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MIRA INFORM REPORT
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Report No. : |
487070 |
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Report Date : |
20.01.2018 |
IDENTIFICATION DETAILS
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Name : |
FACES COSMETICS INDIA PRIVATE LIMITED (w.e.f. 25.08.2008) |
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Formerly Known
As : |
ROSE
PETAL REALTY AND ESTATES PRIVATE LIMITED |
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Registered
Office : |
One Indiabulls Center, 16th Floor, Tower 2A, Senapati Bapat Marg, Elphinstone Road, Mumbai -400013, Maharashtra |
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Tel. No.: |
91-124-6650014 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
09.06.2007 |
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Com. Reg. No.: |
11-171497 |
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Capital
Investment / Paid-up Capital : |
INR 24.210 Million |
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CIN No.: [Company Identification
No.] |
U45400MH2007PTC171497 |
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IEC No.: |
0308068670 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR22247B |
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GSTIN : |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AADCR7243N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Subject is primarily engaged in the business of selling its cosmetics product to various distributors and retailers on whole sales basis. The product in which the Company deals includes colour cosmetics, skin care, antivaging products, personal care accessories and other lifestyle products. (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)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary ‘Faces Cosmetic Inc.” Canada. The company is
primarily engaged in the business of selling its cosmetics products to various
distributions and retailers of wholesale basis. The product in which company
deals include color cosmetics, skin care, anti-aging products, personal care
accessories and other lifestyle products. The company was incorporated in the year 2007 and is based in Mumbai,
Maharashtra. It is an established company having moderate track record. For the financial year ended 2017, the company has witnessed a growth
in its revenue but has incurred loss from its operational activities. Rating also remains constrained on account of erosion of entire net
worth of the company. However, rating weakness is partially offset by strong financial and
managerial support that company receives from its holding entity backed by
its well experienced management team. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business
dealings with some caution. |
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 |
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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
31-03-2016.
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 20.01.2018
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 DENIED
MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-22-40436000
LOCATIONS
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Registered Office : |
One Indiabulls Center, 16th Floor, Tower 2A, Senapati Bapat Marg, Elphinstone Road, Mumbai -400013, Maharashtra, India |
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Tel. No.: |
91-22-40436000/ 40436076 |
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Fax No.: |
91-22-40436068 |
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E-Mail : |
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Website : |
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Corporate Office: |
1004, 10th Floor, Park Centra, NH-8, Sector-30, Gurgaon-122001, Haryana, India |
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Warehouse : |
Located At :
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DIRECTORS
As on 31.03.2017
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Name : |
Mr. Abhay Kumar Pandey |
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Designation : |
Director |
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Address : |
B-1601, Lodha Bellissimo, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
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Date of Appointment : |
31.08.2017 |
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DIN No.: |
01650845 |
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Name : |
Mr. Bharadwaj Thiruvenkata Venkatavaraghavan |
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Designation : |
Director |
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Address : |
702, 7th Orchid Tower-A, 241/242, Bellasis Road, Mumbai Central – 400008, Maharashtra, India |
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Date of Appointment : |
31.08.2017 |
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DIN No.: |
02918495 |
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Name : |
Mr. Sharmili Rajput |
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Designation : |
Director |
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Address : |
GP2-2A, Gurgaonone Apartment, Sector 22 Mulhera Old Delhi, Gurgaon Road, Near CNG Pump Station, Gurugram – 122001, Haryana, India |
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Date of Appointment : |
25.09.2017 |
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DIN No.: |
07946307 |
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Name : |
Mr. Pankaj Bhardwaj |
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Designation : |
Director |
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Address : |
A - 91, Second Floor, Palladians, Sector 47, Gurgaon South City II, Gurugram – 122018, Haryana, India |
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Date of Appointment : |
26.09.2017 |
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DIN No.: |
07950022 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Faces Cosmetics Inc, Canada |
|
2421034 |
|
Deep Mishra |
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13 |
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Bennett Coleman and Co Limited, India |
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2 |
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Total |
|
2421049 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Subject is primarily engaged in the business of selling its cosmetics product to various distributors and retailers on whole sales basis. The product in which the Company deals includes colour cosmetics, skin care, antivaging products, personal care accessories and other lifestyle products. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
Golf View Corporate Tower-B, Sector 42, Sector Road, Gurgaon – 122002,
Haryana, India |
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Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Membership
Number: |
301003E/E300005 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9180N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company** |
Faces Cosmetics Inc, Canada |
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Ultimate holding
company : |
Faces Cosmetics Limited |
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Parent of holding
company* : |
Faces Holding Inc. |
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Entity under common
control**: |
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Notes:
*Subsidiary of Faces Cosmetics Limited
**Subsidiary ofFaces Holding Inc.
CAPITAL STRUCTURE
After 30.09.2017
Authorised Capital : INR 40.000 Million
Issued, Subscribed & Paid-up Capital : INR 25.252 Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2250000 |
Equity Shares |
INR 10/- each |
INR 28.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2421049 |
Equity Shares |
INR 10/- each |
INR 24.210
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 |
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|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
24.210 |
21.871 |
19.216 |
|
(b) Reserves & Surplus |
(173.009) |
(118.148) |
(57.340) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
5.000 |
5.000 |
5.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(143.799) |
(91.277) |
(33.124) |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.385 |
2.869 |
2.870 |
|
Total
Non-current Liabilities (3) |
3.385 |
2.869 |
2.870 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
132.500 |
132.500 |
122.500 |
|
(b) Trade payables |
111.340 |
90.316 |
61.268 |
|
(c) Other current liabilities |
134.937 |
112.121 |
46.621 |
|
(d) Short-term provisions |
59.059 |
18.475 |
6.751 |
|
Total
Current Liabilities (4) |
437.836 |
353.412 |
237.140 |
|
|
|
|
|
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TOTAL |
297.422 |
265.004 |
206.886 |
|
|
|
|
|
|
II.
ASSETS |
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|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
27.929 |
24.172 |
26.786 |
|
(ii) Intangible Assets |
0.885 |
0.423 |
0.314 |
|
(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 |
9.425 |
17.166 |
19.097 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
38.239 |
41.761 |
46.197 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
70.882 |
74.837 |
45.199 |
|
(c) Trade receivables |
152.406 |
122.502 |
101.273 |
|
(d) Cash and cash equivalents |
20.818 |
18.202 |
4.725 |
|
(e) Short-term loans and
advances |
14.746 |
7.357 |
9.438 |
|
(f) Other current assets |
0.331 |
0.345 |
0.054 |
|
Total
Current Assets |
259.183 |
223.243 |
160.689 |
|
|
|
|
|
|
TOTAL |
297.422 |
265.004 |
206.886 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
504.918 |
304.264 |
250.833 |
|
|
Other Income |
5.564 |
3.025 |
7.212 |
|
|
TOTAL
|
510.482 |
307.289 |
258.045 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
206.422 |
171.032 |
93.710 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(0.825) |
(30.233) |
(10.319) |
|
|
Employees benefits expense |
83.405 |
69.335 |
61.846 |
|
|
Prior period expenses |
2.790 |
0.668 |
0.000 |
|
|
Other expenses |
362.485 |
269.240 |
272.328 |
|
|
TOTAL |
654.277 |
480.042 |
417.565 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(143.795) |
(172.753) |
(159.520) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
23.936 |
28.106 |
19.995 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(167.731) |
(200.859) |
(179.515) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
8.760 |
9.874 |
12.353 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(176.491) |
(210.733) |
(191.868) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(176.491) |
(210.733) |
(191.868) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(920.244) |
(709.511) |
(517.643) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(1096.735) |
(920.244) |
(709.511) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.938 |
3.192 |
0.928 |
|
|
TOTAL
EARNINGS |
0.938 |
3.192 |
0.928 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Purchase of Traded Goods |
68.694 |
58.680 |
24.391 |
|
|
TOTAL
IMPORTS |
68.694 |
58.680 |
24.391 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(75.00) |
(105.00) |
(107.00) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
(100.903) |
(131.813) |
(152.221) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
110.17 |
146.96 |
147.37 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.31 |
2.48 |
2.48 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
196.87 |
192.74 |
238.64 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(2.03) |
(2.31) |
(3.53) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(4.99) |
(7.02) |
(5.89) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.47 |
1.33 |
1.15 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(0.92) |
(1.45) |
(3.70) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(3.04) |
(3.87) |
(7.16) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(0.20) |
(0.27) |
(0.82) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(6.01) |
(6.15) |
(7.98) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(34.95) |
(69.26) |
(76.49) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(59.34) |
(79.52) |
(92.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
122.73 |
230.87 |
579.24 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.59 |
0.63 |
0.68 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.43 |
0.42 |
0.49 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.48) |
(0.34) |
(0.16) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
5.47 |
6.06 |
6.37 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.59 |
0.63 |
0.68 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
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 |
19.216 |
21.871 |
24.210 |
|
Reserves & Surplus |
(57.340) |
(118.148) |
(173.009) |
|
Money received against share warrants |
5.000 |
5.000 |
5.000 |
|
Net
worth |
(33.124) |
(91.277) |
(143.799) |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
122.500 |
132.500 |
132.500 |
|
Total
borrowings |
122.500 |
132.500 |
132.500 |
|
Debt/Equity
ratio |
(3.698) |
(1.452) |
(0.921) |
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
|
250.833 |
304.264 |
504.918 |
|
|
|
21.301 |
65.947 |
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
|
250.833 |
304.264 |
504.918 |
|
Profit |
(191.868) |
(210.733) |
(176.491) |
|
|
(76.49%) |
(69.26%) |
(34.95%) |
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 |
No |
|
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 |
CORPORATE INFORMATION
Subject ('the company') is 100% subsidiary of Faces Cosmetics Inc., incorporated in Canada, which in turn is a subsidiary of Faces Holdings Inc. also incorporated in Canada, which in turn is a subsidiary of Faces Cosmetics Limited incorporated in England.
The Company is primarily engaged in the business of selling its cosmetics product to various distributors and retailers on whole sales basis. The product in which the Company deals includes colour cosmetics, skin care, antivaging products, personal care accessories and other lifestyle products
STATE OF COMPANY'S
AFFAIRS AND FUTURE OUTLOOK:
Faces Cosmetics, with a proud Canadian heritage spanning over 40 years, offers an exclusive line of Color Cosmetics (makeup and skincare products) and Lifestyle Products (personal care accessories). The Company's products are available in all major towns and cities of lndia. With a reputation for on trend beauty and premium products, we believe that the Company offers unparalleled variety in its products at attractive price points. The brand is known for its unique product innovations and formulations.
The Directors are cautiously optimistic about the growth prospects of the Company.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
18% loan from Essay Commercial Resources Private Limited |
54.000 |
54.000 |
|
18% loan from Mays Commercial Private Limited |
12.500 |
12.500 |
|
18% loan from Everstone Capital Advisors Private Limited |
60.000 |
60.000 |
|
18% loan from Axia Enterprises Private Limited |
6.000 |
6.000 |
|
Total |
132.500 |
132.500 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
C66025446 |
10587190 |
HDFC BANK LIMITED |
29/07/2015 |
10/09/2015 |
- |
6000000.0 |
2nd Floor, Block - A, Vatika Atrium, Golf Course Road, Sector - 53, Gurugram – 122002, Haryana, India |
CONTINGENT
LIABILITIES:
The Company has provided
following bank guarantees:
a) The Company has provided bank guarantee amounting to INR 0.100 Million (31 March 2016: INR 0.100 Million) in favour of Commissioner of Trade and Tax Officer.
b) The Company has provided bank guarantee amounting to INR 12.450 Million (31 March 2016: INR 12.450 Million) in favour of Commission of Customs.
FIXED ASSETS
- Computer and Peripherals
- Furniture and Fixture
- Office Equipments
PRESS
RELEASE
SEQUOIA INDIA TO
ACQUIRE FACES COSMETICS CANADA FROM EVERSTONE CAPITAL
Sequoia India has agreed to acquire Faces Cosmetics Canada, with its international subsidiaries and the ‘Faces’ brand, for an undisclosed amount
August 24 2017
Mumbai: Venture capital firm Sequoia India on Wednesday said it had agreed to acquire Faces Cosmetics Canada, a Canadian colour cosmetics brand along with its international subsidiaries and the ‘Faces’ brand from Indivision India Partners, managed by private equity firm Everstone Capital, for an undisclosed amount. The existing management team at Faces, led by chief executive Sharmili Rajput, will continue to manage the business, Sequoia said in a statement. Launched in India in December 2009, the Faces brand was set up over 40 years ago with a presence across North America. It was acquired by Indivision India Partners in 2007.
“The colour cosmetics market is the fastest growing category in personal care and we see a huge opportunity for the Faces brand. The Sequoia team will work with the Faces management to make significant investments and deploy operational expertise to unlock the brand’s full potential, as well as expand its portfolio and reach,” said Abhay Pandey, managing director, Sequoia Capital India Advisors. The company has established its presence in e-commerce sites, 900 store-in-stores, 2,000 general trade stores and 13 exclusive brand outlets across 80 cities in India. Faces has a product portfolio of over 350 colour cosmetics and skin care products in India. The company reported sales of over Rs100 crore in 2016-17, the statement said. “Our aim is to grow our revenue by 5X over the next five years, through strengthening our geographic coverage, deepening our distribution, expanding the portfolio, and extending our iconic brand to adjacent skin care categories,” Faces CEO Rajput said in the statement.
Everstone, an India- and Southeast Asia-focused private equity firm with assets under management of about $4 billion, has been looking to partly or completely exit several of its portfolio firms.
In April, Everstone sold part of its stake in education-focused publishing firm S. Chand Group when the company came out with its initial public offering. Several other Everstone portfolio companies such as commercial vehicle financing company Hinduja Leyland Finance Limited and VLCC Health Care Limited, which runs beauty and wellness centres, too filed for IPOs last year.
Sequoia India has been an active investor in the Indian consumer space. Last year it picked up a stake in domestic beer brand Bira 91, marking its first bet on an alcoholic beverage brand in India.
Its other major bets in the consumer space include Gurgaon-based Hector Beverages Private Limited, which manufactures soft drinks and beverages under the Paper Boat brand, and Ahmedabad-based Vini Cosmetics Private Limited, the maker of Fogg deodorants.
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 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 63.84 |
|
|
1 |
INR 88.28 |
|
Euro |
1 |
INR 77.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUJ |
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.