.000 |
|
Total Current Liabilities |
|
5.218 |
3.677 |
|
|
Net Current Assets |
|
1.081 |
3.228 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.280 |
0.373 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.871 |
10.556 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
10.734 |
10.146 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
(3.958) |
(4.635) |
|
Provision
for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
|
(3.958) |
(4.635) |
|
|
|
|
|
|
Total
Expenditure |
|
11.873 |
13.475 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
|
(36.87) |
(45.68) |
|
Net Profit Margin |
|
(36.87) |
(45.68) |
|
Return on Total
Assets |
|
(30.24) |
(32.57) |
|
Return on Investment
(ROI) |
|
62.75 |
194.50 |
|
Current Ratio |
|
1.21 |
1.88 |
|
Quick Ratio |
|
0.40 |
1.05 |
|
Debt Equity Ratio |
|
(3.07) |
(5.43) |
|
Current
Liabilities/Networth |
|
(0.83) |
(1.54) |
|
Fixed Asset /
Networth |
|
(1.03) |
(2.92) |
|
Average Collection
Days |
|
47.74 |
90.19 |
|
Account Receivables
Turnover |
|
7.65 |
4.05 |
|
Inventory Turnover |
|
2.53 |
3.32 |
|
Asset Turnover |
|
1.65 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
Incorporated on 13.12.2002 the subject is a
manufacturer and exporter. The subject is doing the business since 1972.
Product Range
Ø
Cosmetics Lipstick Powder Skin Care
Ø
Hair Care Color Cosmetics Toiletries Nail Lusters
Ø
Nail Enamel Remover Kum-Kum Powder Bindi Mascara
Ø
Eye Liner (water-proof and smudge proof) Blush-On
glitters Kajal Make-up Cream
Ø
Beauty Mask Cream Powder Cold Cream Hair Remover
Ø
Cleanser Creams Shampoo with conditioner Perfumes
Sprays
Subject exports lipsticks, hair dye, Moisturiser,
Beauty Mask, Face Glow, Bleach Cream with Toner, health care products and
herbal products to USA, UK, Europe, Middle East, Malaysia, Dubai
AS
PER WEBSITE:
Subject
is one of the leading manufacturer and exporter engaged in the product line of
cosmetics, lipstick, powder, skin care, hair care, color cosmetics and
toiletries. The company is focusing on to achieve the highest standards of
quality. Offering products at highly reasonable rates and making them readily
available in the market is their ultimate target. Keeping in view this
strategy, they are taking every possible measure to make their products best in
quality. Since 1972, they are supplying the fashion industry with reliable
quality products.
Special
Traits:
The
specialty of their company is that they meet the exact demands of the customers
and make every possible effort to improve the quality standards. Their branded
products have made havoc in the cosmetic industry due to exclusive range and
superior quality. Currently, they are exporting their range of cosmetics to
several places in USA, UK, Europe, Middle East, Malaysia and Dubai.
Aim:
The aim
is to become leaders in their field and develop strong customer network by
supplying international quality of cosmetics, lipstick, powder, skin care, hair
care, color cosmetics and toiletries.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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. 44.93 |
|
UK
Pound |
1 |
Rs. 85.71 |
|
Euro |
1 |
Rs. 57.34 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
- |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
10 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|