MIRA INFORM REPORT

 

 

Report Date :

07.05.2014

 

IDENTIFICATION DETAILS

 

Name :

BACCAROSE PERFUMES AND BEAUTY PRODUCTS PRIVATE LIMITED

 

 

Registered Office :

66, Maker Chambers VI, 6th Floor, Nariman Point, Mumbai – 400021, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

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 Perfumes and Skincare Products

 

 

No. of Employees :

150 [Approximately] 

 

 

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 2784000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is well-established company having satisfactory track record. Profitability of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

 

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

 

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

 

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

 

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

 

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

 

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

 

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

 

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

 

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

 

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

 

 

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. Laxman Antu Patil

Designation :

Director

Contact No.:

91-9869373565

Date :

05.05.2014

 

 

LOCATIONS

 

Registered Office :

66, Maker Chambers VI, 6th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-22817766/ 22873732

Mobile No.:

91-9869373565 [Mr. Laxman Antu Patil]

Fax No.:

91-22-22852780

E-Mail :

beauty@baccarose.com

vpd@baccarose.com

Website :

www.baccarose.com

Area :

4500 Sq. Ft.

Location :

Owned

 

 

Factory :

Plot No. 3/1, Sector 3, Kandla SEZ, Gandhidham, Kutch-370230, Gujarat, India

Tel No.:

91-2836-252393

 

 

Branch Office  :

11/1, Sarat Bose Road, Near Deshopriya Park, Kolkata – 700029, West Bengal, India 

Tel. No.:

91-33-22805207 / 22805208

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Mrs. Varsha Praful Dalal

Designation :

Whole Time 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

 

 

Name :

Mr. Laxman Antu Patil

Designation :

Director

Address :

701/116, Anand Vikas, Gorai Anand Vikas, CHS, Gorai II, Borivali (West), Mumbai-400092, Maharashtra, India

Date of Birth/Age :

01.06.1967

Date of Appointment :

01.08.2013

Din No.:

00180128

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders

 

No. of Shares

Dilip Kirtikant Sheth

 

1

Sancerre Limited, Mauritius

 

61149

 

 

 

TOTAL

 

61150

 

AS ON 30.09.2013

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

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

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Cosmetics Perfumes and Skincare Products

 

 

Products :

PRODUCTS DESCRIPTION

ITEM CODE NO.

 

Perfumes and Toiletries

3303

Beauty or Makeup Preparations

3304

 

 

Exports :

 

Products :

Cosmetics and Perfumes

Countries :

Asian Countries

 

 

Imports :

 

Products :

Machinery and Raw Materials

Countries :

  • Italy
  • France

 

 

Terms :

 

Selling :

LC/ Cash and Credit

 

 

Purchasing :

LC/ Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

  • Procter and Gamble

 

 

Customers :

Wholesalers and Retailers

 

  • Shopper Stop

 

 

No. of Employees :

150 [Approximately] 

 

 

Bankers :

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

 

 

Facilities :

Secured Loan

As on 31.03.2013

[Rs. in Millions]

As on 31.03.2012

[Rs. in Millions]

Short Term Borrowings

 

 

Loans Repayable on Demand

40.945

42.723

TOTAL

40.945

42.723

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B. S. Mehta and Company

Chartered Accountant

Address :

11/13, Botawala Building, 2nd Floor, Horniman Circle, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22661255/ 22660275/ 22665275/ 22660821/ 22661557

Fax No.:

91-22-22665666

E-Mail :

bsmco1@vsnl.net

PAN No:

AAAPS1111B

 

 

Holding Company :

Sanceree Limited, Mauritius

 

 

Subsidiaries :

  • Baccarose Cosmetics Private Limited [U24246MH1987PTC042415]
  • Wiwa Spray Systems Limited [U85110KA1992PLC013249]

 

 

Other Related Parties :

Producin Business Services

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

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

 


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

6.115

6.115

(b) Reserves & Surplus

 

689.930

653.447

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

696.045

659.562

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

0.000

0.000

(b) Deferred tax liabilities (Net)

 

1.626

1.562

(c) Other long term liabilities

 

0.000

0.000

(d) long-term provisions

 

0.000

0.000

Total Non-current Liabilities (3)

 

1.626

1.562

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

40.945

42.723

(b) Trade payables

 

2337.138

1788.111

(c) Other current liabilities

 

275.843

250.392

(d) Short-term provisions

 

7.844

13.692

Total Current Liabilities (4)

 

2661.770

2094.918

 

 

 

 

TOTAL

 

3359.441

2756.042

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

59.552

52.273

(ii) Intangible Assets

 

0.000

0.000

(iii) Capital work-in-progress

 

3.870

0.000

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

172.633

172.755

(c) Deferred tax assets (net)

 

0.000

0.000

(d) Long-term Loan and Advances

 

246.809

263.367

(e) Other Non-current assets

 

0.000

0.000

Total Non-Current Assets

 

482.864

488.395

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.012

0.012

(b) Inventories

 

1177.122

798.662

(c) Trade receivables

 

1525.121

1292.080

(d) Cash and cash equivalents

 

138.833

119.225

(e) Short-term loans and advances

 

25.377

25.864

(f) Other current assets

 

10.112

31.804

Total Current Assets

 

2876.577

2267.647

 

 

 

 

TOTAL

 

3359.441

2756.042

 

 

SOURCES OF FUNDS

 

 

 

31.03.2011

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

6.115

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

664.857

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

670.972

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

84.004

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

84.004

DEFERRED TAX LIABILITIES

 

 

9.372

 

 

 

 

TOTAL

 

 

764.348

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

71.443

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

162.630

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

 

 

643.009

 

Sundry Debtors

 

 

1010.581

 

Cash & Bank Balances

 

 

54.836

 

Other Current Assets

 

 

0.147

 

Loans & Advances

 

 

361.677

Total Current Assets

 

 

2070.250

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

 

 

1160.580

 

Other Current Liabilities

 

 

319.364

 

Provisions

 

 

60.031

Total Current Liabilities

 

 

1539.975

Net Current Assets

 

 

530.275

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

764.348

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

2220.699

1235.309

 

 

Other Income

47.350

 

73.635

 

 

TOTAL                                    

2268.049

NA

1308.944

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing Expenses

2566.967

 

1319.272

 

 

Increase/Decrease in stock

(347.380)

 

(41.259)

 

 

TOTAL                                    

2219.587

 

1278.013

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

48.462

 

30.931

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

5.057

NA

8.237

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX

43.405

 

22.694

 

 

 

 

 

Less

TAX                                                                 

6.922

 

5.861

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX

36.483

 

16.833

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

956.512

 

502.092

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

596.61

NA

275.27

 

 

Particulars

 

 

 

31.03.2014

Sales Turnover [Approximately]

 

 

2500.000

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three

 years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

Yes

18]

Major customers

Yes

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]

PAN of Proprietor/Partner/Director, if available

No

32]

Date of Birth of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10047439

26/02/2009 *

120,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA

A58637679

2

10038077

17/02/2009 *

120,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA

A58606195

 

* Date of charge modification

 

 

OPERATIONS:

 

Sales during the year amounted to Rs. 2220.699 Millions and Other Income was Rs. 47.350 Millions the total Income aggregated to Rs. 2268.049 Millions. After considering increase in stock of Rs. 347.380 Millions, and after providing for Depreciation of Rs. 5.057 Millions and other Manufacturing Expenses etc. aggregating to Rs. 2566.966 Millions, the working for the year resulted in a Profit of Rs. 43.405 Millions. Deducting therefrom an amount of Rs. 0.004 Million being Exceptional Items, the Profit for the year was Rs. 43.401 Millions. After adding thereto a sum of Rs. 2.146 Millions being Previous Year’s Net Taxes, and deducting therefrom Rs. 9.000 Millions being Current Year’s Tax and Rs. 0.064 Million being Deferred Tax, the Net Profit for the year was Rs. 36.483 Millions.

 

The Company is a partner in the Partnership Firm Producin Business Services, sharing profit/loss at the rate of 90%. For the year ended 31st March 2013, the Profit from the Partnership Firm was Rs. 1.728 Millions.

 

 


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.60.20

UK Pound

1

Rs.101.67

Euro

1

Rs.83.55

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

 


 

 

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.