MIRA INFORM REPORT
|
Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZETTS COSMETICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2, Gokul Arcade, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.05.2004 |
|
|
|
|
Com. Reg. No.: |
11-146152 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 0.100 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24246MH2004PTC146152 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMZ01080C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACZ2026J |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturer,
Exporter of Mass Market Perfumes. |
|
|
|
|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 55000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BB- |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
August, 2012 |
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. Jignesh |
|
Designation : |
Manager |
|
Contact No.: |
91-22-66941200 |
|
Date : |
18.05.2013 |
LOCATIONS
|
Registered / Corporate Office : |
2, Gokul Arcade, "B" Building, Subhash Road, Vile Parle (East), Mumbai-400057, Maharashtra, India |
|
Tel. No.: |
91-22-66941209 / 66941200 |
|
Fax No.: |
91-22-66960057 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory : |
411/412, New Area, Kasez Road, Gandhidham, Kutch-370230, Gujarat,
India |
DIRECTORS
As on 26.09.2012
|
Name : |
Mr. Arun Bhargav Desai |
|
Designation : |
Director |
|
Address : |
604, B, Sidhhgiri Raj Kamal Marg, Office Dr. S S Road, Parel,
Mumbai-400012, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1962 |
|
Date of Appointment : |
07.05.2004 |
|
DIN No.: |
00227578 |
|
|
|
|
Name : |
Mr. Sudhir Sunderlal Kapadia |
|
Designation : |
Director |
|
Address : |
504, Panchsheel C Road, Churchgate, Mumbai – 400020, Maharashtra,
India |
|
Date of Birth/Age : |
20.01.1950 |
|
Date of Appointment : |
09.05.2004 |
|
DIN No.: |
00299047 |
KEY EXECUTIVES
|
Name : |
Mr. Jignesh |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Jyoti K Sheth |
|
1 |
|
Kirit Sheth |
|
4994 |
|
Mahendra G. Punatar |
|
2 |
|
Bhargav Desai |
|
1 |
|
Swati Desai |
|
1 |
|
Suniti Desai |
|
1 |
|
Sudhir Kapadia - HUF |
|
1 |
|
Sunil D. Joshi |
|
1 |
|
Gyanendra Kumar Shah |
|
1 |
|
Arun Bhargav Desai |
|
4996 |
|
Kalpana Sudhir Kapadia |
|
1 |
|
Total |
|
10000 |
Allottees as on 09.10.2012
|
Names of Allottees |
|
No. of Shares |
|
Arun Desai |
|
249850 |
|
Kalpana Kapadia |
|
50 |
|
Jyoti K. Sheth |
|
50 |
|
Kirit Sheth |
|
249700 |
|
Sanjay Punatar |
|
50 |
|
Swati Desai |
|
50 |
|
Mahendra Punatar |
|
50 |
|
Suniti Desai |
|
50 |
|
Sudhir Kapadia HUF |
|
50 |
|
Sunil Joshi |
|
50 |
|
Anita Shah |
|
50 |
|
Total |
|
500000 |
As on 26.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Mass Market Perfumes. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
·
Middle East ·
Europe |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Materials |
||||
|
Countries : |
·
China ·
Dubai |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
30 (Approximately) |
|
|
|
|
Bankers : |
Bank of Maharashtra, Ranade Road Branch, Samruddhi Heights, D L Vaidya Road, Dadar (West), Mumbai - 400028, Maharashtra, India Tel. No.: 91-22-24222885 |
|
|
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kamdar Desai and Patel Chartered Accountants |
|
Address : |
Vasaikar House, 296, Cadell Road, Dadar (West), Mumbai- 400028,
Maharashtra, India |
|
Tel. No.: |
91-22-24475000 |
|
Fax No.: |
91-22-24475001 |
|
E-Mail : |
|
|
Website: |
|
|
PAN No.: |
AABPK7767P |
CAPITAL STRUCTURE
After 26.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550000 |
Equity Shares |
Rs.10/- each |
Rs. 5.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
510000 |
Equity Shares |
Rs.10/- each |
Rs. 5.100 Millions |
|
|
|
|
|
As on 26.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550000 |
Equity Shares |
Rs.10/- each |
Rs. 5.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13.730 |
9.648 |
7.336 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13.830 |
9.748 |
7.436 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Long-term Borrowings |
46.300 |
|
|
|
|
2] Short-term Borrowings |
0.000 |
0.000 |
|
|
|
TOTAL BORROWING |
46.300 |
21.300 |
26.800 |
|
|
DEFERRED TAX LIABILITIES |
0.545 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60.675 |
31.048 |
34.236 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
31.356 |
3.623 |
4.507 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.664 |
9.874 |
7.500 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.246 |
0.194 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
32.229
|
0.000 |
0.000 |
|
|
Sundry Debtors |
24.993
|
13.346 |
11.868 |
|
|
Cash & Bank Balances |
1.940
|
0.000 |
5.958 |
|
|
Other Current Assets |
0.000
|
(1.356) |
0.000 |
|
|
Loans & Advances |
3.378
|
3.511 |
2.435 |
|
Total
Current Assets |
62.540
|
15.501 |
20.261 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
21.460
|
(9.669) |
(5.421) |
|
|
Other Current Liabilities |
11.175
|
6.765 |
0.000 |
|
|
Provisions |
2.250
|
1.100 |
3.647 |
|
Total
Current Liabilities |
34.885
|
(1.804) |
(1.774) |
|
|
Net Current Assets |
27.655
|
17.305 |
22.035 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60.675 |
31.048 |
34.236 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
187.854 |
179.224 |
138.555 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
181.831 |
175.843 |
136.466 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.023 |
3.381 |
2.089 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.941 |
1.070 |
0.664 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4.082 |
2.311 |
1.425 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
183.590 |
178.509 |
137.229 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
19.648 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
19.648 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
408.20 |
231.07 |
141.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.17
|
1.29 |
1.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.41
|
17.68 |
8.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.35 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.35
|
2.19 |
3.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
(8.59) |
(11.42) |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade Payable for Goods |
17.685 |
(10.475) |
|
|
Trade Payable for Expenses |
3.775 |
0.806 |
|
|
Total |
21.460
|
(9.669) |
(5.421) |
|
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 |
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 |
No |
|
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 |
Yes |
NOTE
The registered office address of the company has been shifted from 302
Navin Ashadadasaheb Phalke Road, Dader (East), Mumbai-400014, Maharashtra,
India to present address w.e.f. 04.05.2009
OPERATING PERFORMANCE
During
the year, the total income of the Company was Rs. 187.854 millions (Previous
Year Rs. 179.224 millions). The Net Profit of the Company is Rs. 4.082 millions
(Previous Year Rs. 2.310 millions). The Company has recorded a growth of
76.66%. The Directors are assured of higher returns in the future.
COMPANY'S PERFORMANCE
AND FUTURE OUTLOOK
"Zetts", manufacturer and exporter of "Private lable perfumes" has marched through the year with an impressive growth and profitability. Though the economical crisis, Global meltdown and surging dollar rates have put enormous challenge, we have sustained both growth and profitability.
The Company in this year has started a manufacturing plant in Kandla Special Economic Zone (SEZ). This is expected to boost the overall operation level and ultimately boost profitability by a considerable margin. The company has added this year, a work force in quality and quantity - that is essential to drive the business
Meeting to and delivering more than the client expectations would remain, like for any brand, primary focus for next few years.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24246MH2004PTC146152 |
|
Name of the
company |
ZETTS COSMETICS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2, Gokul Arcade, “B” Building, Subhash Road, Vile Parle (East), Mumbai
– 400057, Maharashtra, India E-mail: jignesh@tiam.info |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10154459 |
|
Type of charge |
Book
debts Movable
property (not being pledge) |
|
Particular of
charge holder |
Bank of Maharashtra, Ranade Road Branch, Samruddhi Heights, D L Vaidya Road, Dadar (West), Mumbai - 400028, Maharashtra, India E-mail: bom16@mahabank.co.in
|
|
Nature of
instrument creating charge |
Composite deed of
hypothecation for all facilities |
|
Date of
instrument Creating the charge |
10/07/2012 |
|
Amount secured by
the charge |
Rs. 255.400
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.EPSC:Pre
shipment a.upto 180 days: presently,11.75% pa b.180 days to 270
days:presently,12.00% pa 2.FOBN/FOBD:Post
shipment a.upto 90 days Presently
11.75% pa b.90 days and above Presently,12.00%pa Terms of Repayment The borrower
shall on demand pay the whole due to the Bank with the interest and cost Margin Margin - 25% Extent and Operation of the charge Security to cover
principle amount together with interests, costs, charges and expenses etc. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First and
exclusive charge and security by way of hypothecation of present and future
movables like machineries, goods, stock of raw materials, items, inventories,
semi-finished and finished goods, stores and spares, stock in trade, goods in
process and present and future tangible and intangible assets, vehicles,
trademark, copyright and patents. |
|
Particulars of
the present modification |
The export credit
facility limit of Rs. 35.000 millions has been increased to Rs.255.400
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.55.04 |
|
|
1 |
Rs.83.61 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.