MIRA
INFORM REPORT
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Report Date : |
01.09.2007 |
IDENTIFICATION DETAILS
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Name : |
DAXAL COSMETICS PRIVATE LIMITED |
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Registered Office : |
205, Milestone Near Drive in Cinema, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.07.2002 |
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Com. Reg. No.: |
041026 |
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CIN No.: [Company
Identification No.] |
U24246GJPTC041026 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMD01449A AHMD01511G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Cosmetics and Toiletries products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 15000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair.
Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
205, Milestone Nr Drive in Cinema, Opposite Door Darshan Tower, Drive
in Road, Thaltej, Ahmedabad – 380 052, Gujarat, India |
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Tel. No.: |
91-79-27488188 |
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Fax No.: |
91-79-27484126 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Nitin B. Desai |
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Designation : |
Director |
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Address : |
F-3, |
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Date of Birth/Age : |
23.05.1956 |
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Date of Appointment : |
29.07.2002 |
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Name : |
Ms. Devanshi P. Desai |
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Designation : |
Director |
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Address : |
101, Soham Terrace, Behind Sunrise park, Ahmedabad- 380 054, |
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Date of Birth/Age : |
18.02.1972 |
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Date of Appointment : |
29.07.2002 |
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Name : |
Mr. Prashant H. Desai |
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Designation : |
Managing Director |
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Address : |
101, Soham Terrace, Behind Sunrise park, Ahmedabad- 380 054, |
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Date of Birth/Age : |
10.01.1969 |
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Date of Appointment : |
01.07.2003 |
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Name : |
Mrs. Ramilaben B. Desai |
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Designation : |
Director |
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Address : |
23, Vrundavan Bunglows, Near C. K. Kanyua Vidhyalaya, Gulab Tower
Road, Thaltej, Ahmedabad – 380 054, Gujarat, India |
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Date of Birth/Age : |
02.06.1963 |
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Date of Appointment : |
22.01.2004 |
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Name : |
Mr. Ankit N. Patel |
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Designation : |
Director |
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Address : |
14, Uma Society, near |
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Date of Birth/Age : |
02.06.1978 |
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Date of Appointment : |
22.01.2004 |
KEY EXECUTIVES
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Name : |
Ashish C. Doshi |
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Designation : |
Company Secretary |
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Address : |
10, Tripura Society, Opposite Bhagvan Nagar’s Tekro, Paldi, Ahmedabad
– 380 007, |
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Tel. No.: |
91-79-26588848, 25689143 |
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Mobile No.: |
91-9825064740 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ms. Devanshi P. Desai |
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20700 |
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Mr. Nitin B. Desai |
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5000 |
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Mrs. Daxa Nitin Desai |
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1300 |
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Mr. Prashantbhai H. Desai (HUF) |
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15700 |
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Mr. Hasmukhbhai M. Desai |
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4990 |
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Mrs. Ramilaben Bharatkumar Patel |
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24300 |
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Mr. Ankit Natvarlal Patel |
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5390 |
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Mr. Kamleshkumar Shiv Rambhai Patel |
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3600 |
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Mr. Chaitanya patel |
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9000 |
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Mr. Natvarbhai S. Patel |
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10 |
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Mrs. Savitriben H. Desai |
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10 |
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Mrs. Devanshi Prashant Desai Joint with Prashant Hasmukhbhai Desai |
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82800 |
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Mr. Nitin B. Desai Joint with Mrs. Daksha Nitin Desai |
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4450 |
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Mrs. Daksha Nitin Desai Joint with Mr. Nitin B. Desai |
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8150 |
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Mrs. Ramilaben B. Patel joint with MR. Bharatkumar Patel |
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25710 |
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Mr. Shivrambhai Patel HUF joint with Mr. Ankit Patel |
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18000 |
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Mr. Chaitanya Patel joint with Mrs. Hetal C. Patel |
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18000 |
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Mr. Bharatkumar Patel joint with Mrs. Ramilaben Patel |
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22890 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Cosmetics and Toiletries products. |
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Products : |
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White ToothpasteGENERAL INFORMATION
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Bankers : |
Punjab National
Bank Sola Road Branch,
Ahmedabad – 380 061, E-mail: manager@pnb.com |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Girish B. Patel and Company Chartered Accountants |
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Address : |
301, Diwan Chambers, Old high Court, Off |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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270000 |
Equity Shares |
Rs. 10.00 each |
Rs. 2.700 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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270000 |
Equity Shares |
Rs. 10.00 each |
Rs. 2.700 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.700 |
0.900 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.198 |
(1.308) |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.898 |
(0.408) |
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LOAN FUNDS |
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1] Secured Loans |
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1.557 |
1.509 |
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2] Unsecured Loans |
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8.899 |
9.624 |
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TOTAL BORROWING |
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10.456 |
11.133 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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14.353 |
10.725 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.917 |
7.711 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.410 |
2.767 |
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Sundry Debtors |
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4.586 |
0.034 |
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Cash & Bank Balances |
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0.007 |
0.007 |
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Other Current Assets |
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2.125 |
2.125 |
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Loans & Advances |
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0.879 |
0.255 |
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Total
Current Assets |
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12.007 |
5.188 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.539 |
2.235 |
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Provisions |
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0.173 |
0.216 |
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Total
Current Liabilities |
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7.712 |
2.451 |
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Net Current Assets |
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4.294 |
2.736 |
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MISCELLANEOUS EXPENSES |
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0.142 |
0.278 |
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TOTAL |
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14.353 |
10.725 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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28.291 |
7.098 |
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Other Income |
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0.200 |
0.107 |
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Total Income |
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28.491 |
7.204 |
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Profit/(Loss) Before Tax |
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2.604 |
(2.786) |
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Provision for Taxation |
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0.099 |
0.000 |
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Profit/(Loss) After Tax |
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2.505 |
(2.786) |
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Expenditures : |
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Raw Material Consumed |
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19.363 |
5.966 |
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Salaries, Wages, Bonus, etc. |
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1.411 |
0.547 |
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Managerial Remuneration |
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0.375 |
0.070 |
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Payment to Auditors |
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0.032 |
0.028 |
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Interest |
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1.448 |
1.314 |
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Insurance Expenses |
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0.041 |
0.022 |
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Power & Fuel |
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0.323 |
0.166 |
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Other Expenditure |
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2.894 |
1.878 |
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Total Expenditure |
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25.887 |
9.991 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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8.79 |
(38.67) |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.20 |
(39.25) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.88 |
(21.60) |
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Return on Investment (ROI) (PBT/Networth) |
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0.67 |
6.83 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.66 |
(33.29) |
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Current Ratio (Current Asset/Current Liability) |
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1.56 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Name of the company |
DAXAL COSMETICS
PRIVATE LIMITED |
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Presented By |
Shri. Nitin
Desai, Director |
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1) Date and description of instrument creating the change |
Memorandum of Deposit
of Title Deeds dated 27.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.900
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable
Mortgage by deposit of Title Deeds of the or property belonging to the
mortgage or free from encumbrances in respect of Land / Property situated at
Survey No. 427 Paiki admeasuring about 1427.75 Sq. mtrs. Of Village Moraiya,
Taluka Sanand, District. Ahmedabad. (Sub-Plot No. 44, Village Account Book
No. 1068, Village Moraiya) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Rate @
10.25 % per annum Margin for Goods
@25% and for Book Debts @ 50% per annum |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Sola Road Branch,
Ahmedabad – 380 061, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate
identity number (CIN) Foreign company registration number |
U24246GJPTC041026 |
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Name of the
Company |
DAXAL COSMETICS PRIVATE LIMITED |
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Address |
205, Milestone,
Near Drive in Cinema, |
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This form is for |
Modification of
Charge |
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Type of Charge |
Equitable Mortgage or mortgage of property by depositing the title
deeds |
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Particulars of
the charge holder |
Punjab National
Bank Sola Road Branch,
Ahmedabad – 380 061, E-mail: manager@pnb.com |
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Amount secured by
the charge |
Rs. 4.000
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
ROI BPLA + 1 MARGIN 25% ON
Stocks |
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Description of
the property charged indicating whether it is a charge on |
Immovable
Properties |
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Particular of the
Property charged |
All that piece or
parcel of |
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Brief description
of the instruments modifying the charge under Section 135 |
Memorandum of
Deposit of Title Deeds (Extension of Equitable Mortgage dated 17.07.2006) |
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Date of
Instrument modifying the charge |
17.07.2006 |
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Particulars of
the present modification |
Extension of
Equitable mortgage for Credit Facilities now Revised and Enhanced from Rs.
1.900 millions to Rs. 4.000 millions |
Website details attached:
With a vision to manufacture superior
quality cosmetics and toiletries products that are reasonably priced and
confirm to international standards, subject started its operations with a sound
infrastructure and a team of industry experts. They are one of the most
trustworthy and highly respected privately held manufacturing companies in
health care and beauty care products.
They offer their clients (wholesale importers, local exporter and domestic
market leaders of cosmetic and toiletries) have a competitive edge in the
market by supplying them" right products at reasonable rate". All
their vendors and suppliers are highly experienced and quality conscious. They
are dedicated to build profitable business and substantial brand, which is
recognized for its innovation and delivers an excellent return to their clients
and their customers in turn.
Product Showcase
Their product showcase includes an array of
cosmetics and toiletries items like toothpastes, shaving creams / gels,
shampoos and conditioners, creams (fairness cream, moisturizing cold cream, SPF
Cream), body lotion, hair styling gels /creams , face wash, bubble bath, peel
off masks, complexion masks etc.
All these products are manufactured to fulfill the quality standards and
acceptability norms of various countries and hence are widely accepted in
domestic as well as export markets. They are offering all above mentioned items
in the private label also and customize them as per the buyer's requirements
and specifications.
Manufacturing and R & D Capabilities
Their well-planned production unit, situated in Gujarat (
- A model set-up of Research and Development centre to formulate,
test and commercialize a wide range of formulations of cosmetic and
toiletries.
- Testing laboratory (for both raw material and final goods)
- Computerized administrative office(for efficient processing of
orders and queries)
- Latest transportation and communication facilities
They firmly believe that to maintain a
leading position in FMCG industry and sustain a consistent growth rate, it is
imperative to improve and innovate products regularly. Hence, they invest
heavily in research and development to access global market developments and
customer demands and respond pro actively to these changes.
Team
Apart from the automated support, they consider their manpower to be their
competitive edge. Their dynamic and energetic team members have vast experience
in this industry (mainly cosmetics). Current management of the company consists
of the techno-commercial team of engineers, pharmacists, chemists, foreign
trade management executives and other skilled personnel. They are capable of
commencing the assignments to the exact specifications and in the stipulated
time period.
All this contributes to produce and procure internationally acceptable quality
and packaging requirements. Building from strength to strength, they are
expanding further to have a major share in the international market for dental,
heath and personal care products.
Future Endeavors- Expanding Partnerships
They are looking for global players (importers, wholesalers or technologists),
who can facilitate their further market penetration, improve the market share
of their products and help them implementing new product line in cosmetics,
toiletries and beauty products.
What are they looking for in a business partner?
- Technical, managerial or financial participation; to successfully
implement the expansion program.
- Joint ventures
- Increase the number of bulk trade inquiries
Why partner us?
- They are an ISO 9000:2001 certified organization, one of the most
trusted and widely accepted quality certification.
- They have ready infrastructure for manufacturing superior quality
cosmetics, toiletries and beauty products.
- They have a strong base for marketing in domestic as well as export
market.
- They provide quality products and give realistic commitments
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. 40.91 |
|
|
1 |
Rs. 82.57 |
|
Euro |
1 |
Rs. 55.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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. |
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 |
|