MIRA
INFORM REPORT
|
Report Date : |
29.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
DAXAL COSMETICS PRIVATE LIMITED |
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Registered
Office : |
347, Mahagujarat Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.07.2002 |
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Com. Reg. No.: |
04-041026 |
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Capital
Investment / Paid-up Capital : |
Rs.2.700 millions |
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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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PAN No.: [Permanent Account No.] |
AABCD5269L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Cosmetics and Toiletries Products. |
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No. of Employees
: |
55 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 55000 |
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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. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct. The company can be considered normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Naresh Patel |
|
Designation : |
Export Manager |
|
Contact No.: |
91-2717-329809 |
|
Date : |
24.09.2012 |
LOCATIONS
|
Registered Office/ Factory : |
347, Mahagujarat Industrial Estate, Sarkhej Bavala Road, N. H. NO. 8A,
Village Moraiya, Taluka Sanand, Ahmedabad-382213, Gujarat, India |
|
Tel. No.: |
91-2717-329809 |
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Fax No.: |
91-2717-250305 |
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E-Mail : |
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Website : |
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Area : |
35000 sq.ft |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Prashant Hasmukhbhai Desai |
|
Designation : |
Managing director |
|
Address : |
101, Soham Terrace, Behind Sunrise park, Ahmedabad- 380054, Gujarat,
India |
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Date of Birth/Age : |
01.01.1969 |
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Qualification : |
BE Mechanical |
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Date of Appointment : |
01.07.2003 |
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DIN No.: |
00063360 |
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Name : |
Mr. Devanshi Prashantkumar Desai |
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Designation : |
Director |
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Address : |
101, Soham Terrace, Behind Sunrise park, Ahmedabad- 380 054, Gujarat,
India |
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Date of Birth/Age : |
18.02.1972 |
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Qualification : |
B.Com |
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Date of Appointment : |
29.07.2002 |
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DIN No.: |
00078410 |
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Name : |
Ms. Savitaben Hasmukhbhai 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 : |
11.06.1948 |
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Date of Appointment : |
03.12.2007 |
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DIN No.: |
01846783 |
KEY EXECUTIVES
|
Name : |
Mr. Naresh Patel |
|
Designation : |
Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Desai Savitaben Hasmukhbahi |
|
18000 |
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Devanshi P. Desai Jt. 1 Prashant Hasmukhbahi Desai |
|
81000 |
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Desai H.Savitaben Jt. Prashant Desai – INDI. |
|
9000 |
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Prashant H. Patel – HUF JT. Prashant H.Desai – INDI |
|
81000 |
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Prashant H. Patel –INDI JT. Devanshi P. Desai |
|
81000 |
|
Total |
|
270000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cosmetics and Toiletries Products. |
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Products : |
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Exports : |
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Products : |
cosmetics and Toiletries Products |
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Countries : |
·
Uganda ·
Kenya ·
Singapore ·
Malaysia ·
Dubai |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
55 (Approximately) |
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Bankers : |
Punjab National Bank, Sola Road, Ahmedabad-380061, Gujarat, India |
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Facilities : |
Note: 1 and 2 – First charge by way of Hypothecation of Inventories and
Book-Debts both present and future and by way of Equitable Mortgate of
Factory Land and Building at Plot No.347, Mahagujarat Industrial Estate,
Sarkhej- Bavla Road, N.H. No BA, Moriaya, Taluka Sanad, Ahmedabad and
Hypothecation of all Movable fixed assets of the company including movable
Machinery. The above is further secured by the Personal/ Corporate Guarantee of
Directors of the company. 3 – Secured by way of Hypothecation of Vehicle under the scheme of the
Bank
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nautam R. Vaki and Company Chartered Accountants |
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Address : |
16, New Ashish Flats, Opposite Shefali Centre, Near Paldi Charrasta, Ellisbridge,
Ahmedabad- 380006, Gujarat, India |
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PAN No.: |
AAFFN3048L |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
270000 |
Equity Shares |
Rs.10/- each |
Rs.2.700 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
270000 |
Equity Shares |
Rs.10/- each |
Rs.2.700 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.700 |
2.700 |
2.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.108 |
8.611 |
7.651 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.808 |
11.311 |
10.351 |
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LOAN FUNDS |
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1] Secured Loans |
11.708 |
11.005 |
7.064 |
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2] Unsecured Loans |
2.435 |
2.206 |
7.653 |
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TOTAL BORROWING |
14.143 |
13.211 |
14.717 |
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DEFERRED TAX LIABILITIES |
1.280 |
1.280 |
1.280 |
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TOTAL |
29.231 |
25.802 |
26.348 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.113 |
12.453 |
13.610 |
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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 |
25.280
|
15.490
|
7.294 |
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Sundry Debtors |
3.869
|
8.678
|
7.180 |
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Cash & Bank Balances |
0.421
|
0.059
|
0.039 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
4.226
|
4.255
|
3.321 |
|
Total
Current Assets |
33.796
|
28.482
|
17.834 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
19.678
|
15.133
|
5.096 |
|
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Other Current Liabilities |
0.000 |
0.000 |
0.000 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
19.678
|
15.133
|
5.096 |
|
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Net Current Assets |
14.118
|
13.349
|
12.738 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
29.231 |
25.802 |
26.348 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
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|
50.802 |
|
44.214 |
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Other Income |
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TOTAL (A) |
50.802
|
34.369 |
44.214 |
|
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Less |
EXPENSES |
|
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|
45.588 |
30.108 |
32.807 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
45.588 |
30.108 |
32.807 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.124 |
4.261 |
11.407 |
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|
Less |
FINANCIAL EXPENSES (D) |
1.687 |
1.837 |
2.016 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.437 |
2.424 |
9.391 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.941 |
0.856 |
0.839 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.496 |
1.568 |
8.552 |
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Less |
TAX (I) |
0.000 |
0.607 |
2.187 |
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PROFIT AFTER TAX
(G-I) (J) |
2.496 |
0.961 |
6.365 |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
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Export Earnings |
16.453 |
15.736 |
34.020 |
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TOTAL EARNINGS |
16.453 |
15.736 |
34.020 |
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IMPORTS |
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Raw Materials |
0.050 |
0.103 |
0.023 |
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TOTAL IMPORTS |
0.050 |
0.103 |
0.023 |
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Earnings Per
Share (Rs.) |
9.25 |
3.56 |
23.57 |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
70.000 |
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|
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|
Expected Sales (2012-2013 ) : Rs.100.000 Millions
The above information has been parted by Mr. Naresh Patel (Export
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.913
|
2.80 |
14.40 |
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.10
|
3.83
|
27.19 |
|
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|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.14
|
0.83 |
|
|
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.45
|
2.51
|
1.91 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.88
|
3.50 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
-------- |
|
22] |
Litigations that the firm
/ promoter involved in |
-------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-------- |
|
26] |
Buyer visit details |
-------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note - The Registered
address of the company has been shifted from 205, Milestone Nr Drive in Cinema,
Opposite Door Darshan Tower, Drive in Road, Thaltej, Ahmedabad – 380 052,
Gujarat, India to present address w.e.f 12.12.2007
OPERATION:
During the year, Sales and other income increased from Rs.34.369
Millions to Rs.50.802 Millions whereas after depreciation, and provisions for
taxation, the company earned Net profit for the year to the tune of Rs. 2.496
Millions. The directors are optimist of achieving better results in the next
year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24246GJ2002PTC041026 |
|
Name of the company |
DAXAL COSMETICS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
347, Mahagujarat Industrial Estate, Sarkhej Bavala Road, N. H. NO. 8A,
Village Moraiya, Taluka Sanand, Ahmedabad-382213, Gujarat, India Email: csdoshiac@gmail.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
80007070 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Punjab National Bank, Sola Road, Ahmedabad-380061, Gujarat, India Email: bo3937@pnb.co.in |
|
Nature of instrument creating charge |
Supplemental Memorundam Of Deposit Of Title Deeds |
|
Date of instrument Creating the charge |
03.04.2012 |
|
Amount secured by the charge |
Rs.21.400 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest BR + 4.00% i.e. 14.75%
presently. Margin 25% for CC (H) and 40% for CC (Book Debts) Extent and Operation of the charge The charge operates in favour of the
banks to secure for repayment of all monies includung
interest costs, charges and expenses due, becoming due and payble by the
comapny to the banks in respect of enhanced facility of rs 21.400 millions
together with the interest thereon and all costs and charges. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
All that piece or parcel of freehold land situate lying and being at
survey no.427 Paiki, Admeasuring About 3227.75 sq. mtrs ( 3860 sq yards ) of
Village Moraiya , Taluka Sanand , DIST. Ahmedabad, (Sub Plot No.44, Village Account Book No , 1068, Village Moraiya) or Thereabouts
Together With Buildings Thereon. |
|
Date of instrument modifying the charge |
26.11.2010 |
|
Particulars of the present modification |
By the present modification bank has granted additional cash credit facility
of Rs. 10.000 millions and thereby overall credit limit enhanced from Rs.
11.400 millions to Rs 21.400 Millions through supplemental memorundam of
deposit of title deeds dated 3rd April, 2012. |
Fixed Assets
v Land
v
v Plant and Machinery
v Electrical Installation
v Furniture and Fixtures
v Computers
v Office Equipment
v Air Condition Machine
v Vehicals
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 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.52.70 |
|
|
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
|
43 |
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.