MIRA
INFORM REPORT
|
Report Date : |
27.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
VLCC HEALH CARE LIMITED |
|
|
|
|
Registered
Office : |
M-14, Greater Kailash-II, Commercial Complex, New Delhi-110048 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.10.1996 |
|
|
|
|
Com. Reg. No.: |
55-082842 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.22.008 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1996PLC082842 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELC06134C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC4808P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Beauty Products. |
|
|
|
|
No. of Employees
: |
4000 (Total Group) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 4827000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The company possesses an average financial profile marked by
acceptable networth base where as, the payables reported in the books seems
to be huge owing to significant overheads incurred due to implementation of
massive business expansion plan during 2013. However, the management has seen a steady growth in its total revenue
since past some years. The ratings also take into consideration the strong brand presence and
the recent acquisition in Malaysia and Singapore, which are yet to contribute
in a meaningful way to the operating profitability levels. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitment. In view of long standing experience of the promoters along with the
strong professional management team, the subject can be considered good 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based bank facilities A+ |
|
Rating Explanation |
Adequate degree of safety regarding timely
servicing of financial obligations. |
|
Date |
February, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based bank facilities A1 |
|
Rating Explanation |
Very strong of safety and lowest credit
risk. |
|
Date |
February, 2014 |
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 (GENERAL DETAILS)
|
Name : |
Mr. Abhishek Goyal |
|
Designation : |
Financial Department |
|
Contact No.: |
91-124-4719700 |
|
Date : |
24.03.2014 |
LOCATIONS
|
Registered Office : |
M-14, Greater Kailash-II, Commercial Complex, New Delhi-110048, India |
|
Tel. No.: |
91-11-41631975/6/41632463/4 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
64, HSIDC Sector 18, Maruti Industrial Area, Gurgaon-122015, Haryana,
India |
|
Tel. No.: |
91-124-4719700 |
|
Fax No.: |
91-124-4011371 |
|
E-Mail : |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Mukesh R.S. Luthra |
|
Designation : |
Chairman cum Director |
|
Address : |
C-42, Anand Niketan, New Delhi-110021, India |
|
Date of Birth/Age : |
29.07.1958 |
|
Date of Appointment : |
01.11.2010 |
|
Din No.: |
00296830 |
|
|
|
|
Name : |
Mr. Sandeep R.C. Ahuja |
|
Designation : |
Managing Director |
|
Address : |
C-2619, Sushant Lok-1, Gurgaon-122002, Haryana, India |
|
Date of Birth/Age : |
31.10.1961 |
|
Date of Appointment : |
01.04.2012 |
|
Qualification : |
B. Sc, PGDBM |
|
Experiences : |
27 Years |
|
Din No.: |
00043118 |
|
|
|
|
Name : |
Mr. Omprakash Shri Mohan Khaitan |
|
Designation : |
Director |
|
Address : |
B-1, Defense Colony, New Delhi-110024, India |
|
Date of Birth/Age : |
21.11.1943 |
|
Date of Appointment : |
01.01.2002 |
|
Din No.: |
00027798 |
|
|
|
|
Name : |
Mr. Sanjay Yashpal Mehta |
|
Designation : |
Director |
|
Address : |
A-71, New Friends Colony, New Delhi-110065, India |
|
Date of Birth/Age : |
31.10.1962 |
|
Date of Appointment : |
01.08.2004 |
|
Din No.: |
00297971 |
|
|
|
|
Name : |
Mr. Sumer Shivkumar Datta |
|
Designation : |
Director |
|
Address : |
A-194, Grenwood City, Gurgaon-122001, Haryana, India |
|
Date of Birth/Age : |
02.08.1962 |
|
Date of Appointment : |
29.07.2007 |
|
Din No.: |
00138569 |
|
|
|
|
Name : |
Mr. Sameer Sain |
|
Designation : |
Nominee Director |
|
Address : |
3, Avinash Apartment, Road No. 3, Union Park, Bandra, Mumbai-400052,
Maharashtra, India |
|
Date of Birth/Age : |
05.11.1970 |
|
Date of Appointment : |
01.04.2008 |
|
Din No.: |
01164185 |
|
|
|
|
Name : |
Mr. Kamal Oberoi |
|
Designation : |
Nominee Director |
|
Address : |
J-13, 1st Floor, Saket, New Delhi-110017, India |
|
Date of Birth/Age : |
23.11.1955 |
|
Date of Appointment : |
10.11.2010 |
|
Din No.: |
00713900 |
|
|
|
|
Name : |
Ms. Shabana Azmi |
|
Designation : |
Director |
|
Address : |
702, Sagar Samrat, Greenfield, Juhu,
Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
18.09.1951 |
|
Date of Appointment : |
27.04.2013 |
|
Din No.: |
06551017 |
KEY EXECUTIVES
|
Name : |
Mr. R. N. Gupta |
|
Designation : |
Company Secretary |
|
Address : |
21/43, Shakti Nagar, New Delhi-110007, India |
|
Date of Birth/Age : |
05.01.1963 |
|
Date of Appointment : |
21.04.2006 |
|
PAN No.: |
AAAPK0280G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders |
No. of Shares |
|
Mukesh Luthra |
9178094 |
|
Vandana Luthra |
16707468 |
|
Meera Anurag Bhatia |
1669 |
|
Pallavi Luthra Varun Puri |
1669 |
|
Anurag Kamal Bhatia |
1669 |
|
Varun Puri |
1669 |
|
Leon International Limited, Mauritius
|
5692621 |
|
Indivision India Partner, Mauritius |
5141718 |
|
VLCC Employee Welfare Trust, India |
941706 |
|
|
|
|
Total |
37668283 |
As on 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
28.76 |
|
Directors or relatives of Directors |
68.74 |
|
Other top fifty shareholders |
2.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Beauty Products. |
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Products : |
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Imports : |
|
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|
Products : |
Raw Material |
||||||
|
Countries : |
·
Italy ·
France |
GENERAL INFORMATION
|
No. of Employees : |
4000 (Total Group) (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
Kotak Mahindra Bank, 7th Floor, Ambadeep
Building, K G Marg, New Delhi - 110001,
India ·
HDFC Bank, HDFC Bank Housesenapati Bapat
Marg,Lower Parel W, Mumbai - 400013, Maharashtra, India ·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India ·
Axis Bank |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF City, Phase II, Gurgaon-122002,
Haryana, India |
|
Tel No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
PAN No: |
AABFD2095B |
|
|
|
|
Subsidiaries : |
·
VLCC India Limited CIN No.:
U26246DL1999PLC099212 ·
VLCC Personal Care Limited
[U52212DL2000PLC107566] ·
VLCC Retail Limited [U74996DL2006PLC149773] ·
VLCC International Inc ·
VLCC International LLC ·
VLCC Middle East LLC ·
VLCC Europe Limited ·
VLCC International Liability Company, Oman ·
VLCC International LLC, (Bahrain) WLL ·
VLCC International Qatar W.L.L. ·
VLCC Overseas Limited ·
VLCC Healthcare (Bangladesh) Private Limited ·
VLCC Healthcare Lanka (Private) Limited ·
VLCC Education Lanka (Private) Limited ·
VLCC Singapore Pte Limited ·
VLCC Healthcare Egypt LLC ·
Natraj Woollen and Finishing Mills Private
Limited |
CAPITAL STRUCTURE
After 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37668283 |
Equity Shares |
Rs.10/- each |
Rs.376.683 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2257283 |
Equity Shares |
Rs.10/- each |
Rs.22.572 Millions |
|
|
Less : Calls unpaid by others |
|
Rs. 0.564 Million |
|
|
|
|
|
|
|
Total |
|
Rs.22.008
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
22.008 |
22.008 |
22.008 |
|
(b) Reserves & Surplus |
1184.730 |
1113.556 |
1033.384 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1206.738 |
1135.564 |
1055.392 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
422.400 |
560.209 |
657.170 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
4.733 |
1.821 |
6.973 |
|
(d) long-term provisions |
6.192 |
5.056 |
5.990 |
|
Total
Non-current Liabilities (3) |
433.325 |
567.086 |
670.133 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
287.400 |
240.005 |
277.833 |
|
(c) Other current liabilities |
550.730 |
474.968 |
443.956 |
|
(d) Short-term provisions |
12.314 |
26.221 |
29.602 |
|
Total
Current Liabilities (4) |
850.444 |
741.194 |
751.391 |
|
|
|
|
|
|
TOTAL |
2490.507 |
2443.844 |
2476.916 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1040.678 |
1072.761 |
1093.680 |
|
(ii) Intangible Assets |
26.500 |
34.388 |
29.440 |
|
(iii) Capital work-in-progress |
17.840 |
0.000 |
21.554 |
|
(iv) Intangible assets under development |
2.588 |
2.588 |
6.032 |
|
(b) Non-current Investments |
817.582 |
808.050 |
808.050 |
|
(c) Deferred tax assets (net) |
41.582 |
22.382 |
5.885 |
|
(d) Long-term Loan
and Advances |
174.178 |
168.257 |
173.962 |
|
(e) Other Non-current assets |
1.403 |
1.653 |
0.850 |
|
Total
Non-Current Assets |
2122.351 |
2110.079 |
2139.453 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
108.289 |
87.096 |
99.662 |
|
(c) Trade receivables |
37.332 |
8.667 |
9.853 |
|
(d) Cash and cash equivalents |
186.135 |
193.345 |
178.364 |
|
(e) Short-term loans and advances |
34.646 |
37.784 |
45.278 |
|
(f) Other current assets |
1.754 |
6.873 |
4.306 |
|
Total
Current Assets |
368.156 |
333.765 |
337.463 |
|
|
|
|
|
|
TOTAL |
2490.507 |
2443.844 |
2476.916 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
2845.851 |
2588.701 |
2344.825 |
|
|
Other Income |
40.827 |
19.588 |
33.731 |
|
|
TOTAL |
2886.678 |
2608.289 |
2378.556 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
222.307 |
196.640 |
163.872 |
|
|
Purchases of Stock-in-Trade |
109.142 |
83.318 |
80.182 |
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
-8.638 |
-1.269 |
-3.422 |
|
|
Employees benefits expense |
893.307 |
781.797 |
757.545 |
|
|
Other expenses |
1254.854 |
1102.334 |
1025.690 |
|
|
TOTAL |
2470.972 |
2162.820 |
2023.867 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
415.706 |
445.469 |
354.689 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
107.925 |
126.464 |
64.273 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION
|
307.781 |
319.005 |
290.416 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
212.906 |
199.629 |
168.057 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
94.875 |
119.376 |
122.359 |
|
|
|
|
|
|
|
Less |
TAX (I) |
23.701 |
39.204 |
33.756 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
71.174 |
80.172 |
88.603 |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
32.34 |
36.43 |
48.41 |
Expected Sales (2013-2014): Rs. Millions 3000.000 Millions
The above information has been parted by Mr. Abhishek Goyal
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.47
|
3.07 |
3.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.33
|
4.61 |
5.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.89
|
7.41 |
7.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.11 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35
|
0.49 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.43
|
0.45 |
0.45 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
22.008 |
22.008 |
22.008 |
|
Reserves & Surplus |
1033.384 |
1113.556 |
1184.730 |
|
Net
worth |
1055.392 |
1135.564 |
1206.738 |
|
|
|
|
|
|
long-term borrowings |
657.170 |
560.209 |
422.400 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
657.170 |
560.209 |
422.400 |
|
Debt/Equity
ratio |
0.623 |
0.493 |
0.350 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2344.825 |
2588.701 |
2845.851 |
|
|
|
10.401 |
9.934 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2344.825 |
2588.701 |
2845.851 |
|
Profit |
88.603 |
80.172 |
71.174 |
|
|
3.78% |
3.10% |
2.50% |
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 |
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 |
Yes |
|
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) |
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10433692 |
07/06/2013 |
50,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
7th Floor, Ambadeep Building, K G Marg, Delhi - 110001, INDIA |
B78236049 |
|
2 |
10308666 |
10/09/2013 * |
450,000,000.00 |
Axis Bank Limited |
Mini Credit Management Centre, Ninex Time Centre, |
B85477016 |
|
3 |
10237315 |
01/04/2011 * |
160,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
15-16 UGF, AMBADEEP BUIDLING, K G MARG, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B13238761 |
|
4 |
10087283 |
08/10/2013 * |
863,800,000.00 |
HDFC BANK LIMITED |
HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013,
Maharashtra, India |
B88468731 |
|
5 |
10025310 |
07/06/2013 * |
55,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
7th Floor, Ambadeep Building, K G Marg, Delhi - 110001, INDIA |
B77269611 |
* Date of charge modification
FINANCIAL RESULTS
While Income from
operations grew by 11% over the previous year, on the back of same store sales
growth of 6%, EBIDTA (before payment to collaborators) and PAT registered a
decline of 7% and 11% respectively mainly on account of expenses and investment
incurred on launch of new service offerings as well as incubation of new
service formats which will break even in the coming 18-24 months. However, cash
flow from operating activities for the year increased marginally to INR 377.600
millions from INR 373.600 millions.
BUSINESS OVERVIEW
The focus of the
Company during the year was to continue consideration of market leadership in
an increasingly fragmented market, by launching of higher end slimming and beauty
services. Consequently, significant investments were made on inducting new
technologies as also training. Simultaneously, with the introduction of new
services, the company also delivered its objective at steadily moving up the
value chain of services being offered. It is expected that these steps will
deliver dividends in the medium term, ensuring continued sustainability in a
rapidly changing market dynamics environment.
SUBSIDIARY COMPANIES
a) VLCC Personal Care Limited
During the year,
Income for the year grew to INR 1367.600 millions from INR 1020.400 millions
registering a growth of 34% and Profit After Tax improved to INR 208.900
millions in FY13 from INR 166.900 millions in previous year, a growth of 25%.
The Company
launched several new products during the course of the year, like Color Henna,
Bleach variants and Face Washes which got very good response from the market.
The Company's VLCC Natural Sciences TMline of skin care, hair-care and body
care products are now widely available in Retail Outlets, MT outlets and Online
chains like Star CJ, Jabong, Flipkart, etc. The company also for the first time
allocated relatively large outlays to marketing activities specially TV.
Exports to the Middle East and Nepal continued to show healthy growth, while
Suncare and Bleach emerged as serious players by gaining foothold in the
respective categories in the Indian market. The distribution network of the
Company now covers over 50,000 retail outlets as March 31, 2013 and the
Company's products are available across India including at all leading modern
trade stores. In addition the products are also available in leading retail /
modern trade stores in 9 other countries.
b) VLCC International Inc.
Revenue from
operations for International business grew 39%, from AED 102 Million in FY12 to
AED 141 Million in FY13, on the back of strong performance of its Qatar and
improvement in its UAE businesses which are steadily regaining traction as the
countries recover from the economic slowdown. These figures also include
financial performance of Wyann International Sdn Bhd, a company acquired by
VLCC on 25th October 2012, having 22 wellness centers in Malaysia.
EBITDA grew
significantly, from AED 15 million in FY12 to AED 24 million in FY13, an
increase of 60%. The Profit before Tax this year stands at AED 5.8 million in
FY13 as compared to AED 1.1 Million in the previous year. The PAT for the year
after considering exceptional expenses of AED 0.6 million, is AED 5.3 million
compared to AED 0.7 million.
The Company is of
the strong view that its international operations have huge potential and is
well positioned to leverage the opportunity in the Wellness segment in the GCC
region and South East Asia.
c) VLCC India Limited and VLCC Retail Limited
There were no business
activities in these subsidiary companies during the year.
FIXED ASSETS
·
Plant and Machinery
·
Freehold Land
·
Building
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Leasehold Improvement
·
Vehicles
PRESS RELEASES:
VLCC
to launch exclusive men grooming brand
December 27, 2013
The company plans to set up 30-35 such men grooming outlets by 2017
Home grown beauty and
wellness chain VLCC is set to launch exclusive men grooming brand early next
year.
The company plans to set up 30-35 such men grooming outlets by 2017.
“These exclusive grooming spaces for men would be rolled out in the next 3
months starting from New Delhi. Later, other metros and cities would be
covered,” VLCC founder and mentor Vandana Luthra told Business Standard here.
The men grooming and wellness market in India has been growing exponentially in
recent times.
An international market research firm, in its latest report, had pegged the men
grooming market at Rs 38000.000 millions and growing by over 20%. It is touted
to touch Rs 52700.000 millions in the next three years
.
“Our men clientele has steadily been growing and today it accounts for about
40% of our patrons. We are confident it would be 50% in near future just like
it is in the developed countries,” she underlined.
Besides, VLCC is launching a kids’ salon, which would also serve as a fun and
entertainment zone for children.
The domestic wellness industry is estimated to grow from Rs 70,000 crore in
2012 to Rs 1,00,000 crore by 2015, with compounded annual growth rate (CAGR) of
almost 17%.
Starting in 1989, VLCC today operates over 300 centres in 121 cities across 16 countries spanning Asia and Africa. Its beauty, wellness, grooming and health products are retailed through over 1,00,000 outlets.
“We are currently in the process of revamping our business and upgrading infrastructure to serve our customers better and introduce a more holistic approach towards wellness,” Luthra said.
She had visited Lucknow to unveil her book at the Lucknow Literature Carnival, which witnessed the presence of country’s noted academicians, authors, poets, artists, actors etc.
VLCC acquires Singaporean beauty and wellness co, deal pegged at over
Rs 1000.000 Millions
VLCC is likely to
take over the remaining 20% equity over the next one year
August 12,
2013
New Delhi, Home-grown beauty and wellness
chain VLCC, on Monday, said it has acquired 80% stake in
Singapore-based beauty and wellness company Global Vantage Innovative Group (GVig) in an attempt to beef up its operations overseas, especially in the South-east Asian
region.
While VLCC did not reveal the deal size, it is estimated to be more than Rs 100 crore. VLCC is likely to take over the remaining 20% equity over the next one year. The deal was funded through a mix of internal accruals and debt.
It is the second overseas acquisition by VLCC after Malaysia-based Wyann International, in which it had bought a majority stake in November last year.
“Besides entry into 10 new markets — Singapore, Malaysia, Vietnam, China, Hong Kong, Taiwan, Indonesia, Philippines, Cambodia and Korea, the acquisition has strengthened our portfolio with high-end luxury products,” said Mukesh Luthra, Chairman, VLCC Group. The company may announce one or more acquisitions in India and abroad over the next few months.
At present, VLCC has operations in the Middle East, Malaysia and neighboring countries of Sri Lanka, Nepal and Bangladesh.
GVig is a leading provider of beauty and wellness solutions in South-East Asia through its three subsidiaries BelleWave Cosmetics, Celblos Dermal Research Centre, and Enavose Life Science Research.
The latest acquisition is expected to add about $30 million in revenue to VLCC this fiscal year, and would grow up to $50 million (Rs 1830.000 millions) by end of next fiscal year, he added. The company hopes to cross Rs 1,500 crore by fiscal year 2015, from Rs 1,000 crore in fiscal year 2010.
Luthra said that following the GVig acquisition, VLCC gains access to the company’s research and development (R and D) laboratory and manufacturing facility in Singapore that would enable the Indian company to come up with high-end wellness products and solutions at a faster pace. At present, the VLCC Group has two factories in India located at Haridwar and Dehradun with a third plant about to be commissioned in Bangladesh.
VLCC plans to sell the high-end products of the newly acquired company in India and push its existing products in the new markets through the distribution channel of the Singaporean firm.
“As we will be producing most of the products in India using their technology, we will be able to sell Bellewave products cheaper by about 30-40% as compared to the imported ones,” added Luthra.
VLCC, which is 15% owned by Everstone Capital, also has plans to go for a public listing over the next 18-24 months. CLSA, which had a 13.65% stake in VLCC, made an exit through management buyout in 2010.
The wellness industry in India is estimated to touch Rs 1000000.000 millions (Rs 1 trillion) by 2015, with a compounded annual growth rate of 15-17%, from about Rs 70,000 crore in 2012, according to a recent study by global consulting firm PricewaterhouseCoopers (PwC).
Everstone initiates exit process from VLCC
January 29, 2014
Everstone Capital
wants to sell its 15% stake in VLCC Healthcare; the transaction could be worth
Rs 3500.000 Millions
Mumbai: Private equity firm Everstone Capital wants to sell its 15% stake in VLCC Healthcare Ltd and has asked investment bank Private Limited to find buyers, two people aware of the development said, requesting anonymity.
The transaction could be worth Rs.3500.00 millions, one of them said. Everstone bought its stake in VLCC, which runs slimming centres, for Rs.500.000 millions in 2007. The New Delhi-based company posted a revenue of Rs.700 crore and operating profit of Rs.1000.000 millions for the year 2012-13, according to VCCircle, which provides investment information.
“The mandate has just been given out and it is very early to say who the new investors could be or the final valuation,” said the person cited above.
Equirus Capital declined comment.
Founded in 1989 by beautician Vandana
Luthra, VLCC has since expanded to over 300 locations in 121
cities and 16 countries with operations in
“Investors who have been with a company for a respectable period want to know what possibilities are available (for exits),” VLCC’s managing director Sandeep Ahuja said on the phone. He refused to say whether Everstone was looking to exit the company.
Everstone declined comment. A private equity firm typically likes to exit investments after 4-5 years.
Firms such as VLCC have seen some interest from investors in recent years. In 2012, Everstone acquired an undisclosed stake in Bangalore-based R & R Salons Private Limited, which runs the YLG salon chain. Venture capital firm Helion Venture Partners incubated R & R Salons and invested Rs.20 crore in it in 2009.
In 2012, Belita Retail Private Limited raised funding from an angel investor. In October, Godrej Consumer Products Limited entered the barber shop segment by acquiring a 30% stake in Mumbai-based B:blunt for an undisclosed amount. New Delhi-based Affinity Beauty Salon Private Limited is in talks with private investors to raise Rs.1000.000 millions by selling equity to fund expansion.
The size of the so-called wellness industry in India is expected to grow to around Rs.1 trillion by 2015 at a compounded annual growth rate of 15-17%, from about Rs.700000.000 millions in 2012, according to an August study conducted by industry lobby group Federation of Indian Chambers of Commerce and Industry (Ficci) and consulting firm Price waterhouse Coopers. Beauty care would have an almost 50% (about Rs.490000.000 millions) share of the industry, the study said.
Experts say slimming centres and barber shops present an attractive investment opportunity as higher disposable income and greater awareness push women and men to spend more on grooming, said Siddharth Bafna, partner and head of the corporate finance and transaction services practice at financial consultancy firm Lodha and Company “Unit economics are interesting and returns on investment could well be over 25%. Sales of a store gradually ramp up as customers find out about a new store in their neighbourhood,” said Bafna. “Over a period of time, stores begin to churn out healthy numbers as this space enjoys great customer loyalty and brand stickiness is high.”
Still, investments in the space have come in fits and starts, perhaps due to its fragmented state. In 2012, there were four transactions worth $3.7 million in the spa, grooming and wellness space, according to an estimate by VCCEdge, an investment tracker.
There were no deals in this segment last year. In 2011, there were two transactions worth $30,000, while in 2010 there were seven worth $20.3 million.
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 governmen 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.60.17 |
|
|
1 |
Rs.99.39 |
|
Euro |
1 |
Rs.83.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
59 |
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.