|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PURPLE PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1502- A, Valencia Central Avenue Road, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.03.2004 |
|
|
|
|
Com. Reg. No.: |
145051 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.7.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40101MH2004PTC145051 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Importers of Tin and Lead ingots |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 508560 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
profitability of the company appears to be low. However, Performance capability seems to be high. Trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with slight
caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB (Cash Credit) |
|
Rating Explanation |
Having Moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
July, 2012 |
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
31-03-2012.
LOCATIONS
|
Registered Office : |
1502- A, Valencia Central Avenue Road, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-65296023 |
|
E-Mail : |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Jitin Niranjan Upadhyaya |
|
Designation : |
Whole-Time Director |
|
Address : |
A-1502, Velencia, Central Avenue Road, Hiranandani
Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1976 |
|
Date of Appointment : |
15.03.2004 |
|
DIN No.: |
00186094 |
|
|
|
|
Name : |
Mr. Nitin Niranjan Upadhyaya |
|
Designation : |
Whole-Time Director |
|
Address : |
A-1502, Velencia, Central Avenue Road, Hiranandani Gardens,
Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
30.08.1977 |
|
Date of Appointment : |
15.03.2004 |
|
DIN No.: |
00186159 |
|
|
|
|
Name : |
Mr. Niranjan Ramswaroop Upadhyaya |
|
Designation : |
Director |
|
Address : |
A-1502, Velencia, Central Avenue Road, Hiranandani
Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
11.07.1946 |
|
Date of Appointment : |
01.12.2008 |
|
DIN No.: |
02087011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
|
Name |
No.
of share held |
|
Jitin N.
Upadhyaya |
15000 |
|
Nitin R.
Upadhyaya |
15000 |
|
Pooja J.
Upadhyaya |
200000 |
|
Sushma N
Upadhyaya |
200000 |
|
Niranjan
R. Upadhyaya |
25000 |
|
Yashodhara
N.. Upadhyaya |
45000 |
|
Arjit
Securities Private Limited, India |
6000 |
|
Crown
Crops Science Private Limited, India |
3600 |
|
Dipankar
Steel Private Limited, India |
9200 |
|
Kasare
Fincap Services Private Limited, India |
3000 |
|
Khushi
Industries Limited, India |
6000 |
|
Kings
Merchants Private Limited, India |
13400 |
|
Kurmi
Developers Private Limited, India |
31900 |
|
L N
Polysters Limited, India |
10000 |
|
Prraneta
Industries Limited, India |
22000 |
|
Sanguine
Media Limited, India |
10000 |
|
Shree
Pawan Exim Private Limited, India |
19200 |
|
Speciality
Papers Limited, India |
10000 |
|
Statford
Textile Specialities Limited, India |
30900 |
|
Terry
Towel Industries Limited, India |
3200 |
|
Thadeshwar
Finmin Services Private Limited, India |
9400 |
|
Yamroosh
Investments Private Limited, India |
12200 |
|
Total |
700000 |
AS ON 27.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
71.43 |
|
Other |
28.57 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers of Tin and Lead ingots |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
DBS Bank Limited, 3rd Floor, Fort House, Dr. D N Road,
Fort, Mumbai - 400001, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M M Jaju and Company Chartered Accountant |
|
Address : |
B 603 Shreenath Complex , P K Road Extension, Near Raja Industries,
Mulund West, Mumbai – 400080, Maharashtra, India |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives: |
White Gold Inc |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs.10/- |
Rs.7.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.00 |
23.500 |
0.000 |
|
|
3] Reserves & Surplus |
120.140 |
11.432 |
6.820 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
127.140 |
39.932 |
11.820 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
95.931 |
15.247 |
8.814 |
|
|
2] Unsecured Loans |
41.621 |
52.514 |
16.399 |
|
|
TOTAL BORROWING |
137.552 |
67.7611 |
25.213 |
|
|
DEFERRED TAX LIABILITIES |
0.525 |
0.098 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
265.217 |
107.791 |
37.033 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
38.320 |
10.088 |
0.586 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.025 |
0.025 |
1.314 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
122.291
|
24.841 |
20.152 |
|
|
Sundry Debtors |
154.162
|
75.735 |
52.061 |
|
|
Cash & Bank Balances |
63.594
|
15.985 |
4.781 |
|
|
Other Current Assets |
0.789
|
0.045 |
0.000 |
|
|
Loans & Advances |
19.730
|
10.207 |
6.650 |
|
Total
Current Assets |
360.566
|
126.813 |
83.644 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
88.372
|
18.949 |
40.886 |
|
|
Other Current Liabilities |
44.264
|
10.186 |
4.043 |
|
|
Provisions |
1.058
|
0.000 |
3.587 |
|
Total
Current Liabilities |
133.694
|
29.135 |
48.516 |
|
|
Net Current Assets |
226.872
|
97.678 |
35.128 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
|
|
|
|
|
|
|
|
TOTAL |
265.217 |
107.791 |
37.033 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
1085.594 |
561.461 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
16.160 |
7.045 |
4.753 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.452 |
2.433 |
1.493 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
10.708 |
4.612 |
3.260 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.98
|
1.25 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.05
|
5.15 |
5.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.17 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.08
|
1.70 |
2.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69
|
4.35 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate
identity number of the company |
U40101MH2004PTC145051 |
|
Name of the
company |
PURPLE PRODUCTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1502-A Valenciacentral Avenue Road, Hiranandani
Gardens Powai, Mumbai 400076,
Maharashtra, India |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10268940 |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
YES BANK LIMITED |
|
Nature of
instrument creating charge |
Supplemental Deed
of hypothecation dated 9th November 2012 |
|
Date of
instrument Creating the charge |
09/11/2012 |
|
Amount secured by
the charge |
Rs.130.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Letter of Credit
(Import) (Sight/Usance) -1.25% p. a + applicable service tax Letter of Undertaking
for Buyers Credit (Sub limit of LC)- 1.25% p. a + applicable service tax Terms of
Repayment Letter of Credit
- (Import) (Sight/Usance): LC Sight: 150
days, LC Usance: 120 days, Validity:
150 days Letter of
Undertaking for Buyers Credit - I (Sub limit of LC - I) - 120 days Extent and
Operation of the charge Pari Passu charge
on Current Assets of Borrower to cover below mentioned facilities: Letter of Credit
(Import) (Sight/Usance) - INR 130,000,000/- (One Hundred Thirty Million only) Letter of
Undertaking for Buyers Credit (Sub limit of LC)- INR 130.000 Millions (One
Hundred Thirty Million only) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Pari Passu charge
on Current Assets of Borrower |
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 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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.