|
|
|
MIRA INFORM REPORT
|
Report No. : |
494928 |
|
Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
DIN DAYAL PURUSHOTTAM LAL |
|
|
|
|
Registered
Office : |
CC III, 40-41, Janta Bhawan Road, Post Box-35, Sirsa – 125055, Haryana |
|
Tel. No.: |
91-1666-220628 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Year of
Establishment : |
1971 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 130.872 Million |
|
|
|
|
IEC No.: [Import-Export Code No.] |
3303003734 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
06AACFD0107B1ZH |
|
|
|
|
TIN No.: |
06952900945 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACFD0107B |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Trader and Exporter of Cotton. [Confirmed by management] |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 370000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a partnership firm established in the year 1971 and it is a
trader and exporter of cotton. As per financials of March 2017, the subject has registered a decent growth
in its sales turnover of and reported minimal profit margin. Rating takes into consideration the subjects moderate financial risk
profile along with high debt balance sheet and unfavourable gap between its
trade payables to its trade receivables. Rating is further constrained on account of risk associated with
trading nature of business operations and intense competition from other
organized and unorganized players in the cotton industry. However, rating weakness is partially offset by extensive experience
of its partners and their funding support. Payments are seems to be slow but correct. In view of aforesaid, the subject 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: B+ |
|
Rating Explanation |
Risk prone credit quality and carries very
high credit risk. |
|
Date |
07.11.2017 |
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 27.02.2018
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 PARTED BY
|
Name : |
Mr. Raju Sharma |
|
Designation : |
Chief Manager in Accounts |
|
Contact No.: |
91-1666-220628 |
|
Date : |
27.02.2018 |
LOCATIONS
|
Registered Office : |
CC III, 40-41, Janta Bhawan Road, Post Box-35, Sirsa – 125055,
Haryana, India |
|
Tel. No.: |
91-1666-220628 / 280206 / 222854 |
|
Fax No.: |
91-1666-234056 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office 1 : |
73, Swastik Society, 2nd, Floor M- |
|
Tel No.: |
91-79-64506470 / 64506480 |
|
Fax No.: |
91-79-26420520 |
|
|
|
|
Branch Office 2 : |
Above Northern India Cotton Association, Nai Basti, Gali No. 6
Bhatinda - 151001, Punjab |
|
Tel No.: |
91-164-227945 |
|
Fax No.: |
91-79-26420520 |
|
|
|
|
Branch Office 3 : |
Shagun, 3rd Floor, 37-38 Old Dhan Mandi, Sri Ganaganagar - 335001, Rajasthan |
|
Tel No.: |
91-154-2440391 |
|
Fax No.: |
91-154-2441793 |
|
|
|
|
Branch Office 4 : |
Plot No. 660, Udhyog Vihar, Phase 5, Gurgaon – 122016, Haryana, India |
|
Tel. No.: |
91-124-4979797 |
|
Fax No.: |
91-124-4067700 |
PARTNERS
|
Name : |
Mr. Lalit Mohan Shraddha |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Mahesh Shraddha |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Pankaj Shraddha |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Raju Sharma |
|
Designation : |
Chief Manager in Accounts |
BUSINESS DETAILS
|
Line of Business : |
Trader and Exporter of Cotton. [Confirmed by
management] |
|
|
|
|
Products : |
Cotton |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit (30,60 Days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (30,60 Days) |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Customers : |
Wholesalers, Retailers, End Users
|
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||||||||||||||||||||||
|
No. of Employees : |
50 (Approximately) |
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Badladiya and Company Chartered Accountants |
|
Address : |
Sirsa, Haryana, India |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Membership : |
Not Available |
|
|
|
|
Sister Concern : |
Shraddha Cotton Factory |
CAPITAL STRUCTURE
AS ON 31.03.2017
|
Capital Investment : |
|
|
Owned : |
INR 130.872 Million |
|
Borrowed : |
-- |
|
Total : |
INR 130.872 Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
EQUITY
AND LIABILITIES |
|
|
|
|
|
1] Partners Capital |
|
130.872 |
118.551 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
130.872 |
118.551 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
892.417 |
706.982 |
|
|
2] Unsecured Loans |
|
224.050 |
233.164 |
|
|
TOTAL BORROWING |
|
1116.467 |
940.146 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1247.339 |
1058.697 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
11.532 |
10.713 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
495.193 |
231.566 |
|
|
Sundry Debtors |
|
733.860 |
909.701 |
|
|
Cash & Bank Balances |
|
76.071 |
46.676 |
|
|
Other Current Assets |
|
22.986 |
15.709 |
|
|
Loans & Advances |
|
0.352 |
0.192 |
|
Total
Current Assets |
|
1328.462
|
1203.844
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
90.775 |
153.271 |
|
|
Other Current Liabilities and Provisions |
|
1.880 |
2.589 |
|
Total
Current Liabilities |
|
92.655
|
155.860
|
|
|
Net Current Assets |
|
1235.807 |
1047.984 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1247.339 |
1058.697 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
6630.082 |
5347.246 |
|
|
Other Income |
|
61.081 |
65.350 |
|
|
TOTAL |
|
6691.163 |
5412.596 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
6468.080 |
5257.598 |
|
|
Purchases of
Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Commodities / Forex
Trading |
|
10.178 |
0.000 |
|
|
Advertisement |
|
0.121 |
0.251 |
|
|
Audit fees and
Professional charges |
|
1.724 |
1.332 |
|
|
Brokerage |
|
0.750 |
1.466 |
|
|
Computer Repair and
Maintenance Expenses |
|
0.067 |
0.043 |
|
|
Cotton Expenses |
|
81.045 |
33.167 |
|
|
Forward Booking Charges |
|
2.758 |
0.000 |
|
|
Electric and water
charges |
|
0.506 |
0.475 |
|
|
Godown Rent |
|
1.009 |
0.561 |
|
|
Insurance Expenses |
|
0.694 |
0.250 |
|
|
Legal Fee |
|
0.132 |
0.009 |
|
|
Membership Fee |
|
0.114 |
0.081 |
|
|
Office Expenses |
|
0.827 |
0.558 |
|
|
Office Rent |
|
0.541 |
0.545 |
|
|
Postage and Telegram |
|
0.229 |
0.193 |
|
|
Professional Tax |
|
0.016 |
0.179 |
|
|
Repair and Maintenance |
|
0.314 |
0.223 |
|
|
Round off/on |
|
0.000 |
0.001 |
|
|
Salary Expenses |
|
12.640 |
11.136 |
|
|
Software Expenses |
|
0.047 |
0.036 |
|
|
Staff Welfare |
|
0.828 |
0.769 |
|
|
Stationery and Printing
Expenses |
|
0.293 |
0.116 |
|
|
Telephone and Mobile
Expenses |
|
0.521 |
0.681 |
|
|
Tours and Travelling
Expenses |
|
6.517 |
4.956 |
|
|
Vehicle Oil and Repair
Expenses |
|
1.257 |
0.971 |
|
|
Interest to Partners |
|
8.923 |
9.694 |
|
|
Salary to Partners |
|
0.600 |
1.200 |
|
|
TOTAL |
|
6600.731 |
5326.491 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
90.432 |
86.105 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
80.188 |
77.640 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
10.244 |
8.465 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.316 |
1.198 |
|
|
|
|
|
|
|
|
NET PROFIT |
|
8.928 |
7.267 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
5000.000 |
The above information has been parted by Mr. Raju Sharma (Chief Manager
in Accounts)
Note: Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
|
40.40 |
62.10 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
|
9.03 |
5.88 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
|
5.12 |
10.64 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
|
0.18 |
0.37 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
|
7.84 |
8.04 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
|
0.90 |
0.90 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
8.53 |
7.93 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
2.42 |
3.28 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
0.09 |
0.09 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
|
1.13 |
1.11 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
|
0.13 |
0.14 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
|
0.67 |
0.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
|
6.82 |
6.13 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
Current Ratio (Current
Assets / Current Liabilities) |
|
4.19 |
3.09 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
2.63 |
2.50 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
0.10 |
0.10 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
|
8.53 |
7.93 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
|
4.19 |
3.09 |
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 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
|
Partners Capital |
118.551 |
130.872 |
|
Reserves & Surplus |
0.000 |
0.000 |
|
Net worth |
118.551 |
130.872 |
|
|
|
|
|
Secured Loans |
706.982 |
892.417 |
|
Unsecured Loans |
233.164 |
224.050 |
|
Total borrowings |
940.146 |
1116.467 |
|
Debt/Equity ratio |
7.930 |
8.531 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Sales |
5347.246 |
6630.082 |
|
|
|
23.991 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
|
Sales |
5347.246 |
6630.082 |
|
Profit/(Loss) |
7.267 |
8.928 |
|
|
0.14% |
0.13% |
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 |
No |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
No |
|
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 two years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
Yes |
|
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 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.66 |
|
|
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
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.