MIRA INFORM REPORT

Report No. :	342670
Report Date :	24.09.2015

IDENTIFICATION DETAILS

Name :	FLORESSENCE PERFUMES PRIVATE LIMITED
Registered Office :	Office No.104 and 109, City Center, Pune Cantonment, Synagogue Street, Pune – 411001, Maharashtra
Tel. No.:	91-20-30480200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.08.2005
Com. Reg. No.:	11-021193
Capital Investment / Paid-up Capital :	Rs. 51.495 Million
CIN No.: [Company Identification No.]	U24249PN2005PTC021193
IEC No.:	3105011803
TAN No.: [Tax Deduction & Collection Account No.]	PNEF00962D
PAN No.: [Permanent Account No.]	AAACF9151G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Blending and Packaging Perfumes.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 305000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2005. It is engaged in blending and packaging perfumes. It has satisfactory track. Management has reported steady increase in its scale of operations. It has decent sales turnover along with profitability margin of 4.4%. The company has comfortable capital structure along with adequate debt protection metrics. The promoters of the companies have good experience in perfume manufacturing and trading business. Trade relations are fair. Business is active. Payments are 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 = B+
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk
Date	December, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	December, 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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

(TEL. NO.: 91-20-30480200)

LOCATIONS

Registered Office :	Office No. 104 and 109, City Center, Pune Cantonment, Synagogue Street, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-30480200
Fax No.:	Not Available
E-Mail :	danesh@floressence.in
Website :	www.floressenceperfumes.com
Factory :	Gat No. 172, Daravli Village, Taluka Mulshi, Distrust Pune – 412108, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Danesh Roshanali Sayani

Designation :

Managing Director

Address :

C-2/9, Kubera Park, Lulla Nagar Kondhwa, Pune - 411040, Maharashtra, India

Date of Birth/Age :

27.02.1980

Date of Appointment :

06.01.2006

PAN No.:

BBWPS0635P

DIN No.:

00852364

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	Company/ LLP Status	Defaulting status
1	U24249PN2005PTC021193	FLORESSENCE PERFUMES PRIVATE LIMITED	Managing director	06/01/2006	06/01/2006	Active	NO
2	U28992PN2011PTC139385	AERO CANS INDIA PRIVATE LIMITED	Director	29/04/2011	29/04/2011	Active	NO
3	U26990MH2011PTC220275	DECOTECH GLASS INDIA PRIVATE LIMITED	Director	01/10/2013	01/10/2013	Active	NO

Name :

Mr. Yasin Nissar Hoein Sayani

Designation :

Director

Address :

A/5, Siddarth Complex, Nagar Road, Pune - 411006, Maharashtra, India

Date of Birth/Age :

21.03.1960

Date of Appointment :

25.08.2005

PAN No.:

BAKPS5302L

DIN No.:

02379323

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	Company/ LLP Status	Defaulting status
1	U24249PN2005PTC021193	FLORESSENCE PERFUMES PRIVATE LIMITED	Director	25/08/2005	25/08/2005	Active	NO
2	U28992PN2011PTC139385	AERO CANS INDIA PRIVATE LIMITED	Director	29/04/2011	29/04/2011	Active	NO
3	U26990MH2011PTC220275	DECOTECH GLASS INDIA PRIVATE LIMITED	Director	01/10/2013	01/10/2013	Active	NO

Name :

Mrs. Meenaz Yasin Sayani

Designation :

Director

Address :

A/5, Siddarth Complex, Nagar Road, Pune - 411006, Maharashtra, India

Date of Birth/Age :

18.06.1968

Date of Appointment :

25.08.2005

PAN No.:

BAKPS5303M

DIN No.:

02379360

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	Company/ LLP Status	Defaulting status
1	U24249PN2005PTC021193	FLORESSENCE PERFUMES PRIVATE LIMITED	Director	25/08/2005	25/08/2005	Active	NO
2	U28992PN2011PTC139385	Aero Cans India Private Limited	Director	29/04/2011	29/04/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Yasin Nissar Sayani	3097687	60.16
Meenaz Yasin Sayani	2051791	39.84
Total	5149478	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Blending and Packaging Perfumes.

Products :

ITC Code No.	Product Descriptions
33030040	Perfumes

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· The Saraswat Co-Operative Bank Limited, Karve Road Branch, Pune - 411004, Maharashtra, India

· State Bank of India, commercial Branc, 1548/A, Tilak Road, Sadashiv Peth, Pune – 411030, Maharashtra, India

· The Saraswat Co-Operative Bank Limited, 2^nd Floor, Above C Road Branch, Ganeshwadi, Opposite Hotel Vaishali Shivaji Nagar, Pune – 411004, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	1.890	2.281
SHORT TERM BORROWINGS
Working capital loans from banks	32.070	35.911
Total	33.960	38.192

Banking Relations :	--
Auditors :
Name :	R. M. Rajapurkar and Company Chartered Accountants
Address :	1 Regent Avenue Sambhaji Chowk, Pradhikaran, Pune 411044, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAIFR3873N
Memberships :	--
Collaborators :	--
Associates, Also Enterprises Over:	· Aero Cans India Private Limited · Natural Fragrances , Dubai · Crismoda Perfumes (Advance given prior to 12^th Sept, 2013 will be squared up in next financial year)

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 175.209 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,149,478	Equity Shares	Rs. 10/- each	Rs. 51.495 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,500,000	Equity Shares	Rs. 10/- each	Rs. 55.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,149,478	Equity Shares	Rs. 10/- each	Rs. 51.495 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	51.495	21.345	21.345
(b) Reserves & Surplus	55.198	42.205	36.443
(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)	106.693	63.550	57.788
(3) Non-Current Liabilities
(a) Long-term borrowings	25.183	2.980	9.447
(b) Deferred tax liabilities (Net)	0.000	0.305	0.207
(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)	25.183	3.285	9.654
(4) Current Liabilities
(a) Short term borrowings	32.070	35.911	41.367
(b) Trade payables	91.071	180.722	192.126
(c) Other current liabilities	30.896	2.987	1.598
(d) Short-term provisions	10.739	7.035	3.739
Total Current Liabilities (4)	164.776	226.655	238.830
TOTAL	296.652	293.490	306.272
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.654	32.873	35.782
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	66.004	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.025	0.025	0.025
(c) Deferred tax assets (net)	0.298	0.000	0.000
(d) Long-term Loan and Advances	0.222	0.161	15.123
(e) Other Non-current assets	11.391	0.350	0.438
Total Non-Current Assets	108.594	33.409	51.368
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	71.713	123.202	179.603
(c) Trade receivables	93.906	117.028	66.301
(d) Cash and cash equivalents	9.985	9.013	0.174
(e) Short-term loans and advances	2.659	4.507	0.021
(f) Other current assets	9.795	6.331	8.805
Total Current Assets	188.058	260.081	254.904
TOTAL	296.652	293.490	306.272

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	312.470	238.621	164.758
		Other Income	6.462	3.571	0.431
		TOTAL	318.932	242.192	165.189
Less	EXPENSES
		TOTAL	298.894	229.403	164.002
	PROFIT/ (LOSS) BEFORE TAX		20.038	12.789	1.187
Less	TAX		6.285	5.263	(2.296)
	PROFIT/ (LOSS) AFTER TAX		13.753	7.526	3.483
	EARNINGS IN FOREIGN CURRENCY
		Value of Export (FOB)	269.465	216.151	155.595
	IMPORTS
		Raw Materials	109.562	170.716	0.000
		Others	4.986	0.000	0.000
	TOTAL IMPORTS		114.548	170.716	0.000
	Earnings Per Share (Rs.)		2.67	3.53	1.63

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	1.008	0.000
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.40	3.15	2.11
Return on Total Assets (PBT/Total Assets}	(%)	8.70	4.36	0.39
Return on Investment (ROI) (PBT/Networth)		0.19	0.20	0.02
Debt Equity Ratio (Total Debt/Networth)		0.54	0.63	0.88
Current Ratio (Current Asset/Current Liability)		1.14	1.15	1.07

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	21.345	21.345	51.495
Reserves & Surplus	36.443	42.205	55.198
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	57.788	63.550	106.693
Long-term borrowings	9.447	2.980	25.183
Short term borrowings	41.367	35.911	32.070
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	1.008	0.000
Total borrowings	50.814	39.899	57.253
Debt/Equity ratio	0.879	0.628	0.537

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)
Sales	164.758	238.621	312.470
		44.831	30.948

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	164.758	238.621	312.470
Profit	3.483	7.526	13.753
	2.11%	3.15%	4.40%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	No
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	10377594	01/08/2012	286,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1548/A, TILAK ROAD, SADASHIV  PETH, PUNE - 411030, MAHARASHTRA, INDIA	B58494980
2	10349217	06/09/2012 *	43,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1548/A, TILAK ROAD, SADASHIV  PETH, PUNE - 411030, MAHARASHTRA, INDIA	B58608712

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from others	23.293	0.699
Total	23.293	0.699

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from A/5, Sidharth complex, Nagar Road, Pune – 411006, Maharashtra, India to the present address w.e.f. 10.01.2011

CONTINGENT LIABILITIES: (As On 31.03.2014)

a) Un-expired Bank Guarantees issued to third parties as on 31 st March, 2014 Rs.1.000 Million (Previous Year 2.400 Million)

b) Claims against companies not admitted as debts - Nil (Previous Year - Nil)

c) Disputed taxation, Income Tax, Excise, Sales Tax, etc, Income Tax Demand for A.Y 2008-09 Rs.34,57,481- appeal pending

d) Estimated amount of contracts remaining to be executed on capital account (Net of advances) Rs Nil.

(Previous Year - Nil)

FIXED ASSETS:

· Land

· Buildings

· Office Building

· Plant and Equipment

· Factory Equipment’s

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

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 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 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.65.97
UK Pound	1	Rs.101.19
Euro	1	Rs.73.38

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	TRI
Report Prepared by :	ARC

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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	--

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.