MIRA INFORM REPORT

Report No. :	319862
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	ZETTS COSMETICS PRIVATE LIMITED
Registered Office :	2, Gokul Arcade, “B” Building, Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra
Tel. No.:	91-22-66941209
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.05.2004
Com. Reg. No.:	11-146152
Capital Investment / Paid-up Capital :	Rs.5.100 Million
CIN No.: [Company Identification No.]	U24246MH2004PTC146152
IEC No.:	Not Available
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 :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 83000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established private company having a satisfactory track record. Management has reported 37.31% growth in company’s net profit to Rs.8.891 Million in FY2013-14 from Rs.6.475 Million in FY 2012-13. Company’s reserves increased by 58% in FY2014. 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating=BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	22.10.2014

Rating Agency Name	CRISIL
Rating	Short term rating=A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	22.10.2014

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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-22-66941200)

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 / 66459719
E-Mail :	jignesh@tiam.info zettscosmetics@gmail.com
Website :	www.zettswsmetics.com
Location :	Rented
Factory :	411/412, New Area, Kasez Road, Gandhidham, Kutch – 370230, Gujarat, India

DIRECTORS

AS ON 30.09.2014

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

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24246MH2004PTC146152	ZETTS COSMETICS PRIVATE LIMITED	Director	09/10/2012	07/05/2004	-	Active	NO
2	U67190MH2005PTC151108	NUKLIK FINANCIAL SERVICES PRIVATE LIMITED	Director	08/02/2005	08/02/2005	-	Active	NO
3	U74140MH2008PTC256537	DRAVYA FINANCIAL SOLUTIONS PRIVATE LIMITED	Director	10/03/2008	10/03/2008	-	Active	NO
4	AAA-3665	ZETTS FRAGRANCES LLP	Designated Partner	03/02/2011	03/02/2011	-	Active	NO

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

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110MH1988PTC049460	CONCORDE FRAGRANCES PRIVATE LIMITED	Director	02/11/1988	02/11/1988	-	Active	NO
2	U25200MH1990PTC057552	ANIKET PLASTICS PRIVATE LIMITED	Director	03/08/1990	03/08/1990	-	Strike off	NO
3	U24240MH1991PTC064625	GALORE ENTERPRISE PRIVATE LIMITED	Director	26/12/1991	26/12/1991	-	Active	NO
4	U65944MH1992PTC067681	NOVA FINVESTRADE (BOMBAY) PRIVATE LIMITED	Director	14/07/1992	14/07/1992	-	Strike off	NO
5	U24244MH1993PLC244923	Mikasa Cosmetics Limited	Director	28/04/1993	28/04/1993	23/02/2007	Active	NO
6	U25200MH1996PTC103692	PRECIOUS PLASTO PACKING PRIVATE LIMITED	Director	31/10/1996	31/10/1996	19/01/2010	Active	NO
7	U24246MH2003PTC142647	TIAM COSMETICS PRIVATE LIMITED	Director	13/10/2003	13/10/2003	-	Active	NO
8	U24246MH2004PTC146152	ZETTS COSMETICS PRIVATE LIMITED	Director	09/05/2004	09/05/2004	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Arun Bhargav Desai	254847
Kalpana Sudhir Kapadia	51
Jyoti K Sheth	51
Kirit Sheth	254694
Sanjay M. Punatur	51
Swati Desai	51
Mahendra G. Punatar	51
Suniti Desai	51
Sudhir Kapadia - HUF	51
Sunil D. Joshi	51
Anita Shah	51
Total	510000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter of Mass Market Perfumes.

Products :

Item Code No.	Product Description
330299	Perfumes and Cosmetics

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	Bank of Maharashtra
Branch :	Ranade Road Branch, Samruddhi Heights, D L Vaidya Road, Dadar (West), Mumbai – 400028, Maharashtra, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

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 :	info@kdpaccounts.com
Website:	www.kdpaccounts.com
PAN No.:	AABPK7767P
Collaborators :	Not Divulged
Membership :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
550000	Equity Shares	Rs.10/- each	Rs.5.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
510000	Equity Shares	Rs.10/- each	Rs.5.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.100	5.100	0.100
(b) Reserves & Surplus	24.096	15.205	13.730
(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)	29.196	20.305	13.830
(3) Non-Current Liabilities
(a) long-term borrowings	40.900	47.824	46.300
(b) Deferred tax liabilities (Net)	0.340	0.588	0.545
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	41.240	48.412	46.845
(4) Current Liabilities
(a) Short term borrowings	2.058	3.003	0.000
(b) Trade payables	29.568	23.487	17.685
(c) Other current liabilities	8.029	6.611	14.949
(d) Short-term provisions	6.350	3.950	2.250
Total Current Liabilities (4)	46.005	37.051	34.884
TOTAL	116.441	105.768	95.559
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.805	34.346	31.356
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	32.805	34.346	31.356
(2) Current assets
(a) Current investments	1.661	0.286	1.664
(b) Inventories	38.071	32.649	32.229
(c) Trade receivables	34.054	31.010	24.992
(d) Cash and cash equivalents	1.640	1.992	1.940
(e) Short-term loans and advances	8.210	5.485	3.378
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	83.636	71.422	64.203
TOTAL	116.441	105.768	95.559

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	284.432	214.375
		Other Income	0.426	0.652
		TOTAL (A)	284.858	215.027	187.854
Less	EXPENSES
		Cost of Materials Consumed	205.336	152.705
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(5.339)	(5.449)
		Employee Benefits Expenses	20.919	17.405
		Other Expenses	44.543	34.382
		TOTAL (B)	265.459	199.043	181.831
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.399	15.984
Less	FINANCIAL EXPENSES (D)		2.098	2.241
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.301	13.743
Less	DEPRECIATION/ AMORTISATION (F)		6.259	5.526
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		11.042	8.217	6.023
Less	TAX (H)		2.151	1.743	1.941
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		8.891	6.474	4.082
	IMPORTS – CIF VALUE		107.530	72.074	19.648
	Earnings Per Share (Rs.)		17.43	12.70	--

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	3.13	3.02	NA
Operating Profit Margin (PBDIT/Sales)	(%)	6.82	7.46	NA
Return on Total Assets (PBT/Total Assets)	(%)	9.48	7.77	6.30
Return on Investment (ROI) (PBT/Networth)		0.38	0.40	0.44
Debt Equity Ratio (Total Debt /Networth)		1.47	2.50	3.35
Current Ratio (Current Asset/Current Liability)		1.82	1.93	1.84

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	0.100	5.100	5.100
Reserves & Surplus	13.730	15.205	24.096
Share Application money pending allotment	0.000	0.000	0.000
Net worth	13.830	20.305	29.196
long-term borrowings	46.300	47.824	40.900
Short term borrowings	0.000	3.003	2.058
Total borrowings	46.300	50.827	42.958
Debt/Equity ratio	3.348	2.503	1.471

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	187.854	215.027	284.858
		14.465	32.475

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	187.854	215.027	284.858
Profit	4.082	6.474	8.891
	2.17%	3.01%	3.12%

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	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	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	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. 284.858 Million (Previous Year Rs.215.027 Million). The Net Profit of the Company is Rs.8.891 Million (Previous Year Rs.6.474 Million). The Company has recorded a growth of 37.33%. The Directors are assured of higher returns in the future.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans from promoters	34.300	40.300
Loans from relatives of promoters	6.600	5.000
Packing credit in USD	0.000	2.524
Short Term Borrowings
Daimler Financial Services (I) Private Limited – Car loan	2.058	3.003
Total	42.958	50.827

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10154459	10/07/2012 *	255,400,000.00	Bank of Maharashtra	Ranade Road, Dadar Branch, Samraddhi Heights, D. L. Vaidya Road, Dadar, Mumbai, Maharashtra - 400028, India	B56706666

*Date of modification Charges

FIXED ASSETS:

· Mould

· Computer

· Air Conditioner

· Office Equipments

· Furniture and Fixtures

· Motor Vehicles

· Plant and Machinery

· Electrical Installation

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.63.33
UK Pound	1	Rs.96.52
Euro	1	Rs.68.93

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SAN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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

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