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|
MIRA INFORM REPORT
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Report No. : |
493982 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
AZAFRAN INNOVACION LIMITED (w.e.f. 12.01.2010) |
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Formerly Known
As : |
AZAFRAN INNOVACION PRIVATE LIMITED |
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Registered
Office : |
Bhadra-Raj Chambers, Swastik Cross Road, Navrangpura, Ahmedabad –
380009, Gujarat |
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Tel. No.: |
91-79-40018201 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
27.07.2007 |
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Com. Reg. No.: |
04-051407 |
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Capital
Investment / Paid-up Capital : |
INR 15.500 Million |
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CIN No.: [Company Identification
No.] |
U24247GJ2007PLC051407 |
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IEC No.: |
Not Divulged |
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GST No.: |
24AAGCA4452K1ZP [Ahmedabad] |
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TIN No.: |
24073501409 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAGCA4452K |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Subject is
engaged in the business of Manufacturing of Organic Skin Care products such
as skin care, hair care, body cleanser, etc. And edible oils butter and Waxes
etc. [Registered Activity] |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2007. It is engaged in the
business of manufacturing of organic skin care products such as skin care,
hair care, body cleanser, etc. As per the financial of 2017, the company has achieved a massive
growth in its revenue as compared to the previous year’s revenue but has
incurred operational losses during the year under the review. The company possesses weak financial position marked by huge
accumulated losses which have eroded the net worth. Business is active. Payments seems to be slow. In view of aforesaid, the company can be considered for business
dealings on safe and secured 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
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 24.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-79-40018201]
LOCATIONS
|
Registered Office : |
Bhadra-Raj Chambers, Swastik Cross Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-7940018201 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
Survey No. 506-508, Sanand Nalsrovar Road, Vilalge: Vinchhiya, Taluka:
Sanand, District: Ahmedabad, Gujarat, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mrs. Deohooti Janmejay Vyas |
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Designation : |
Director |
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Address : |
39, Kaustubh House, Near Adesh Farm, Ambli Bopal Road, Ahmedabad –
380058, Gujarat, India |
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Date of Birth/Age : |
15.10.1951 |
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Date of Appointment : |
21.04.2008 |
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DIN No.: |
00004876 |
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Name : |
Mrs. Aditi Janmejay Vyas |
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Designation : |
Director |
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Address : |
39, Kaustubh House, Near Adesh Farm, Opposite Hira Roopa Hall, Ambli
Bopal Road, Ahmedabad – 380058, Gujarat, India |
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Date of Birth/Age : |
22.04.1977 |
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Date of Appointment : |
27.07.2007 |
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DIN No.: |
00004904 |
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Name : |
Mr. Arpit Janmejay Vyas |
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Designation : |
Director |
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Address : |
39, Kaustubh House, Near Adesh Farm, Ambli Bopal Road, Ahmedabad –
380058, Gujarat, India |
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Date of Birth/Age : |
28.07.1986 |
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Date of Appointment : |
27.07.2007 |
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DIN No.: |
01540057 |
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Name : |
Mrs. Mansi Janmejay Vyas |
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Designation : |
Director |
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Address : |
B/1-A, Rajhans Society, Near Station, Xaviers College Corner Ellisbridge,
Ahmedabad – 380006, Gujarat, India |
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Date of Birth/Age : |
15.03.1979 |
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Date of Appointment : |
27.07.2007 |
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DIN No.: |
01540139 |
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Name : |
Mr. Elkana Ezekiel |
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Designation : |
Director |
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Address : |
18, Kala Niketan, 47-C, B Desai Road Mumbai 400026, Maharashtra, India |
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Date of Appointment : |
09.08.2017 |
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DIN No.: |
05201713 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Aditi J. Vyas |
|
774750 |
|
Deohooti J. Vyas |
|
100 |
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Mansi J. Vyas |
|
774750 |
|
Janmejay R. Vyas |
|
190 |
|
Arpit J. Vyas |
|
190 |
|
Abhishek K Shodhan |
|
10 |
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|
10 |
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Total |
|
1550000 |
AS ON: 30.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Individual/Hindu Undivided Family - Indian) |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of Manufacturing of Organic Skin Care products such
as skin care, hair care, body cleanser, etc. And edible oils butter and Waxes
etc. [Registered Activity] |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· HDFC Bank Limited HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · Corporation Bank |
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Facilities : |
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Auditors : |
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Name : |
Shah and Shah Associates Chartered Accountants |
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Address : |
702, Aniket, Near Municipal Market. C. G. Road, Navrangpura, Ahmedabad
- 380009, Gujarat, India |
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Tel. No.: |
91-79-26465433 |
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Fax No.: |
91-79-26406983 |
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E-Mail : |
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PAN No.: |
AAHFS7036F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Related Parties : |
·
Dishman Carbogen Amcis Limited Preciously known
as Dishman Pharmaceuticals and Chemicals Limited) ·
Dishman USA INC ·
Discuss IT Private Limited ·
Discuss Business LLP |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
INR 10/- each |
INR 20.000 Million |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1550000 |
Equity Shares |
INR 10/- each |
INR 15.500 Million |
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FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
15.500 |
15.500 |
15.500 |
|
(b) Reserves & Surplus |
(189.127) |
(81.019) |
(81.311) |
|
(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) |
(173.627) |
(65.519) |
(65.811) |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
180.871 |
202.253 |
160.848 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
9.391 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
2.261 |
0.135 |
0.211 |
|
Total
Non-current Liabilities (3) |
183.132 |
202.388 |
170.450 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
19.911 |
5.683 |
5.683 |
|
(b)
Trade payables |
14.327 |
4.052 |
4.019 |
|
(c)
Other current liabilities |
138.836 |
5.467 |
2.813 |
|
(d)
Short-term provisions |
0.330 |
0.695 |
0.000 |
|
Total
Current Liabilities (4) |
173.404 |
15.897 |
12.515 |
|
|
|
|
|
|
TOTAL |
182.909 |
152.766 |
117.154 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
80.326 |
69.949 |
74.485 |
|
(ii)
Intangible Assets |
12.059 |
12.204 |
13.715 |
|
(iii)
Capital work-in-progress |
8.085 |
8.057 |
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) |
36.610 |
36.610 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
1.094 |
0.976 |
1.042 |
|
Total
Non-Current Assets |
138.174 |
127.796 |
89.242 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
23.613 |
10.342 |
13.438 |
|
(c)
Trade receivables |
12.082 |
4.822 |
3.374 |
|
(d)
Cash and cash equivalents |
0.747 |
9.362 |
10.509 |
|
(e)
Short-term loans and advances |
8.293 |
0.444 |
0.591 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
44.735 |
24.970 |
27.912 |
|
|
|
|
|
|
TOTAL |
182.909 |
152.766 |
117.154 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
63.138 |
11.345 |
21.018 |
|
|
|
Other Income |
0.383 |
0.839 |
1.041 |
|
|
|
TOTAL |
63.521 |
12.184 |
22.059 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
19.604 |
4.844 |
7.216 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
10.755 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(11.555) |
2.056 |
(2.346) |
|
|
|
Employees benefits expense |
45.292 |
15.917 |
16.259 |
|
|
|
Other expenses |
107.380 |
28.387 |
19.332 |
|
|
|
TOTAL |
160.721 |
51.204 |
51.216 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(97.200) |
(39.020) |
(29.157) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2.648 |
0.644 |
0.664 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(99.848) |
(39.664) |
(29.821) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.245 |
6.044 |
7.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(108.093) |
(45.708) |
(37.468) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.015 |
(46.000) |
0.796 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(108.108) |
0.292 |
(38.264) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Export of goods/services
|
14.048 |
0.399 |
0.949 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw and packing materials |
1.025 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
(69.75) |
0.19 |
(24.69) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2.100 |
0.000 |
0.000 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash generated from (used in) Operating Activities |
19.056 |
(34.596) |
(2.462) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
69.85 |
155.14 |
58.59 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.23 |
2.35 |
6.23 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
266.75 |
305.32 |
81.63 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(4.12) |
(3.77) |
(2.17) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.97) |
(0.43) |
(0.33) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.95 |
1.43 |
1.48 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(1.17) |
(3.17) |
(2.53) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(1.00) |
(0.24) |
(0.19) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(0.58) |
(1.38) |
(1.34) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(36.71) |
(60.59) |
(43.91) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(171.22) |
2.57 |
(182.05) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(59.10) |
0.19 |
(32.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
62.26 |
(0.45) |
58.14 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.26 |
1.57 |
2.23 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.12 |
0.92 |
1.16 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.95) |
(0.43) |
(0.56) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
13.09 |
13.42 |
10.74 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.26 |
1.57 |
2.23 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
15.500 |
15.500 |
15.500 |
|
Reserves & Surplus |
(81.311) |
(81.019) |
(189.127) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(65.811) |
(65.519) |
(173.627) |
|
|
|
|
|
|
long-term borrowings |
160.848 |
202.253 |
180.871 |
|
Short term borrowings |
5.683 |
5.683 |
19.911 |
|
c |
0.000 |
0.000 |
2.100 |
|
Total
borrowings |
166.531 |
207.936 |
202.882 |
|
Debt/Equity
ratio |
(2.530) |
(3.174) |
(1.168) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
21.018 |
11.345 |
63.138 |
|
|
|
(46.022) |
456.527 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
21.018 |
11.345 |
63.138 |
|
Profit/(Loss) |
(38.264) |
0.292 |
(108.108) |
|
|
(182.05%) |
2.57% |
(171.22%) |
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 |
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 |
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
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G21814736 |
100059813 |
CORPORATION BANK |
30/09/2016 |
- |
- |
62000000.0 |
CORPORATE BANKING BRANCH,
RANGOLI COMPLEX,OPP. V. S. HOSPITAL, ELLISBRIDGE, ASHRAM
ROAD,AHMEDABADGJ380006IN |
|
2 |
C08768186 |
10241485 |
HDFC BANK LIMITED |
26/08/2010 |
- |
11/06/2014 |
10000000.0 |
HDFC BANK
HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loan from a company |
7.200 |
7.200 |
|
Loans from related parties |
142.135 |
195.053 |
|
|
|
|
|
Total |
149.335 |
202.253 |
BACKGROUND OF THE
COMPANY
The company (hereinafter referred to as the company) is a company
registered under the Indian companies act 1956. Company was incorporated on 27th
July 2007 having its registered office situated at bhadra-raj chambers,
swastika cross roads, navarangpura, Ahmedabad-80009.
The company is primarily engaged in the business of manufacturing of
organic skin care products such as skin care, hair care, body cleanser, etc.
and edible oils butter and waxes etc.
STATE
OF COMPANY’S AFFAIR
During the year, the Company has achieved the turnover/revenue of INR 70.453 million and other income of INR 3.83 million compared to turnover/revenue of INR 11.345 million and other income of INR 0.839 million as in the previous financial year 2015-2016. However, during the year Company has incurred total expenditure of INR 171.614 million as against INR 57.892 million in the previous financial year 2015-2016 and incurred loss of INR 108.108 million as against the net Profit of INR 0.292 million during the previous year 2015-2016.
OPERATIONS AND BUSINESS PROSPECTS
The Company has its own organic farms with large greenhouses where numerous varieties of plants, flowers and herbs are grown. The Company creates the right kind of climate and environment in its greenhouses, and plants are grown in an environment; free of chemical fertilizers or pesticides. The Company use organic manures from our own dairy farm and de oil cakes from Company’s cold press for enriching soil and plants.
The
Company has developed high quality organic skin care products such as Skin
care, Hair Care, Body Care products. The company operates with the concept of
“Farm-to-face", a completely integrated model where R & D, raw
material cultivation, extraction, processing, formulation, packaging and sales
& marketing are handled under one roof. The Company has commercial presence
in major cities across India. The Company has increased its product lines with
addition of Organic Crayons, Azafran Home care and would be adding more product
lines by the current year. The Company has also increased its existing range of
organic personal care products in the current year, increasing its market
presence. Currently, it has presence in almost 1,100 stores which is expected
to touch 10,000 stores in the next year. The company has tied up with prominent
chains like Aditya Birla Retail Ltd, HyperCity Retail, Max Hypermarket,
Westside etc. and are in discussion of tying up with other big retail stores
shortly. The Company has also increased its reach to consumers with its
presence in top ecommerce sites like Amazon, Flipkart, Big-Basket, Reliance and
its own web portal. To make a mark in the industry the company is investing in
various ATL/BTL activities and also planned on acquisitions outside India to
increase presence globally.
FIXED ASSETS:
·
Building
·
Plant and Equipment
·
Furniture and Fixture
·
Vehicle
·
Office Equipment
·
Laboratory Equipment
·
Computer
·
Electrical Equipment
PRESS RELEASES
AZAFRAN PLANS 10,000
OUTLETS REACH
22 February,
2018
Innovacion Limited – an integrated personal care company is planning for a major expansion of its sales and distribution network over the next 12 months. The company aims to make its products available across 10,000 retail outlets nationally and expand through a combination of modern retail stores, multi-brand outlets, general trade and is also exploring tie-ups with major retail chains as part of its expansion strategy. The brand aims to be present in all metros, cities and towns with the population of 20 lakh & above and penetrate in an existing market.
Since its launch in 2015, the company has witnessed good growth for all its products and the brand is well accepted among customers for its quality. Azafran’s product lines are created using nature’s purest ingredients that are grown, harvested, extracted and processed at its own facilities. The brand offers a complete range of face care, body care, hair care anti-aging and baby care products.
“We will grow our sales and distribution network through a combination of modern retail stores, multi-brand outlets, general trade and are also exploring tie-ups with major retail brands as a part of our expansion strategy. Currently Azafran brand is available in 1,500 stores that include Aditya Birla Retail – More Megastore, Hypercity, SPAR and we aim to reach 10,000 stores nationally over the next 12 months. For this we will look to expand our network in metros, cities and towns with a population of 20 lakh & above and penetrate in existing markets,” said Mr. T.R Suresh, Business Head, Azafran Innovacion Ltd.
The preference for organic skin care solutions like anti-acne, anti-aging, anti-blemishes, anti-pollution, etc., is steadily increasing among the Indian consumers. Reports suggest that India’s natural and organic personal beauty care products market is expected to grow at a CAGR of 17.27% during 2017–2022.
“In 2018, the company will focus on expanding its product portfolio in the existing verticals, launching new verticals and aggressively expanding its distribution network. Growing urbanization, rising concerns for health & safety, increasing go green consciousness and growing consumer awareness towards the hazards of synthetic chemicals has fuelled the demand for organic personal care products. A trend which originally started in the western markets is now picking up momentum in India as well and we see a huge potential for organic products” said Mr. Elkana Ezekiel, Non-Executive Director, Azafran Innovacion Ltd.
Azafran Innovacion Limited is a research-oriented company based out of the 40-hectare facility near Sanand, Ahmedabad which includes its own organic farms, large greenhouses, manufacturing facility and a dedicated R&D center. It has set up its completely integrated ‘Farm to Face’ model, perhaps the only one of its kind in the Indian organic skin care market addressing specific skin problems while maintaining the skin’s natural balance. The company has done extensive investments in R&D and a production facility certified by ISO 9001, ISO 14001, OHSAS 18001, WHO and GMP. It has been awarded the USDA, ECOCERT France stamp of approval.
Azafran offers innovative organic solutions for the Indian market. Azafran’s products are made from certified organic ingredients and do not contain synthetic chemicals, parabens, sulphates, artificial colors and fragrances.
PERSONAL CARE FIRM
AZAFRAN TIES UP WITH ADITYA BIRLA’S MORE MEGASTORE
AHMEDABAD, OCT 6
Personal care player Azafran Innovacion Ltd said it has tied up with Aditya Birla Retail Ltd to launch a complete range of its personal care products across Aditya Birla Hyper market chain — More Megastore.
Azafran’s entire range of organic personal care products will be available in all 20 More Megastore outlets of Aditya Birla across the country, the company said. Azafran had launched an extensive range of organic personal care products under the brand ‘Azafran Organics’ in 2014. According to company officials, the organic personal care products are preferred among South Indians users. Aditya Birla has strong retail presence with 20 More Megastores across India, 11 in Bangalore, 3 in Hyderabad and also in New Delhi, Mumbai, Gurgaon, Mysuru and Indore.
Elkana Ezekiel, Non-Executive Director, Azafran Innovacion Ltd, said, “Organic skincare is one of the fastest growing segments in the global personal care industry. Organic living is an established trend in developed countries and the concept is fast catching up in India with consumers opting for organic products for daily life. Organic skincare market in India is estimated to cross the $13.2-billion mark by 2018.”
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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.82 |
|
UK Pound |
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
INFORMATION
DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.