MIRA INFORM REPORT

 

 

Report No. :

343501

Report Date :

03.10.2015

 

IDENTIFICATION DETAILS

 

Name :

BACCAROSE PERFUMES AND BEAUTY PRODUCTS PRIVATE LIMITED

 

 

Registered Office :

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

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

25.10.1983

 

 

Com. Reg. No.:

11-031189

 

 

Capital Investment / Paid-up Capital :

Rs.6.115 Million

 

 

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 :

Subject is mainly engaged in the business of manufacture, purchase and sale of Perfumes, Cosmetics, Skin Care Products and Accessories.

 

 

No. of Employees :

Information declined by management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (60)

 

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

 

Status :

Regular

 

 

Payment Behaviour :

Good

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of ‘Sancerre Limited’ engaged in the business of manufacture, purchase and sale of Perfumes, Cosmetics, Skin Care Products and Accessories in India.

 

For the financial year ended 2014, company has reported 30.00% sales turnover growth as compared to previous sales turnover and it has maintained above average profitability margin at 1.88% during the year under a review.

 

Company possesses healthy financial profile marked by adequate networth base and sound liquidity position of the company.

 

Rating also takes into consideration its well-established track record of operations in cosmetics segment backed by well experience management team and strong finance as well as managerial that company receives from holding company.

 

Trade relations are reported as fair. Payment are reported to be regular and as per commitment. 

 

In view of aforesaid, the company can be considered good for normal 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.

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

INFORMATION DECLINED BY

 

Name :

Mr. Ramesh More

Designation :

Account Manager

Contact No.:

91-22-22873732

Date :

01.10.2015

 

 

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

 

 

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 30.09.2014

 

Name :

Mrs. Varsha Praful Dalal

Designation :

Whole Time Director

Address :

901, Pleasant Palace 16, N. D. Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

15.10.1946

Qualification :

Graduate

Date of Appointment :

01.04.2014

Din No.:

00179876

 

 

Name :

Mr. Laxman Antu Patil

Designation :

Whole Time 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 :

01.04.2014

Din No.:

00180128

 

 

KEY EXECUTIVES

 

Name :

Mr. Ramesh More

Designation :

Account Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Dilip Kirtikant Sheth

 

1

Sancerre Limited, Mauritius

 

61149

 

 

 

TOTAL

 

61150

 

AS ON 30.09.2014

 

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 :

Subject is mainly engaged in the business of manufacture, purchase and sale of Perfumes, Cosmetics, Skin Care Products and Accessories.

 

 

Products :

PRODUCTS DESCRIPTION

ITEM CODE NO.

 

Perfumes and Toiletries

33030010

Lip/Beauty or Makeup Preparations

33041000

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS : NOT AVAILABLE

 

 

GENERAL INFORMATION

 

 

Suppliers :

Reference :

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 :

 

Reference :
  • Shoppers Stop
  • Central Retail Corporation
  • Pantaloons
  • Westside
  • PARCOS

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 management

 

 

Bankers :

 

Bank Name

HDFC Bank Limited

Branch

HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, 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 (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

No Facilities

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

As on 31.03.2014

[Rs. in Million]

As on 31.03.2013

[Rs. in Million]

Short Term Borrowings

 

 

 

 

 

Loans repayable on demand from banks

[Cash Credit from Bank is secured by hypothecation of present and future stock and book debts (exclusive charge) and equitable

mortgage of the Company' s immovable property situated at worli, Mumbai.]

110.451

40.945

TOTAL

110.451

40.945

 

Auditors :

 

Name :

B. S. Mehta and Company

Chartered Accountants

Address :

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

PAN No:

AAAFB1403A

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

Sancerre Limited

 

 

Subsidiaries :
  • Baccarose Cosmetics Private Limited, India
  • [U24246MH1987PTC042415]
  • Wiwa Spray Systems Private Limited, India
  • [U85110KA1992PLC013249]

 

 

Partnership Firm in which Company is a Partner :
  • Producin Business Services

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- each

Rs.10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

61150

Equity Shares

Rs.100/- each

Rs.6.115 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

6.115

6.115

6.115

(b) Reserves & Surplus

744.622

689.930

653.447

(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)

750.737

696.045

659.562

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

1.147

1.626

1.562

(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)

1.147

1.626

1.562

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

110.451

40.945

42.723

(b) Trade payables

2429.089

2337.138

1788.111

(c) Other current liabilities

46.889

275.843

250.392

(d) Short-term provisions

24.303

7.844

13.692

Total Current Liabilities (4)

2610.732

2661.770

2094.918

 

 

 

 

TOTAL

3362.616

3359.441

2756.042

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

58.820

59.552

52.273

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

3.870

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

172.633

172.633

172.755

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d) Long-term Loan and Advances

248.213

246.809

263.367

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

479.666

482.864

488.395

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.012

0.012

0.012

(b) Inventories

1187.210

1177.122

798.662

(c) Trade receivables

1581.369

1525.121

1292.080

(d) Cash and cash equivalents

93.216

138.833

119.225

(e) Short-term loans and advances

7.282

25.377

25.864

(f) Other current assets

13.861

10.112

31.804

Total Current Assets

2882.950

2876.577

2267.647

 

 

 

 

TOTAL

3362.616

3359.441

2756.042

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

2904.108

2220.699

 

 

 

Other Income

42.962

47.350

 

 

 

TOTAL                                    

2947.070

2268.049

 

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing Expenses

2859.584

2566.967

 

 

 

Increase/Decrease in stock

0.000

(347.380)

 

 

 

TOTAL                                    

2859.584

2219.587

 

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION               

87.486

48.462

NA

 

 

 

 

  

Less/ Add

DEPRECIATION/ AMORTISATION                    

6.785

5.057

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX

80.701

43.405

NA

              

 

 

 

             

Less

TAX                                                                 

26.009

6.922

 

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX

54.692                                                                                                     

36.483

(4.351)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

1631.139

956.512

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

894.39

596.61

N.A

 

 

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

N.A

N.A

N.A

Cash generated from operations

N.A

N.A

N.A

Net cash flows from (used in) operations

(0.138)

3.722

77.048

Net cash flows from (used in) operating activities

(0.145)

(0.116)

76.536

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

PAT / Total Income

(%)

1.88

1.64

NA

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

3.01

2.18

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.53

1.36

NA

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.06

NA

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.15

0.06

0.06

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.10

1.08

1.08

 

 

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

6.115

6.115

6.115

Reserves & Surplus

653.447

689.930

744.622

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

659.562

696.045

750.737

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

42.723

40.945

110.451

Total borrowings

42.723

40.945

110.451

Debt/Equity ratio

0.065

0.059

0.147

 

 

YEAR ON YEAR GROWTH

 

Year on Year Growth

 

31.03.2013

31.03.2014

 

 

(Rs. In Million)

(Rs. In Million)

Sales

 

2220.699

2904.108

 

 

30.774

 

 

NET PROFIT MARGIN

 

 

Net Profit Margin

 

31.03.2013

31.03.2014

 

 

(Rs. In Million)

(Rs. In Million)

Sales

 

2220.699

2904.108

Profit

 

36.483

54.692

 

 

1.64%

1.88%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

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

24/12/2014 *

240,000,000.00

HDFC BANK LIMITED

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

C39939095

2

10038077

16/12/2014 *

240,000,000.00

HDFC BANK LIMITED

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

C36918175

 

* Date of charge modification

 

 

OPERATIONS:

 

Sales during the year amounted to Rs. 2904.108 Million and Other Income was Rs. 42.962 Million the total Income aggregated to Rs.2947.070 Million. After providing for Depreciation of Rs. 6.785 Million and Other Manufacturing Expenses and Changes in Inventories etc. aggregating to Rs. 2859.584 Million the working for the year resulted in a Profit of Rs. 80.701 Million. After adding thereto a sum of Rs. 0.012 Million being Previous Year’s Net Taxes and a sum of Rs. 0.478 being Deferred Tax and deducting therefrom Rs. 26.500 Million being Current Year’s Tax, the Net Profit for the year was Rs. 54.692 Million which is proposed to be carried forward to the Balance Sheet. The Company is a partner in the Partnership Firm M/s. Producing Business Services, sharing profit/loss at the rate of 90%. For the year ended 31st March 2014, the Company’s share of Profit from the Partnership Firm was Rs. 1.737 Million. The performance of the Company during the year has been satisfactory and the Directors expect the same trend to continue during the year 2014-2015.

 

CORPORATE INFORMATION:

 

The Company is mainly engaged in the business of manufacture, purchase and sale of Perfumes, Cosmetics, Skin Care Products and Accessories which constitutes a single business segment.

 

FIXED ASSETS:

 

  • Freehold Land
  • Factory Buildings
  • Other Buildings
  • Plant and Machinery
  • Wind Electric Generators
  • Electrical Installation
  • Furniture and Fixtures
  • Equipment’s
  • Air Conditioners
  • Water Coolers and Refrigerators
  • Computers
  • Vehicles

 

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.65.55

UK Pound

1

Rs.99.17

Euro

1

Rs.73.07

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis done by :

KAR

 

 

Report Prepared by :

RKI

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--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

 

60

 

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.