MIRA
INFORM REPORT
|
Report Date : |
05.05.2011 |
Note : The correct name of the company is ‘AVALON COSMETICS PRIVATE LIMITED’
IDENTIFICATION DETAILS
|
Name : |
AVALON COSMETICS PRIVATE LIMITED |
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Registered
Office : |
158, Dani Compound, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.04.2003 |
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Com. Reg. No.: |
11-140203 |
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CIN No.: [Company Identification
No.] |
U24246MH2003PTC140203 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA22204A MUMA20355G MUMA18942A |
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PAN No.: [Permanent Account No.] |
AAECA3300L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Cosmetics |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 726000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. There
Appears some losses recorded by the company in the current year. However,
Networth of the company is satisfactory. Trade relations are fair. Business
is active. Payments are reported to be usually correct and as per
commitments. The company can be considered
for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
158, Dani Compound, |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Ms. Asha Ramanlal Kothari |
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Designation : |
Director |
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Address : |
Flat No.904-B, |
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Date of Birth/Age : |
12.01.1950 |
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Date of Appointment : |
29.04.2003 |
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DIN : |
01149529 |
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Name : |
Mr. Sameer Ramanlal Kothari |
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Designation : |
Director |
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Address : |
Flat No.904-B, |
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Date of Birth/Age : |
23.08.1973 |
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Date of Appointment : |
29.04.2003 |
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DIN : |
01361343 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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|
Asha Ramanlal Kothari |
|
45000 |
|
Sameer Ramanlal Kothari |
|
45000 |
|
Christine Gareli |
|
1798 |
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Total |
|
91798 |
As on 30.09.2010
|
Category |
Percentage |
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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 : |
Manufacturer of Cosmetics |
GENERAL INFORMATION
|
Bankers : |
Oriental bank of Commerce, Main Bazar, Paonta Sahib, District Sirmour,
District Sirmour – 173025, Himachal Pradesh, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Malpani and Associates Chartered Accountant |
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Address : |
307, Chartered House, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1,000,000 |
Equity Shares |
Rs.10/-each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
91,798 |
Equity Shares |
Rs.10/-each |
Rs.0.918 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
0.918 |
0.918 |
0.918 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
180.696 |
205.276 |
193.294 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
181.614 |
206.194 |
194.212 |
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|
LOAN FUNDS |
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|
|
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1] Secured Loans |
93.736 |
84.392 |
10.537 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
93.736 |
84.392 |
10.537 |
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DEFERRED TAX LIABILITIES |
4.716 |
3.589 |
1.217 |
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TOTAL |
280.066 |
294.175 |
205.966 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
118.467 |
131.526 |
44.929 |
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Capital work-in-progress |
0.000 |
0.000 |
1.384 |
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INVESTMENT |
64.449 |
11.134 |
13.413 |
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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 |
116.622
|
119.557 |
102.411 |
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Sundry Debtors |
59.111
|
58.764 |
28.045 |
|
|
Cash & Bank Balances |
8.243
|
9.564 |
14.904 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
102.469
|
109.834 |
87.488 |
|
Total
Current Assets |
286.445
|
297.719 |
232.848 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
165.436
|
122.513 |
64.904 |
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Provisions |
23.859
|
23.691 |
21.704 |
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Total
Current Liabilities |
189.295
|
146.204 |
86.608 |
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Net Current Assets |
97.150
|
151.515 |
146.240 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
280.066 |
294.175 |
205.966 |
|
PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
510.417 |
417.372 |
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Other Income |
|
6.390 |
8.746 |
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TOTAL (A) |
|
516.807 |
426.118 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Depreciation |
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Finance Expenses |
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TOTAL (B) |
|
500.576 |
372.685 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
16.231 |
53.433 |
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Less |
TAX (I) |
|
4.249 |
6.655 |
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Excess short
provision of earlier years |
|
0.000 |
(0.023) |
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PROFIT AFTER TAX
(G-I) (J) |
|
11.982 |
46.755 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
188.760 |
142.005 |
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BALANCE CARRIED
TO THE B/S |
|
200.742 |
188.760 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
2.32 |
10.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.18 |
12.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.78 |
19.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.08 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.23
|
1.12 |
0.50 |
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Current Ratio (Current Asset/Current Liability) |
|
1.51
|
2.04 |
2.69 |
LOCAL AGENCY FURTHER INFORMATION
Note : registered office
address of the company has been shifted from 1004, B-wing, Kukreja Palace, Vallabh
Baug Lane, Ghatkopar –East, Mumbai , Maharashtra, India to the present address
w.e.f. 11.02.2008
Financial Results
:
During the year, the company has incurred a
net loss of Rs.14.865 million.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U24246MH2003PTC140203 |
|
Name of the
company |
AVALON COSMETICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
158, Dani
Compound, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10145239 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Oriental bank of Commerce, Main Bazar, Paonta Sahib, District Sirmour,
District Sirmour – 173025, Himachal Pradesh, India |
|
Nature of
instrument creating charge |
Confirmation
Letter creating equitable mortgage in favour of OBC as collateral security
for the credit facility sanction in favor of the company |
|
Date of
instrument Creating the charge |
12.03.2011 |
|
Amount secured by
the charge |
Rs.54.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- N.A Since It is Collateral Terms of
Repayment - N.A Since It is Collateral Margin – N.A. Extent and
Operation of the charge – 100% Others - It is
collateral security for CC Rs. 54.500 millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
EQM of immovable
property i.e. Factory Land and Building, situated at Plot No. 58-59,
Industrial Area, Paonta Sahib (Himachal Pradesh) standing in the name of borrowing
company i.e. M/s Avalon Cosmetics |
|
Particulars of
the present modification |
CC Enhanced From
34.500 million To 54.500 million |
AS PER WEBSITE
The Vanity Case Group of Companies, a leading name in the Indian Beauty Industry, has been serving the needs of top cosmetic and personal case companies as a contract manufacturer of their products. The group is also a promoter of Christine Valmy Institutes, known for their excellence in education for aspiring and established Salon Professionals.
The turnover of group companies is in excess of 1000.000
millions with a team of more then of more then 300 professionals. The company
has international exposure with joint ventures in
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.44.59 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.