MIRA INFORM REPORT

 

 

Report No. :

336367

Report Date :

10.08.2015

 

IDENTIFICATION DETAILS

 

Name :

PURPLE CREATIONS PRIVATE LIMITED

 

 

Registered Office :

Unit No. 11, Ground Floor, Harichand Mill Compound, L.B.S. Marg, Vikhroli (West), Mumbai – 400079, Maharashtra

Tel. No.:

91-22-25785585 (Mr. Deepak)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.08.1995

 

 

Com. Reg. No.:

11-092238

 

 

Capital Investment / Paid-up Capital :

Rs. 20.000 Million

 

 

CIN No.:

[Company Identification No.]

U18100MH1995PTC092238

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Importing of garments of different kinds, shapes, sizes etc.

 

 

No. of Employees :

150 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (31)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 1995. It is dealing in the business of manufacturing and exporting of garments of different kinds of shapes, sizes etc. It has a moderate track record.

 

For the financial year 2004, the company has reported with low profitability margin but the sales volume is decent.

 

Further rating is constrained on account of company’s moderate financial risk profile marked by modest net worth position and huge borrowings taken by the company.

 

However, trade relations are reported as fair. Business is active. Payments terms are slow but correct.

 

In view of long history of business and decent sale volume, company can be considered for business dealings with some cautions.

 

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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Deepak

Designation :

Director

Contact No.:

91-22-25785585

 

 

 

LOCATIONS

 

Registered Office/ Factory :

Unit No. 11, Ground Floor, Harichand Mill Compound, L.B.S. Marg, Vikhroli (West), Mumbai – 400079, Maharashtra, India

Tel. No.:

91-22-25785585

Fax No.:

91-22-25796520

E-Mail :

info@purplecreation.com

Location :

Owned

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Pankaj Nagji Vira

Designation :

Director

Address :

Ramnik Villa, Room No. 8, 5th Road, Uday Cinema Lane, Ghatkopar (West), Mumbai – 400086, Maharashtra, India

Date of Appointment :

28.08.1995

DIN No.:

00401346

 

 

Name :

Deepak Nagji Vira

Designation :

Director

Address :

404, Gaytri Dham, M. G. Road, Derasar Lane, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Appointment :

28.08.1995

DIN No.:

00403502

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

Date of cessation

Company/ LLP Status

Defaulting status

1

U18100MH1995PTC092238

PURPLE CREATIONS PRIVATE LIMITED

Director

28/08/1995

28/08/1995

-

Active

NO

2

U17219PN2006PLC128599

BARAMATI HI-TECH TEXTILE PARK LTD

Director

30/05/2007

30/05/2007

-

Active

NO

 

 

Name :

Nagji Kheraj Vira

Designation :

Director

Address :

Ramnik Villa, Room No. 8, 5 Th Road, Uday Cinema Lane, Ghatkopar (West), Mumbai, 400086, Maharashtra, India

Date of Appointment :

28.08.1995

DIN No.:

00403747

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Equity Shareholders

 

No. of Shares

Mr. Nagji Kheraj Vira

 

290,400

Mr. Pankaj Nagji Vira

 

795,900

Mr. Deepak Nagji Vira'

 

795,900

Chanchalben Nagji Vira

 

17,400

Nagji Kheraj Vira HUF

 

20,000

Ketki Pankaj Vira

 

19,900

Pankaj Nagji Vira HUF

 

15,000

Viral Pankaj Vira

 

2,500

Meena Deepak Vira

 

19,900

Deepak Nagji Vira HUF

 

17,500

Nagji Kheraj Vira

 

100

Pankaj Nagji Vira

 

100

Deepak Nagji Vira

 

100

Chanchalben Nagji Vira

 

100

Ketki Pankaj Vira

 

100

Meena Deepak Vira

 

100

 

 

 

Total

 

1995000

 

Names of Preference Shareholders

 

No. of Shares

Mr. Nagji Kheraj Vira

 

500

 

 

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Importing of garments of different kinds, shapes, sizes etc.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Countries :

Middle east countries

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Credit

 

 

Purchasing :

Credit

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

Reference :

Dhaval Colour Chem Private Limited

Name of the Person :

Mr. Santosh (Accounts Manager)

Contact No.:

91-22-26859400/40855000

Since How Long Known :

4 Years

Experience :

Good

Maximum Limit Dealt :

Rs. 1.300 Million

Remark :

As claimed by Mr. Santosh (Accounts Manager) that he satisfied with subject company and payment transaction.

 

 

Customers :

Not Divulged

Reference :

Mamta Agency

Name of the Person :

Mr. Mahendra (Proprietor)

Contact No.:

91-9322978809

Since How Long Known :

25 Years

Experience :

Excellent

Maximum Limit Dealt :

Rs. 7.000 Million

Remark :

As claimed by Mr. Mahendra (Proprietor) that he satisfied with subject company.

 

 

No. of Employees :

150 (Approximately)

 

 

Bankers :

Banker Name

Union Bank of India

Branch Address

M.G. Road, Ghatkopar (East), Mumbai, Maharashtra, India

Person Name (With Designation)

Mr. Niray  (Account Assistant)

Contact Number

91-22-21028255

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term loans

 

 

From banks – Term loan 1

14.568

28.672

From banks – Term loan 2

1.667

11.340

From Banks – Vehicle loans

0.000

0.389

SHORT TERM BORROWING

 

 

Cash credit from banks

48.424

50.749

 

 

 

Total

64.659

91.150

 

Auditors :

 

Name :

Ghalla and Bhansali

Chartered Accountant

Address :

Devansh, 133, D.S.P. Road, Near Ranjit Studios, Dadar (East), Mumbai – 400014, Maharashtra, India

PAN No.:

AACFG6361J

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1995000

Equity Shares

Rs.10/- each

Rs. 19.950 Million

500

Preference Shares

Rs. 100/- each

Rs. 0.050 Million

 

Total

 

Rs. 20.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1995000

Equity Shares

Rs.10/- each

Rs. 19.950 Million

500

Preference Shares

Rs. 100/- each

Rs. 0.050 Million

 

Total

 

Rs. 20.000 Million

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

20.000

20.000

20.000

(b) Reserves & Surplus

22.022

21.906

21.843

(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)

42.022

41.906

41.843

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

210.171

224.260

210.183

(b) Deferred tax liabilities (Net)

5.435

5.343

5.304

(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)

215.606

229.603

215.487

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

48.424

50.749

28.350

(b) Trade payables

13.682

22.858

27.429

(c) Other current liabilities

24.996

22.871

32.513

(d) Short-term provisions

0.008

0.003

0.000

Total Current Liabilities (4)

87.110

96.481

88.292

 

 

 

 

TOTAL

344.738

367.990

345.622

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

142.773

173.947

190.357

(ii) Intangible Assets

0.592

0.292

0.063

(iii) Capital work-in-progress

62.673

52.899

42.838

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.700

0.700

0.700

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

2.976

3.048

0.000

(e) Other Non-current assets

4.402

3.963

4.067

Total Non-Current Assets

214.116

234.849

238.025

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

59.641

61.969

43.876

(c) Trade receivables

57.680

57.800

54.565

(d) Cash and cash equivalents

8.833

6.013

4.609

(e) Short-term loans and advances

0.324

0.415

0.000

(f) Other current assets

4.144

6.944

4.547

Total Current Assets

130.622

133.141

107.597

 

 

 

 

TOTAL

344.738

367.990

345.622

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

SALES

 

 

 

 

 

Income

222.977

189.195

181.598

 

 

Other Income

0.765

0.679

1.019

 

 

TOTAL                                    

223.742

189.874

182.617

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX

NA

NA

NA

 

 

 

 

 

Less

TAX                                                                 

NA

NA

NA

 

 

 

 

 

 

PROFIT AFTER TAX

0.116

0.062

0.024

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

200.000

 

 

 

 

 

Expected Sales (2015-16): Rs. 250.000 Million

 

The above information has been parted by Mr. Deepak (Director).

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

 

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operation

NA

NA

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.05

0.03

0.01

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

6.15

6.56

5.70

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.50

1.38

1.22

 

 

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

20.000

20.000

20.000

Reserves & Surplus

21.843

21.906

22.022

Share Application money pending allotment

0.000

0.000

0.000

Net worth

41.843

41.906

42.022

 

 

 

 

long-term borrowings

210.183

224.260

210.171

Short term borrowings

28.350

50.749

48.424

Current Maturities of Long Term Debt

0.000

0.000

0.000

Total borrowings

238.533

275.009

258.595

Debt/Equity ratio

5.701

6.563

6.154

 

 

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

181.598

189.195

222.977

 

 

4.183

17.856

 

 

 

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

181.598

189.195

222.977

Profit

0.024

0.062

0.116

 

0.01%

0.03%

0.05%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

----

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

Yes

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

Yes

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from B-123, Ghatkoper Industrial Estate, Agra Road, Ghakoper (West), Mumbai – 400086, Maharashtra, India the present address w.e.f. 29.01.2007.

 

 

UNSECURED LOAN

 

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from related parties

176.436

166.359

Loans from corporate bodies

17.500

17.500

 

 

 

Total

193.936

183.859

 

 

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10165793

11/01/2010 *

78,581,000.00

UNION BANK OF INDIA

GHATKOPAR (EAST) BRANCH, SILVER COURT, 1st FLOOR, 
M. G. ROAD, GHATKOPAR (E), MUMBAI,

Maharashtra - 400077,

INDIA

A78807948

2

80003249

25/04/2014 *

175,600,000.00

UNION BANK OF INDIA

SILVER COURT, M G ROAD, GHATKOPAR (EAST), MUMBAI, Maharashtra - 400077, INDIA

C04578662

 

* Date of charge modification

 

 

FIXED ASSETS

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs. 63.81

UK Pound

1

Rs. 98.93

Euro

1

Rs. 69.66

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

31

 

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.