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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

492571

Report Date :

16.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

YUPAA FRESH PRIVATE LIMITED

 

 

Registered Office :

Room No.609, 6th Floor, Om Chambers, Kemps Corner, Mumbai - 400036, Maharashtra

Tel. No.:

91-22-23684895

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

21.03.2016

 

 

Com. Reg. No.:

11-274716

 

 

Capital Investment / Paid-up Capital :

INR 10.000 Million

 

 

CIN No.:

[Company Identification No.]

U51102MH2016PTC274716

 

 

IEC No.:

Not Divulged

 

 

GST No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACY7933M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Wholesale Trading of Imported Fresh Fruits and also has an in-house expertise in fruit quality parameters, cold chain, supply chain, shipping and logistics, etc. [Registered Activity]

 

 

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 :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was established in the year 1991 as a proprietorship concern with the name of ‘’Yupaa International’’ and later on 21st March 2016, it got converted into Private Limited Company with the name of ‘’Yupaa Fresh Private Limited’’.

 

As per the financials records of 2017, the company has achieved sales turnover of INR 848 million and has reported a low profitability margin.

 

The company possesses satisfactory financial position marked by adequate net worth base along with negligible debt level and average liquidity position.

 

Business is active. Payment seems to be usually correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

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 16.02.2018.

 

 

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

 

[Contact No: 91-22-23684895]

 

 

LOCATIONS

 

Registered/ Corporate Office :

Room No.609, 6th Floor, Om Chambers, Kemps Corner, Mumbai - 400036, Maharashtra, India

Tel. No.:

91-22-23684895/ 23684896

Fax No.:

91-22-23684079

E-Mail :

ambrishkarvat@gmail.com

yupaafresh@gmail.com

Website :

http://www.yupaagroup.com

 

 

Sales and Marketing Office :

C-256, Pawane MIDC, New Mumbai-400703, Maharashtra, India

Tel. No.:

91-22-65229519

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Ambrish Prataprai Karvat

Designation :

Managing Director

Address :

C-61, Meherina 51 Nepean Sea Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

09.05.1956

Date of Appointment :

05.07.2016

PAN No.:

AADPK6116A

DIN No.:

00308130

 

 

Name :

Mr. Parth Ambrish Karvat

Designation :

Wholetime Director

Address :

C-61, Meherina, 51 Nepean Sea Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

03.04.1988

Date of Appointment :

16.04.2016

PAN No.:

ARIPK9787K

DIN No.:

07494093

 

 

Name :

Mr. Anton Fuchs Frederik

Designation :

Director

Address :

7 Keet Street, Stellenbosch, POSBUS6383 UNIDEL Cape Town 7612 ZA

Date of Birth/Age :

25.02.1976

Date of Appointment :

16.07.2016

DIN No.:

07516186

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2017

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Yujita Karvat

600000

60.00

Parth Karvat

50000

5.00

Capespan Pty Limited, South Africa

350000

35.00

 

 

 

Total

1000000

 

100.00

 

 

AS ON: 26.07.2017

 

Equity Share Breakup

Percentage of Holding

Category

 

Promoters – Individual/ Hindu Undivided Family – Indian

65.00

Promoters – Body Corporate

35.00

 

 

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Wholesale Trading of Imported Fresh Fruits and also has an in-house expertise in fruit quality parameters, cold chain, supply chain, shipping and logistics, etc. [Registered Activity]

 

 

Products/ Services :

ITC Code No.

 

Product Descriptions

99611212

Apple

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

---

Contact Number:

---

Since how long known:

---

Maximum limit dealt:

---

Experience:

---

Remark

---

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

---

Contact Number:

---

Since how long known:

---

Maximum limit dealt:

---

Experience:

---

Remark

---

 

 

No. of Employees :

Information declined by the Management

 

 

Bankers :

·         ICICI Bank Limited

ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-390007, Gujarat, India

 

 

Facilities :

SECURED LOANS

31.03.2017

(INR In Million)

SHORT TERM BORROWINGS

 

Loans repayable on demand

 

From Banks

 

Cash Credit

68.537

 

 

Total

 

68.537

 

Auditors :

 

Name:

Bansi S. Mehta and Company 

Chartered Accountants

Address :

11/13, Botawala Building, 2nd floor, Horniman Circle, Mumbai-400001, Maharashtra, India

PAN No.:

AAAFB6405G

 

 

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associate Company :

Capespan Pty Limited

 

 

Entities in which KMP can exercise significant influence :

Capespan South Africa (Pty) Limited

 

 

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

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

INR 10/- each

INR 10.000 Million

 

 

 

 

 


 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2017

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

 

10.000

(b) Reserves & Surplus

 

 

177.247

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

187.247

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

 

0.000

(b) Deferred tax liabilities (Net)

 

 

0.802

(c) Other long term liabilities

 

 

0.000

(d) long-term provisions

 

 

0.695

Total Non-current Liabilities (3)

 

 

1.497

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

68.537

(b) Trade payables

 

 

37.115

(c) Other current liabilities

 

 

0.569

(d) Short-term provisions

 

 

1.007

Total Current Liabilities (4)

 

 

107.228

 

 

 

 

TOTAL

 

 

295.972

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

11.367

(ii) Intangible Assets

 

 

30.773

(iii) Capital work-in-progress

 

 

0.000

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

0.000

(c) Deferred tax assets (net)

 

 

0.000

(d)  Long-term Loan and Advances

 

 

0.000

(e) Other Non-current assets

 

 

0.000

Total Non-Current Assets

 

 

42.140

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

57.908

(c) Trade receivables

 

 

108.908

(d) Cash and cash equivalents

 

 

70.017

(e) Short-term loans and advances

 

 

16.917

(f) Other current assets

 

 

0.082

Total Current Assets

 

 

253.832

 

 

 

 

TOTAL

 

 

295.972

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

 

31.03.2017

 

SALES

 

 

 

 

 

Revenue from Operations

 

 

848.081

 

 

Other Income

 

 

5.593

 

 

TOTAL                                    

 

 

853.674

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchases of Stock-in-Trade

 

 

859.597

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

 

(57.526)

 

 

Employees benefits expense

 

 

14.696

 

 

Other expenses

 

 

23.052

 

 

TOTAL                                    

 

 

839.819

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

 

13.855

 

 

 

 

 

Less

FINANCIAL EXPENSES                       

 

 

2.647

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION              

 

 

11.208

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

 

7.225

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX                        

 

 

3.983

 

 

 

 

 

Less

TAX                                                                 

 

 

1.552

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX               

 

 

2.431

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Trading Goods

 

 

439.700

 

TOTAL IMPORTS

 

 

439.700

 

 

 

 

 

 

Earnings/ (Loss) Per Share (INR)

 

 

2.65

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

 

 

31.03.2017

Current Maturities of Long term debt

 

 

NA

 

 

 

 

Cash generated from operations

 

 

NA

 

 

 

 

Net Cash flow from (used in) Operations

 

 

NA

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

 

 

31.03.2017

Average Collection Days

(Sundry Debtors / Income * 365 Days)

 

 

46.87

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

 

 

7.79

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

 

 

15.76

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

 

 

0.24

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

 

 

0.33

 

LEVERAGE RATIOS

 

PARTICULARS

 

 

 

31.03.2017

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

 

 

0.36

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

 

 

0.37

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

 

 

0.57

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

 

 

0.23

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

 

 

5.23

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2017

Net Profit Margin

((PAT / Sales) * 100)

%

 

 

0.29

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

 

 

0.82

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

 

 

1.30

 

SOLVENCY RATIOS

 

PARTICULARS

 

 

 

31.03.2017

Current Ratio

(Current Assets / Current Liabilities)

 

 

2.37

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

 

 

1.83

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

 

 

0.63

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

 

 

6.85

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

 

 

2.37

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last one year

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last one year

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

G37078417

100080085

ICICI BANK LIMITED

14/02/2017

-

-

70000000.0

ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN

 

 

COMPANY BACKGROUND

 

Yupaa Fresh Private Limited is a private limited company incorporated in India under the Companies Act, 2013 on 21 52 March, 2016. The Company is in the business of wholesale trading of imported fresh fruits. All fresh fruits are imported from various foreign countries and various world renowned fruit growers and exporting companies. The company has a PAN India sales and distribution network covering all major Tier- l, Tier- Il and Tier- Ill cities with several Direct Dealers. The company also has an in-house expertise in fruit quality parameters, cold chain, supply chain, shipping and logistics etc.

 

 

STATE OF COMPANY’S AFFAIRS

 

The company has been performing well and consistently meeting quality/ quantity requirements for their customers. The directors are confident that the company will continue to see growth in the coming years.

 

AMALGAMATION DISCLOSURES:

 

i) The company has purchased business of Yupaa International and Yupaa Valley which were in the business of trading of fresh fruits with effect from 1st July, 2016 and the same has been accounted as per Purchase Method.

 

ii) The consideration paid to Yupaa International and Yupaa Valley is INR 167.500 Million and INR 7.500 Million respectively for the purchase of Business on lump sum basis as per the Business Transfer Agreement entered between the above enterprises ant Yupaa Fresh Private limited.

 

iii) Goodwill arising out of difference between the consideration and the value of net identifiable assets amounts to INR 34.930 Million which is amortised over a period of 5 years as per Para 38 of Accounting Standard (AS) 14.

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer

 

Intangible Assets

 

·         Goodwill

·         Computer Software


 

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 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 63.92

UK Pound

1

INR 89.55

Euro

1

INR 79.68

 

 

INFORMATION DETAILS

 

Information Gathered by :

SAV

 

 

Analysis Done by :

NIY

 

 

Report Prepared by :

IND

 


 

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)

 

 

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.