MIRA
INFORM REPORT
|
Report Date : |
08.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AVALON COSMETICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
158, Dani Compound, C S T Road, Kalina, Santacruz (East),
Mumbai-400098, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.04.2003 |
|
|
|
|
Com. Reg. No.: |
11-140203 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.918 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24246MH2003PTC140203 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Body Lotion, Moisturizer, Cream, Shower Gel, Bubble Bath,
Face Wash, Body Wash, Face / Body Scrub etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 940000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payment
terms are usually correct and as per commitment. 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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
LOCATIONS
|
Registered Office : |
158, Dani Compound, C S T Road, Kalina, Santacruz (East),
Mumbai-400098, Maharashtra, India |
|
Tel. No.: |
91-22-26527504 / 26527506 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
58-59, Industrial Area, Paonta Sahib District Sirmour-173025, Himachal
Pradesh, India |
|
|
|
|
Factory 2 : |
F-6, MIDC Malegaon, Sinnar, Nashik-422103, Maharashtra, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Ms. Asha Ramanlal Kothari |
|
Designation : |
Director |
|
Address : |
904-B, Kukreja Palace, Vallabh BAgu Lane, Ghatkopar (East),
Mumbai-400075, Maharashtra, India |
|
Date of Birth/Age : |
12.01.1950 |
|
Date of Appointment : |
29.04.2003 |
|
DIN No.: |
01149529 |
|
|
|
|
Name : |
Mr. Sameer Ramanlal Kothari |
|
Designation : |
Director |
|
Address : |
904-B, Kukreja Palace, Vallabh BAgu Lane, Ghatkopar (East),
Mumbai-400075, Maharashtra, India |
|
Date of Birth/Age : |
23008.1973 |
|
Date of Appointment : |
29.04.2003 |
|
DIN No.: |
01361343 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Asha Ramanlal Kothari |
45000 |
|
Sameer Ramanlal Kothari |
45000 |
|
Christine Gareli |
1798 |
|
Vanity Case India Private Limited, India |
26911 |
|
TOTAL
|
118709 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Body Lotion, Moisturizer, Cream, Shower Gel, Bubble
Bath, Face Wash, Body Wash, Face / Body Scrub etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Small Industries Development Bank of India, MSME Development
Centre, 1st Floor, Plot C-11, G Block, Bandra Kurla Complex,
Bandra East, Mumbai-400051, Maharashtra, India ·
The Shamrao Vithal Co-operative Bank Limited, SVC
Tower, Ground Floor, Nehru Road, Vkola, Santacruz (East), Mumbai-400055, Maharashtra,
India ·
Indusind Bank Limited, ACME Plaza, CTS No.32,
Opposite Sangam Talkies, Andheri Kurla Road, Andheri (East), Mumbai-400059,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shyam Malpani and Associates Chartered Accountant |
|
Address : |
307, Chartered House, 297/299, Dr. C H Street, Near Marine Lines
Church, Marine Lines (East), Mumbai-400002, Maharashtra, India |
|
PAN No.: |
AADPM2684D |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
118709 |
Equity Shares |
Rs.10/- each |
Rs. 1.187
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 0.918 Million
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.918 |
0.918 |
0.918 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
235.031 |
206.016 |
180.696 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
235.949 |
206.934 |
181.614 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
93.736 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
219.556 |
81.248 |
93.736 |
|
|
DEFERRED TAX LIABILITIES |
4.858 |
5.407 |
4.716 |
|
|
|
|
|
|
|
|
TOTAL |
460.363 |
293.589 |
280.066 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
163.733 |
172.165 |
118.466 |
|
|
Capital work-in-progress |
144.870 |
2.493 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
49.188 |
32.942 |
64.449 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
156.537
|
170.705 |
116.622 |
|
|
Sundry Debtors |
81.430
|
85.073 |
59.112 |
|
|
Cash & Bank Balances |
13.651
|
14.394 |
8.243 |
|
|
Other Current Assets |
26.778
|
46.663 |
0.000 |
|
|
Loans & Advances |
41.892
|
25.712 |
102.469 |
|
Total
Current Assets |
320.288
|
342.547 |
286.446 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
158.513
|
227.163 |
|
|
|
Other Current Liabilities |
58.029
|
28.581 |
|
|
|
Provisions |
1.174
|
0.814 |
23.859 |
|
Total
Current Liabilities |
217.716
|
256.558 |
189.295 |
|
|
Net Current Assets |
102.572
|
85.989 |
97.151 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
460.363 |
293.589 |
280.066 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
NA |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
NET PROFIT |
29.259 |
25.320 |
14.865 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.93
|
0.39 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.34 |
1.51 |
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 |
No |
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three 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 |
No |
|
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 |
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
Registered office 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 profit of Rs.29.259
Millions
FORM 8
|
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, C S T Road, Kalina, Santacruz (East), Mumbai-400098, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10304676 |
|
Type of charge |
·
Immovable
property ·
Any
interest in immovable property |
|
Particular of
charge holder |
The Shamrao Vithal Co-operative Bank Limited, SVC Tower, Ground Floor,
Nehru Road, Vkola, Santacruz (East), Mumbai-400055, Maharashtra, India |
|
Nature of
instrument creating charge |
Recording Letter
Evidencing Deposit Of Title Deeds |
|
Date of
instrument Creating the charge |
28.07.2012 |
|
Amount secured by
the charge |
Rs. 271.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As may be decided
by the Bank from time to time Terms of repayment As may be decided
by the Bank from time to time Margin As may be decided
by the Bank from time to time Extent and operation of the charge To secure due
repayment of credit facilities (Term Loans) aggregating Rs.271.700 Millions,
together with costs, charges, interest, expenses thereof, granted by the Bank
to the Company. Other Total Facility Term Loan1:
Rs.230.000 Millions Term Loan2: Rs.
41.700 Millions (fresh) --------------------------------------------- Total Facility :
Rs.271.700 Millions |
|
Short particulars
of the property charged (Including location of the property) |
EMT of land
bearing Plot No. 6, adm. 68683 sq.m. Sinnar Industrial Area, MIDC, within
village limits of Malegaon and outside limits of Sinnar Municipal Council,
Taluka and Registration Sub- District Sinnar, District Nashik along with entire
structure/factory bldg. constructed/ to be constructed thereon. (Prime
security for TL1 of 417 L and collateral for TL2 of 2300 L) All that piece
and parcel of land in Patta no.1053 in G.S.No.195/1C of an extent Dry Hectare
0.08.0 or Dry Acres 0.20 and G.S. No.196/1 of an extent Dry Hectare 0.85.0 or
Dry Acres 2.10, situated in Coimbatore Registration District and Sulur Sub
Registration District, Taluka Palladam. All that piece
and parcel of land in Patta no.1048 in G.S.No.195/1 Dry Acres 5.26 situated
in Coimbatore Registration District and Sulur Sub Registration District,
Taluka Palladam All that piece
and parcel of vacant land in Patta no.1052 in G.S.No.195/2A of an extent Dry
Hectare 103.5 or Dry Acres 2.56 situated in Coimbatore Registration District
and Sulur Sub Registration District, Taluka Palladam All that piece
and parcel of vacant land in Patta no.1052 in G.S.No.195/2A of an extent Dry
Hectare 103.5 or Dry Acres 2.56 situated in Coimbatore Registration District
amd Sulur Sub Registration District, Taluka Palladam( Coimbatore property
exclusively for TL 1 of Rs 230.000 Millions) |
|
Particulars of
the present modification |
By the present
modification the immovable property in Nashik, shall hold good to secure
total charge of Rs.271.700 Millions (as collateral for existing Term Loan of
230.000 Millions and prime security for fresh term loan of Rs.41.700
Millions).The property in Coimbatore shall hold good to secure the term loan
of RS 230.000 Millions. Hence the overall charge stands modified at Rs.
271.700 Millions. |
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 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. 54.73 |
|
|
1 |
Rs. 82.14 |
|
Euro |
1 |
Rs. 71.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.