MIRA INFORM REPORT

Report Date :

16.04.2013

IDENTIFICATION DETAILS

Name :	BACCAROSE PERFUMES AND BEAUTY PRODUCTS PRIVATE LIMITED
Registered Office :	66, Maker Chambers VI, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.10.1983
Com. Reg. No.:	11-031189
Capital Investment / Paid-up Capital :	Rs.6.115 Millions
CIN No.: [Company Identification No.]	U24246MH1983PTC031189
TAN No.: [Tax Deduction & Collection Account No.]	MUMB13366D
PAN No.: [Permanent Account No.]	AAACB2984M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cosmetics and Skincare Products
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (38)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2700000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a well established company having a moderate track record. The latest financials of the company are not made available. Mr. Patil, Accounts Manager has denied to disclose any details of the subject to us. As per previous year’s record, the company is found good for business dealings. Trade relations are reported as fair. Business is active. Payments terms are unknown. In absence of latest financials, the company can be considered for business dealings with some caution.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

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 DECLINED BY

Name :	Mr. Patil
Designation :	Accounts Manager
Contact No.:	91-22-22817766
Date :	15.04.2013

LOCATIONS

Registered Office :	66, Maker Chambers Vi Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22817766/ 22873732
Fax No.:	91-22-22852780
E-Mail :	beauty@baccarose.com vpd@baccarose.com
Website :	www.baccarose.com
Area :	1500 sq. ft
Location :	Owned
Branch Office :	11/1, Sarat Bose Road, Near Deshopriya Park, Kolkata – 700029, West Bengal, India
Tel. No.:	91-33-22805207 / 22805208

DIRECTORS

(AS ON 28.09.2012)

Name :	Mr. Hemansu Karsandas Kotecha
Designation :	Nominee Director
Address :	109, Baker Street, London W 1N 1FE, U.K
Date of Birth/Age :	23.08.1949
Qualification :	Graduate
Date of Appointment :	09.05.1986
DIN No. :	00532324
Name :	Mrs. Varsha Praful Dalal
Designation :	Nominee Director
Address :	901, Pleasant Palace 16, N. D. Road, Mumbai – 40006, Maharashtra, India
Date of Birth/Age :	15.10.1946
Qualification :	Graduate
Date of Appointment :	25.10.1983
DIN No. :	00179876

KEY EXECUTIVES

Name :	Mr. Patil
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2012)

Names of Shareholders	No. of Shares
Dilip Kirtikant Sheth	1
Sancerre Limited, Mauritius	61149
Total	61150

(AS ON 28.09.2012)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cosmetics and Skincare Products

Products :

Products Description	Item Code No.
Perfumes and Toiletries	3303
Beauty or Makeup Preparations	3304

Brand Names :

· Chambor

· Clarins

· Elizabeth Arden

· Guerlain

· Pupa

· Shiseido

· YSL

· Max Factor

· Adolfo Dominguez

· Agua Brava

· Aigner

· Antonio Banderas

· Azzaro

· Banana Republic

· Bogart

· Barbie

· Clayeux

· Kaloo Parfums

· Brittney Spear

· Gant

· GAP

· FCUK

· Gucci

· Kenzo

· Lanvin

· Loewe

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks secured	84.004	95.937
Total	84.004	95.937
NOTE: Secured by hypothecation of present and future stocks and book debts (exclusive charge) and equitable mortgage of the Company's immovable property situated at Worli, Mumbai

Banking Relations :	--
Auditors :
Name :	B. S. Mehta and Company Chartered Accountant
Address :	11/13, Botawala Building, 2^nd Floor, Horniman Circle, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22661255/ 22660275/ 22665275/ 22660821/ 22661557
Fax No.:	91-22-22665666
PAN No.:	AAAPS1111B
Email :	bsmco1@vsnl.net
Holding Company :	· Sancerre Limited, Mauritius
Subsidiaries :	· Baccarose Cosmetics Private Limited CIN: U24246MH1987PTC042415 · WIWA Spray Systems Limited CIN: U85110KA1992PLC013249

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
61150	Equity Shares	Rs.100/- each	Rs.6.115 Millions

NOTE:

The entire share capital is held by Sancerre Limited and its nominee.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		6.115	6.115	6.115
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		664.857	655.147	565.690
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		670.972	661.262	571.805
LOAN FUNDS
1] Secured Loans		84.004	95.937	55.643
2] Unsecured Loans		0.000	52.500	0.000
TOTAL BORROWING		84.004	148.437	55.643
DEFERRED TAX LIABILITIES		9.372	10.590	11.960
TOTAL		764.348	820.289	639.408
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.443	75.562	79.786
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		162.630	163.743	84.945
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	643.009	571.225	673.305
	Sundry Debtors	1010.581	879.987	786.309
	Cash & Bank Balances	54.836	43.925	6.603
	Other Current Assets	0.147	0.123	0.102
	Loans & Advances	361.677	321.336	210.018
Total Current Assets		2070.250	1816.596	1676.337
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1160.580	951.437	693.521
	Other Current Liabilities	319.364	206.924	487.396
	Provisions	60.031	77.251	20.743
Total Current Liabilities		1539.975	1235.612	1201.66
Net Current Assets		530.275	580.984	474.677
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		764.348	820.289	639.408

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1235.309	1126.482
		Other Income	73.635	96.504
		TOTAL	1308.944	1222.986
Less	EXPENSES
		Manufacturing expenses	1319.272	951.353
		Increase/Decrease in stock	(41.259)	116.514
		TOTAL	1278.013	1067.867
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		30.931	155.119	Not Available
Less/ Add	DEPRECIATION/ AMORTISATION		8.237	7.787
	PROFIT BEFORE TAX		22.694	147.332
Less	TAX		5.861	43.548
	PROFIT AFTER TAX		16.833	103.784
	EARNINGS IN FOREIGN CURRENCY		502.092	511.003
	Earnings Per Share (Rs.)		275.27	1697.20

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.29	8.49	NA
Net Profit Margin (PBT/Sales)	(%)	1.84	13.08	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.06	7.79	NA
Return on Investment (ROI) (PBT/Networth)		0.03	0.22	NA
Debt Equity Ratio (Total Liability/Networth)		2.42	2.09	2.20
Current Ratio (Current Asset/Current Liability)		1.34	1.47	1.39

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Creditors due small micro enterprises	0.000	0.000	0.000
- Creditors due others	1160.580	951.437	693.521
Total	1160.580	951.437	693.521

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	No
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

DETAILS OF UNSECURED LOANS

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	0.000	52.500
Total	0.000	52.500

OPERATIONS

Sales during the year amounted to Rs.1235.309 Millions and Other Income was Rs.73.635 Millions After considering increase in stock of Rs.41.260 Millions the Total Income was Rs.1350.203 Millions. After providing for Depreciation of Rs.8.237 Millions and other Manufacturing Expenses etc. aggregating to Rs.1319.272 Millions the working for the year resulted in a Profit of Rs.22.694 Millions. Adding thereto sums of Rs.0.016 Million being Depreciation Transferred from Capital Reserve Account, Rs.1.218 Millions being amount adjusted during the year against Deferred Tax (Asset/Liability) and Rs.0.405 Million being Prior Period Adjustments, and deducting there from a sum of Rs.7.500 Millions being provision for Current Tax, the Net Profit for the year was Rs.16.833 Millions which is proposed to be carried forward.

The Wind Turbine Generators installed in the State of Tamil Nadu generated an income of Rs.32,543 by sale of power to the Tamil Nadu Electricity Board.

The Company is a partner in the Partnership Firm M/s. Producing Business Services, sharing profit/loss at the rate of 90%. For the year ended 31st March 2011, the loss from the Partnership Firm was Rs.4.695 Millions.

FIXED ASSETS:

· Freehold Land

· Factory Buildings

· Other Buildings

· Plant and Machinery

· Wind Electric Generators

· Electrical Installation

· Furniture and Fixtures

· Equipments

· Air Conditioners

· Water Coolers and Refrigerators

· Computers

· Vehicles

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 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 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.54.63
UK Pound	1	Rs.83.70
Euro	1	Rs.71.42

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BSN

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		38

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.