MIRA
INFORM REPORT
|
Report Date : |
25.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BLUE HEAVEN
COSMETICS PRIVATE LIMITED |
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Registered Office : |
39-B, DLF
Industrial Area, Kirti Nagar, New Delhi – 110 015 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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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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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, New Delhi - 110015, India |
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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, New Delhi – 110 008, India. |
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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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Email: |
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Name : |
Mr. Gurnam Singh |
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Designation : |
Director |
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Address : |
15A/21, East Patel Nagar, New Delhi – 110 008, India. |
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Date of Birth/Age : |
05.05.1956 |
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Date of Appointment : |
13.12.2002 |
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Email: |
KEY EXECUTIVES
|
Name : |
Sandeep Kansal
and Associates |
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Designation : |
Company Secretary |
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Address : |
A-254, Adarsh Nagar,
New Delhi – 110 033, India. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Charanjit Singh |
105000 |
39.70 |
|
Gurnam Singh |
135000 |
51.04 |
|
Gurnam Singh
(HUF) |
500 |
0.19 |
|
Pritpal Singh |
1000 |
0.38 |
|
Asmeet Kaur |
1000 |
0.38 |
|
Charanjit Singh (HUF) |
1000 |
0.38 |
|
Ramandeep Singh |
1000 |
0.38 |
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Ravinder
Charanjit Singh |
20000 |
7.55 |
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Total |
264500 |
100.00 |
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Equity Share
Breakup |
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Directors of relatives of directors |
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100.00 |
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 ·
Herbal
products |
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Countries : |
·
USA ·
UK ·
Europe ·
Middle East ·
Malaysia and many other portions of the world |
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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 : |
·
Al – Saifya
Trading LLC, Dubai ·
Grace
Cosmetics, Sri Lanka ·
Shah Overseas
·
A B Agencies
·
Pashupati
Business House, Kathmandu ·
Link Traders ·
Nivea
Organics ·
Salasar
International Private Limited |
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No. of Employees : |
90 |
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Bankers : |
·
ING Vysya
Bank Limited, Karol Bagh Branch, Karol Bagh, New Delhi –
110 005, India. ·
Syndicate
Bank |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
HDSG and
Associates Chartered
Accountants |
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Address : |
D-36, Jangpura Extension, New Delhi – 110
014, India. |
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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 |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
264500 |
Equity Shares |
Rs.10/- each |
Rs.2.645 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.645 |
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) |
(7.417) |
(8.795) |
(8.753) |
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NETWORTH |
(4.772) |
(6.350) |
(6.308) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
3.900 |
1.084 |
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2] Unsecured Loans |
18.750 |
18.196 |
13.095 |
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TOTAL BORROWING |
18.750 |
22.096 |
14.179 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.978 |
15.746 |
7.871 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.881 |
5.798 |
6.510 |
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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 |
5.373
|
6.229
|
4.235 |
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Sundry Debtors |
6.431
|
3.799
|
1.404 |
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Cash & Bank Balances |
0.020
|
2.706
|
0.012 |
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Other Current Assets |
0.082
|
0.000
|
0.000 |
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Loans & Advances |
0.341
|
0.219
|
0.648 |
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Total Current Assets |
12.247
|
12.953
|
6.299 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
3.244
|
3.173
|
5.058 |
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Provisions |
0.000
|
0.018
|
0.160 |
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Total Current Liabilities |
3.244
|
3.191
|
5.218 |
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Net Current Assets |
9.003
|
9.762
|
1.081 |
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MISCELLANEOUS EXPENSES |
0.094 |
0.186 |
0.280 |
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TOTAL |
13.978 |
15.746 |
7.871 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
30.347 |
21.386 |
9.549 |
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Other Income |
0.019 |
0.011 |
0.003 |
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Total Income |
30.366 |
21.397 |
9.552 |
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Profit/(Loss) Before Tax |
1.308 |
(0.160) |
(3.958) |
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Provision for Taxation |
0.071 |
0.118 |
0.033 |
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Profit/(Loss) After Tax |
1.379 |
(0.042) |
(3.925) |
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Expenditures : |
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Manufacturing Expenses |
25.511 |
20.666 |
11.875 |
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Financial Charges |
1.733 |
1.758 |
1.550 |
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Depreciation |
0.959 |
1.127 |
1.268 |
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Increase/Decrease in Stock |
0.855 |
[1.994] |
[1.183] |
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Total Expenditure |
29.058 |
21.557 |
13.510 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.54
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(0.19)
|
[41.09] |
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Net Profit Margin (PBT/Sales) |
(%) |
4.31
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(0.74)
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[41.44] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.63
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(0.85)
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(30.90) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
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(0.02)
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(0.63) |
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Debt Equity Ratio (Total Liability/Networth) |
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(4.61)
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(3.98)
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(3.07) |
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Current Ratio (Current Asset/Current Liability) |
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3.77
|
4.06
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1.21 |
LOCAL AGENCY
FURTHER INFORMATION
Incorporated on
13.12.2002 the subject is a manufacturer and exporter. The subject is doing the
business since 1972.
Form 8
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24246DL2002PTC118034 |
|
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 India of the company |
39-B, DLF
Industrial Area, Kirti Nagar, New Delhi – 110 015 |
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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, New Delhi – 110 005, India |
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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. |
|
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, New
Delhi |
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.
Product Range
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 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.39.43 |
|
UK Pound |
1 |
Rs.77.06 |
|
Euro |
1 |
Rs.57.65 |
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 |
- |
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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 |
|
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 |
|
--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 |
|