MIRA
INFORM REPORT
|
Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
MESO PRIVATE LIMITED |
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Registered Office : |
101, Centre Point, 1st Floor, Jijibhai Lane, Lalbaug Parel,
Mumbai-400 012, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
11.09.1992 |
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Com. Reg. No.: |
11 - 68508 |
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CIN No.: [Company
Identification No.] |
U15140MH1992PTC068508 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM09382C |
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PAN No.: [Permanent
Account No.] |
AAACM7427Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Selling of perfumes and cosmetics. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 165224 |
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Status : |
Good |
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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 : |
101, Centre Point, Jijibhai Lane, Parel, Mumbai-400 012, Maharashtra |
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Tel. No.: |
91-22-24166294 / 24166295 / 56675151 |
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Fax No.: |
91-22-24148226 |
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E-Mail : |
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Website : |
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Area : |
2500 sq.fts. |
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Location : |
Commercial |
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Factory : |
Unit No. 193-194, 195, 204-210 A, 354, Kandla Special
Economic Zone, Gandhidham, Kutch –
370 230, Gujarat |
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Tel. No.: |
91-2836-252207 / 202 |
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Fax No.: |
91-2836-252307 |
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Area : |
60000 Sq.fts. |
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Location : |
Owned |
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R and D : |
Plot No. 1, 14 to 16, Nehru Nagar, Old Mahibalipuram,
Kottivakkam, Chennai – 600 034, Tamilnadu |
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Area : |
50000 Sq.fts. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Kishor S. Sheth |
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Designation : |
Director |
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Address : |
3, Beacom, 140, Madam Cama Road, Mumbai – 400 021 |
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Date of Birth/Age : |
12.11.1938 |
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Qualification : |
B. Com. |
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Date of Appointment : |
11.09.1992 |
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Name : |
Mr. Madhukar S. Sheth |
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Designation : |
Director |
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Address : |
Flat No. 8, Vasant Mahal Co-operative Housing Society, “C” Road,
Churchagate, Mumbai – 400020, Maharashtra, India |
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Date of Birth/Age : |
14.06.1944 |
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Date of Appointment : |
11.09.1992 |
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Name : |
Mr. Ketan K. Sheth |
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Designation : |
Director |
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Address : |
3, Beacom, 140, Madam Cama Road, Mumbai – 400 021 |
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Date of Birth/Age : |
09.06.1967 |
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Date of Appointment : |
01.10.1997 |
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Election Commission Identity Card No. : |
MT/04/019/036946 |
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Name : |
Mr. Hemant I. Vashi |
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Designation : |
Director |
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Address : |
6-D, Sonawala Building, 4th Floor, Tardeo, Mumbai – 400007,
Maharashtra, India |
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Date of Birth/Age : |
07.07.1952 |
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Date of Appointment : |
03.12.1996 |
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Name : |
Shashikant Sunderlal Sheth |
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Designation : |
Director |
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Address : |
Oberoi Sky Gardens, A-wing, 301B, 3rd Floor, Plot No. 119,
Lokhandwala Complex, Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
11.09.1946 |
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Date of Appointment : |
15.05.2006 |
KEY EXECUTIVES
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Name : |
Mr. Prashant J Mistry |
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Designation : |
Secretary |
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Address : |
C-306, Alaknanda C. H. S. Off L. T. Road, Babhai Naka, Borivali
[West], Mumbai – 400092, Maharashtra, India |
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Date of Birth/Age : |
26.09.1973 |
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Date of Appointment : |
28.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Mr. Kishore S. Sheth |
|
30000 |
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Mr. Madhukar S. Sheth |
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30000 |
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Ms. Chandrika K. Sheth |
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9000 |
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Ms. Divya M. Sheth |
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9000 |
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Mr. Mahendra S. Sheth |
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34500 |
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Mirage Financial Corporation |
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187500 |
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Total |
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300000 |
Equity Share Breakup (Percentage of Total Equity)
|
Category |
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Percentage
of Holding. |
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Directors or relatives of directors |
|
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Selling of perfumes and cosmetics. |
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Products : |
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Brand Names : |
v Meso ·
Henna ·
Traditional ·
Hair Care v Maharba ·
Fragrances ·
Skin Care ·
Hair Care v Amity ·
Fragrances v Instyle ·
Fragrances |
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Exports : |
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Countries : |
Middle East, Far East, USA, South America, Africa and
Sudan |
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Imports : |
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Countries : |
U.K., Holland, Germany, France and U.S.A |
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Terms : |
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Selling : |
Contract, Credit (30 days), Cash and L/C |
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Purchasing : |
Contract, Credit (30 days), Cash or L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
295 |
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Bankers : |
Ř State
Bank of India, Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai -
400 005 Ř
Citibank N.A., D. N. Road, Mumbai – 400 001 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kamdar Desai and Patel Chartered Accountants |
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Address : |
Vasaikar
House, 296 Cadell Road, Dadar – West, Mumbai – 400028, Maharashtra, India |
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Memberships : |
Ř Basic
Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council Ř Perfumes
& Flavours Association of India |
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Associates/Subsidiaries : |
Ř Shebro
Perfumery & Plastics (Private) Limited Ř Shebro
Industries Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/-
each |
Rs.30.000
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 |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
411.306 |
379.858 |
333.583 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
441.306 |
409.858 |
363.583 |
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LOAN FUNDS |
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1] Secured Loans |
128.808 |
50.254 |
82.104 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
128.808 |
50.254 |
82.104 |
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DEFERRED TAX LIABILITIES |
1.242 |
2.036 |
2.829 |
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TOTAL |
571.356 |
462.148 |
448.516 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.315 |
37.532 |
39.570 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
32.176 |
67.667 |
57.274 |
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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 |
96.090
|
130.778
|
106.646 |
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Sundry Debtors |
223.147
|
128.829
|
117.575 |
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Cash & Bank Balances |
50.177
|
48.143
|
66.178 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
164.082
|
99.751
|
95.698 |
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Total
Current Assets |
533.496
|
407.501
|
386.097 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.754
|
47.226
|
31.875 |
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Provisions |
3.877
|
3.326
|
2.550 |
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Total
Current Liabilities |
21.631
|
50.552
|
34.425 |
|
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Net Current Assets |
511.865
|
356.949
|
351.672 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
571.356 |
462.148 |
448.516 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover[Including other income] |
|
421.397 |
388.465 |
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Profit/(Loss) Before Tax |
|
70.548 |
48.882 |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
|
70.548 |
48.882 |
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Export Value : |
|
412.281 |
380.110 |
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Expenditures : |
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Interest |
|
6.142 |
2.909 |
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Depreciation & Amortization |
|
9.302 |
12.277 |
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Other Expenses |
|
335.404 |
324.397 |
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Total Expenditure |
|
350.848 |
339.583 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
16.74
|
12.58 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
16.74
|
12.58 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.22
|
11.99 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.11 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.04
|
0.25
|
0.32 |
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Current Ratio (Current Asset/Current Liability) |
|
28.83
|
8.06
|
11.22 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
MESO PRIVATE LIMITED |
|
Presented By |
State Bank of
India, Overseas Branch, Mumbai - 400005 |
|
1) Date and description of instrument creating the change |
Agreement of loan
for overall limit Agreement of
hypothecation of goods and assets both dated 20.08.1977 creating a single
charge in the overall limit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 71.000
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 |
All present and
future goods, book debts and all other movable assets including documents of
title to goods, outstanding money’s receivables including receivables by way
of cash assistance and/or cash incentives under the cash intentive scheme or
any other scheme, claims including claims by way of refund of customs/excise
duties under the Duty Drawback Credit Scheme, bills, invoices, documents,
contracts, insurance policies, guarantees, engagements, securities,
investments and rights and present and all future machineries belonging to or
under the control of the company, where-ever lying, stores and kept whether
on possession of the company or of the Bank or of any third party whether in
India or elsewhere throughout the world including such goods and other
movable assets in course of transit/shipment/delivery. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : As prescribed by
the bank form time to time. Margin : As prescribed by
the bank from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Overseas Branch,
World Trade Centre Cuffe Parade,
Mumbai 400005 |
|
6) Date and brief description of instrument modifying the charge |
Supplementary
Agreement of Hypothecation of Goods and assets for increase of overall limit
date 17.02.2000 |
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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. |
By modification
date 30.09.1998 additional credit facilities of Rs.54.900 Millions granted.
Hence, amount of charge increased to Rs.125.000 Millions from Rs.71.000 Millions Now by
modification date 17.02.2000 the above charge rs.125.000 Millions further
secured by machineries. |
Fixed Assets:
- Factory building
- Plant & machinery
- Blow moulding machine
- Mould
- Weighing scale
- Air-conditioner
- Office equipments
- Laboratory equipments
- Computer
- Cycle
- Scooter / mopeds
- Motor car
- Furniture & fixtures
- Electric fittings
BUSINESS
The company is engaged in manufacturing and selling of
perfumes and cosmetics such as perfumes and toilet water, beauty & make up
preparations, hair preparations and after shave preparations.
The company has also procured ISO 9001 certification in
March, 1998.
It purchases its requirements 84.74% from local market and
15.26% from international market.
It sells its products 5.91% in local market and 94.09% in
international market.
The company is in trade terms with:
·
Jayvir Trade Company, P. O. Box No. 5551, Dubai, U.A.E.
·
Tag Cosmetics & Toiletries Limited, Omdurmen, P. O. B.
324, Sudan
·
S & J Perfume Company Limited, U.K.
·
Al – Gandhi Trading, Jeddah
·
Johnson Cosmetics Company, USA
·
Dibuchi Trading, Kenya
·
Hing-Su Cosmetics, Hong Kong
·
S. J. Perfumes Limited, Mumbai
·
Proctor & Gamble (India) Limited
·
Mysore Sales International Limited, Bangalore, Karnataka
AS PER WEB
DETAILS:
Subject is a manufacturer and exporter of quality Perfumes, Cosmetics
& Toiletries meeting International standards. They have been awarded ISO
9001: 2000 certification, which vindicates the company’s commitment to quality products and
services. Their products have been well accepted across the globe. The
state-of-the-art Research & Development Center is pro-actively engaged in
the creation and development of formulations, designs and packaging. It has
been actively working on Cosmetics and Toiletries and has taken up an
exhaustive approach in development of herbal extractions that are useful for
skincare and hair care products. They constantly upgrade their range and
periodically add new products to keep pace with changing global trends.
The Company was established in 1947 as a Partnership Firm, subsequently converted into Private Limited Company. To begin with, the company exported essential oils to Africa. Later,it formulated a special blend of Henna fixative, which is being manufactured and exported to Africa, Middle East. This blend is known as Mahalabiya / Saratiya / Majamu and is marketed under the brand name MESO. In fact, its popularity has resulted in being a household name, particularly in SUDAN.
Subject now manufactures and exports non-alcoholic perfumes, alcoholic spray perfumes and colognes, Amla hair oil, talcum powder, etc. Its coverage has extended world-wide. In fact, today they sell to USA, South America, Middle East, Africa, Far East and many other international markets.
Subject’s manufacturing unit is located at Kandla Special Economic Zone, Gujarat, India; over an area of 50,000 sq .ft. Attached to it is a well equipped Quality Control Laboratory which plays an important role in their quality assurance program.
The Company has been awarded ISO 9001 : 2000 certification which illustrates its commitment to quality products and services. To adhere to the corporate policy of giving quality products at affordable prices (VFM - Value for Money), they have resorted to backward integration and have full-fledged R&D facility for creation and development of own formulations, designing and packaging.
Subject is professionally managed open to new ideas and concepts for product development. They understand specific needs of individual markets and are willing to help their clients to create the products according to their requirements. They constantly upgrade their range and add new items to keep pace with changing global trends.
Subject established a full fledged state-of-the-art Research & Development Center at Chennai. The R&D Center has been operative since mid 2001. The Center has been actively working on the skin care & hair care segments of cosmeticology. It has taken up an exhaustive approach in development of herbal extractions that are useful for skin care and hair care products.
The objective of the R&D Center, since the inception has been to give the "Value for money" for the consumer.
The R&D has been furnished with the latest instruments and equipments in the field of spectroscopy, chromatography and other physico-chemical measurement systems. The R&D Center has employed highly qualified scientists to achieve the R&D objectives.
They, are committed to providing quality products to their global customers and consumers which consistently satisfy their specified and implied needs by continuously:
Ř Understanding and adapting to changing requirements.
Ř Innovating in design, development, production and delivery.
Ř Offering value for money.
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.47.46 |
|
UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|