MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
BLUE HEAVEN
COSMETICS PRIVATE LIMITED |
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Registered Office : |
39-B, DLF
Industrial Area, Kirti Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.12.2002 |
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Com. Reg. No.: |
55-118034 |
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CIN No.: [Company
Identification No.] |
U24246DL2002PTC118034 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB05480G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and
Exporter of Health Care Products, Herbal Products. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Maximum Credit Limit : |
-- |
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Status : |
Poor |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Unknown |
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Comments : |
Financial
position of the company is poor. Ways and means positions are difficult. The company can
be considered for any business dealings on safe and secured trade terms and
conditions. |
LOCATIONS
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Registered Office : |
39-B, D.L.F
Industrial Area, Kirti Nagar, |
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Tel. No.: |
91-11-25119452
/ 65465257 |
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Mobile No.: |
91-9811066232 / 9811500280 / 9810605420 |
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Fax No.: |
91-11-25119610 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Charanjit
Singh |
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Designation : |
Director |
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Address : |
15A/21, East Patel Nagar, |
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Date of Birth/Age : |
06.07.1954 |
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Date of Appointment : |
13.12.2002 |
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Name : |
Mr. Gurnam Singh |
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Designation : |
Director |
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Address : |
15A/21, East Patel Nagar, |
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Date of Birth/Age : |
11.08.1956 |
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Date of Appointment : |
13.12.2002 |
KEY EXECUTIVES
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Name : |
Sandeep Kansal
& Associates |
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Designation : |
Company Secretary |
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Address : |
A-254, Adarsh
Nagar, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Charanjit Singh |
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105000 |
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Gurnam Singh |
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135000 |
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Gurnam Singh
(HUF) |
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500 |
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Pritpal Kaur |
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1000 |
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Asmeet Kaur |
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1000 |
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Charanjit Singh (HUF) |
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1000 |
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Ramandeep Singh |
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1000 |
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Total: |
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244500 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 % |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Health Care Products, Herbal Products. |
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Products : |
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Exports : |
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Products : |
lipsticks, hair
dye, Moisturiser, Beauty Mask, Face Glow, Bleach Cream with Toner, health
care products and herbal products |
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Countries : |
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Terms : |
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Selling : |
50% Advance and
remaining payment on Irrevocable L/C basis |
GENERAL INFORMATION
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Customers : |
v
Al –
Saifya Trading LLC, v
Grace
Cosmetics, v
Shah
Overseas v
A B
Agencies v
Pashupati
Business House, v
Link Traders v
Nivea
Organics v
Salasar
International Private Limited |
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No. of Employees : |
90 |
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Bankers : |
Ř
ING
Vysya Bank Limited, Karol Bagh Branch, Karol Bagh, Ř
Syndicate Bank |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
HDSG &
Associates Chartered
Accountants |
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Address : |
D-36, Jangpura Extension, |
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Tel. No.: |
91-11-24321152 /
24321153 / 51823415 |
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Fax No.: |
91-11-24321154 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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244500 |
Equity Shares |
Rs. 10/- each |
Rs. 2.445 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.445 |
2.445 |
2.445 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[8.795] |
(8.753) |
(4.828) |
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NETWORTH |
[6.350] |
(6.308) |
(2.383) |
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LOAN FUNDS |
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1] Secured Loans |
3.900 |
1.084 |
2.083 |
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2] Unsecured Loans |
18.196 |
13.095 |
10.856 |
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TOTAL BORROWING |
22.096 |
14.179 |
12.939 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.746 |
7.871 |
10.556 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.798 |
6.510 |
6.955 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.229
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4.235 |
3.052 |
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Sundry Debtors |
3.799
|
1.404 |
2.507 |
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Cash & Bank Balances |
2.706
|
0.012 |
0.072 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.219
|
0.648 |
1.274 |
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Total Current Assets |
12.953
|
6.299 |
6.905 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
3.173
|
5.058 |
3.677 |
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Provisions |
0.018
|
0.160 |
0.000 |
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Total Current Liabilities |
3.191
|
5.218 |
3.677 |
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Net Current Assets |
9.762
|
1.081 |
3.228 |
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MISCELLANEOUS EXPENSES |
0.186 |
0.280 |
0.373 |
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TOTAL |
15.746 |
7.871 |
10.556 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
21.386 |
10.734 |
10.146 |
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Other Income |
0.011 |
0.000 |
0.000 |
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Total Income |
21.397 |
10.734 |
10.146 |
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Profit/(Loss) Before Tax |
(0.160) |
(3.958) |
(4.635) |
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Provision for Taxation |
0.118 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
(0.042) |
(3.958) |
(4.635) |
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Expenditures : |
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Manufacturing Expenses |
16.727 |
8.832 |
0.000 |
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Administrative Expenses |
3.281 |
2.475 |
0.000 |
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Raw Material Consumed |
0.093 |
0.093 |
0.000 |
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Other Expenditure |
0.565 |
0.473 |
13.475 |
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Total Expenditure |
20.666 |
11.873 |
13.475 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(0.19)
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(36.87) |
(45.68) |
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Net Profit Margin (PBT/Sales) |
(%) |
(0.74)
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(36.87) |
(45.68) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.85)
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(30.90) |
(33.44) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.02)
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(0.63) |
(1.95) |
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Debt Equity Ratio (Total Liability/Networth) |
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(3.98)
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(3.07) |
(6.97) |
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Current Ratio (Current Asset/Current Liability) |
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4.06
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1.21 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
Incorporated on
13.12.2002 the subject is a manufacturer and exporter. The subject is doing the
business since 1972.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24246DL2002PTC118034 |
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Name of the
company |
BLUE HEAVEN
COSMETICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
39-B, DLF
Industrial Area, Kirti Nagar, |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
ING Vysya Bank
Limited, Karol Bagh
Branch, Karol Bagh, |
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Nature of
instrument creating charge |
General
Hypothecation Agreement, Term Loan agreement.
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Date of
instrument Creating the charge |
21.03.2006 |
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Amount secured by
the charge |
Rs. 3.900
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
First charge on
stocks, book debts and plant and machinery at 39-B, DLF Industrial Area,
Kirti Nagar, New Delhi is to secure the term loan of Rs. 3.900 Millions
sanctioned to the company. Interest at 13.50 % p.a. Repayable in 12 monthly
installments of Rs. 0.325 Millions together with interest. |
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Description of the
property charged indicating whether it is a charged on |
Stock in trade Plant and
machinery Book debts |
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Particulars of
the property charged |
Stocks, book
debts and plant and machinery at 39-B, DLF Industrial Area, Kirti Nagar, |
AS PER WEBSITE:
Subject is a
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
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,
1] INFORMATION ON
DESIGNATED PARTY
No records 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.40.75 |
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|
1 |
Rs.80.17 |
|
Euro |
1 |
Rs.54.59 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
- |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
1 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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|
>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 |
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