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|
|
MIRA INFORM REPORT
|
Report No. : |
507439 |
|
Report Date : |
22.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHREE JAGDAMBA ELECTRIC CO. |
|
|
|
|
Registered
Office : |
Shop No. 1, Shiralkar Complex, Butter Market, Surgimath Oni Cross,
Broadway Road, Hubli – 580028, Karnataka |
|
Mobie No.: |
91-9448379312 (Mr. Moolsing Rathod) |
|
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|
Country : |
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Financials (as
on) : |
31.03.2017 |
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|
|
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Year of
Establishment : |
Not Divulged |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 4.035 Million |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TIN No.: |
Not Divulged |
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|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
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Line of Business
: |
Dealer of
Electrical Accessory such as Wire, CFL Lamps, Fan, Switch Board. (From
Indirect Sources) |
|
|
|
|
No. of Employees
: |
02 (Approximately) (As per site visit) |
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 |
|
Maximum Credit Limit : |
USD 11000 (INR 783731.08) |
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|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
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Litigation : |
Clear |
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|
Comments : |
Mr. Jogsingh Rathod (Accountant) only confirmed that the subject is a proprietorship concern. However, as per indirect source we could find that the subject is a dealer of electric accessory such as wires, CFL lamps, fans, switches, etc. As per financial figures of March 2017, the concern has achieved sales turnover of INR 81.28 million and has clocked a net profit margin of 1.61% during the year. The concern possesses acceptable financial risk profile marked by adequate net worth base and comfortable debt protection metric. Payment seems to be slow but correct. In view of aforesaid, the concern can be considered for business dealing at usual trade terms and conditions. Note: Site visit was conducted at the given address and our executive had successfully traced the subject. At the premise our executive met Mr. Prakash (office executive) and he only confirmed the existence of the subject on the given address. As per our executive’s observation, it’s a 3 storey building and subject is situated on 1st floor admeasuring total area of 900 SQ. FT. Location was easy to find, locality seems to be commercial and area near the premise appears to be neutral. Our executive sighted approximately 2 employees at the premise along with telephone and furniture items. Name board of the subject was sighted at the given premise address. On inquiry with Mr. Amit Chowdary from “Amnol Steels and Mr. Chetan from “Uttam Novelty” both the person from neighbour companies confirmed the existence of the subject on the given address. |
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 |
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
31-03-2018.
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 22.05.2018
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 BY
|
Name : |
Mr. Moolsing Rathod (Proprietor’s Son) |
|
Contact No.: |
91-9448379312 |
|
Date : |
04.05.2018 |
|
Name : |
Mr. Jogsing Rathod |
|
Designation : |
Accountant |
|
Contact No.: |
91-836-2216820 |
LOCATIONS
|
Registered Office : |
Shop No. 1, Shiralkar Complex, Butter Market, Surgimath Oni Cross,
Broadway Road, Hubli – 580028, Karnataka, India |
|
Tel. No.: |
91-836-2216820/ 3240589 |
|
Mobile No.: |
91-9448379312 (Mr. Moolsing Rathod) 91-9448188543 (Mr. Sangsing Rathod) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Area o Premises
: |
900 Sq. Ft. (As per site visit) |
|
Locality: |
Commercial (As per site visit) |
SOLE PROPRIETOR
|
Name : |
Mr. Gulabsing B. Rathod |
|
Designation : |
Proprietor |
KEY EXECUTIVES
|
Name : |
Mr. Jogsing Rathod |
|
Designation : |
Accountant |
|
Name : |
Mr. Prakash |
|
Designation : |
Office Executive |
BUSINESS DETAILS
|
Line of Business : |
Dealer of
Electrical Accessory such as Wire, CFL Lamps, Fan, Switch Board. (From
Indirect Sources) |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
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|
|
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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|
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
02 (Approximately) (As per site visit) |
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Bankers : |
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||||||||||||||||||||||
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Facilities : |
|
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Auditors : |
|
|
Name : |
V. M. Ostawal and Company Chartered Accountants |
|
Address : |
Hubli, Karnataka, India |
|
Membership No : |
229534 |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Membership : |
Not Available |
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|
|
|
Sister Concern : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2017
PROPRIETOR’S
CAPITAL ACCOUNT
(INR IN MILLION)
|
PARTICULARS |
AMOUNT |
PARTICULARS |
AMOUNT |
|
Drawing |
0.193 |
Balance B/d |
3.053 |
|
LIC |
0.068 |
Gas Subsidy |
0.001 |
|
Income Tax |
0.047 |
LIC Refund |
0.081 |
|
Advance Tax |
0.100 |
|
|
|
Balance C/d |
4.035 |
Net Profit |
1.308 |
|
Total |
4.443 |
Total |
4.443 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2017 |
|
|
EQUITY
AND LIABILITIES |
|
|
|
|
|
1] Share Capital |
|
|
4.035 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4.035 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3.033 |
|
|
2] Unsecured Loans |
|
|
3.757 |
|
|
TOTAL BORROWING |
|
|
6.790 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10.825 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.931 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.002 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
7.399
|
|
|
Sundry Debtors |
|
|
17.137
|
|
|
Cash & Bank Balances |
|
|
1.863
|
|
|
Other Current Assets |
|
|
1.295
|
|
|
Loans & Advances/ Deposits |
|
|
0.035
|
|
Total
Current Assets |
|
|
27.729
|
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
17.811
|
|
|
Other Current Liabilities |
|
|
0.026
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
17.837
|
|
|
Net Current Assets |
|
|
9.892
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10.825 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
81.284 |
|
|
Other Income |
|
|
0.001 |
|
|
TOTAL |
|
|
81.285 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
|
77.529 |
|
|
Audit fess |
|
|
0.026 |
|
|
Accounting Salary |
|
|
0.084 |
|
|
Car Insurance |
|
|
0.025 |
|
|
Computer Maintenance |
|
|
0.007 |
|
|
Electricity Charges |
|
|
0.031 |
|
|
Municipal Tax |
|
|
0.008 |
|
|
Printing and Stationery |
|
|
0.015 |
|
|
Professional tax |
|
|
0.002 |
|
|
Rent |
|
|
0.120 |
|
|
Salary |
|
|
0.970 |
|
|
Shop Expenses |
|
|
0.034 |
|
|
Shop Insurance |
|
|
0.006 |
|
|
Telephone Charges |
|
|
0.050 |
|
|
VAT Expenses |
|
|
0.013 |
|
|
Vehicle Expenses |
|
|
0.240 |
|
|
TOTAL |
|
|
79.160 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
2.125 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
0.658 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
1.467 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
|
0.159 |
|
|
|
|
|
|
|
|
NET PROFIT/ (LOSS) |
|
|
1.308 |
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 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
|
|
76.95 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
|
|
4.74 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
|
|
83.85 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
|
|
0.29 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
|
|
2.28 |
LEVERAGE RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
|
|
0.86 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
|
|
1.68 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
|
|
5.35 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
|
|
0.23 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
|
|
3.23 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
|
31.03.2017 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
|
|
1.61 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
|
|
4.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
|
|
32.42 |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Current Ratio (Current Assets / Current Liabilities) |
|
|
1.28 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
|
|
0.94 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
|
|
0.14 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
|
|
1.68 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
|
|
1.28 |
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 |
Yes |
|
5 |
Buyer visit details |
Yes |
|
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) |
No |
|
16 |
No. of employees (as per site visit) |
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 |
-- |
|
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 one year |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
No |
|
30 |
Major shareholders, if available |
No |
|
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 |
|
OBSERVATION
POINTS |
|
Name of Company : |
SHREE JAGDAMBA ELECTRIC COMPANY |
|
|
|
|
Address : |
Shop No. 1, Shiralkar Complex, Butter Market, Surgimath Oni Cross,
Broadway Road, Hubli – 580028, Karnataka, India |
|
|
|
|
Mobile No.: |
91-9448379312 |
|
|
|
|
Person to whom we met: |
Mr. Om Prakash (Staff) |
|
|
|
|
Name Board: |
Sighted |
|
|
|
|
Location: |
Easy |
|
|
|
|
Landmark (If Any): |
Butter Market |
|
|
|
|
Total Floors of the building: |
03 Floors |
|
|
|
|
Subject situated on: |
1st Floor |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area o Premises
: |
900 Sq. Ft. |
|
|
|
|
Area: |
Neutral |
|
|
|
|
No. of Employees
seen at Premises : |
02 |
|
|
|
|
Visibility of
Items: |
·
Telephone ·
Computer ·
Air Conditioner ·
Office Equipment |
|
|
|
|
Furniture items
sighted : |
Chair, Table,
Desk Furniture Items |
|
|
|
|
Sister Concern |
Jay Shree
Electricals |
|
|
|
|
Neighbour
Interview |
|
|
Name of the
company |
Amnol Steels |
|
Contact person
Name |
Mr. Amiy
Chowdhary |
|
|
|
|
Name of the company |
Uttam Novelty |
|
Contact person
Name |
Mr. Chetan |
|
|
|
|
Proof of visit: |
Photographs and
Visiting Card |
UNSECURED LOAN
|
PARTICULARS |
|
31.03.2017 (INR
in Million) |
|
Gulabsingh B. Rathod (HUF) |
|
0.264 |
|
Kailash Kunwar |
|
0.062 |
|
Kankan Kanwar Rathod |
|
0.053 |
|
Jogsingh Rathod |
|
0.967 |
|
Laxman Singh Rathod |
|
0.938 |
|
Sangsing Balwant Rathod |
|
1.473 |
|
Total |
|
3.757 |
FIXED ASSETS
- Furniture
- Shop
- Computer
- Vehicle
- Printer
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 67.96 |
|
|
1 |
INR 91.88 |
|
Euro |
1 |
INR 80.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRUP |
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.