MIRA
INFORM REPORT
|
Report Date : |
27.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
ARIHANT
ELECTRICALS |
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Registered Office : |
24 / 4866 Harbans
Singh Street, Ansari Road, Darya Ganj, New Delhi 110002 |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
12.04.1986 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA13210B |
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PAN No.: [Permanent
Account No.] |
AAAFA2753N |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners. |
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Line of Business : |
Importers,
traders, representatives and dealers of all kinds of electric and electronic components
and devices specially semiconductor devices and automation. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
This report is
based on an interview with Mr. Amit Jain of the concern. Subject is a well
established concern having satisfactory track. Partners are reported as
experienced, respectable and having satisfactory means of their own. Their
trade relations are reported as fair. The concern is facing well. The concern can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
|
Name : |
Mr. Govind |
|
Designation : |
Accountant |
|
Date : |
25.10.2008 |
LOCATIONS
|
Registered
Office : |
24 / 4866 Harbans
Singh Street, Ansari Road, Darya Ganj, New Delhi 110002, India |
|
Tel. No.: |
91-11-23262176 /
23269011 / 23274427 |
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Fax No.: |
91-11-23273554 /
23256918 |
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E-Mail : |
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Website : |
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Area : |
1200 Sq.ft |
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Location : |
Owned |
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Representative
at: |
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Branches: |
Located at : Ø
Kolkata Ø Vadodara Ø Ø Ø Mumbai Ø Chennai Ø Pune Ø Secundrabad Ø Ø Ø
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PARTNERS
|
Name : |
Mr. Amit Jain |
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Designation : |
Managing Partner |
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Address: |
U-23, |
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Age: |
50 years (1958) |
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Qualification: |
Graduate |
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Other
Directorship: |
Arihant Systems
and Electricals Private Limited Curio |
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Experience: |
25 Years |
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Name : |
Mrs. Binu Jain |
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Designation : |
Partner |
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Address: |
U-23, |
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Date of Birth: |
44 Years |
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Qualification:
|
Graduate |
KEY EXECUTIVES
|
Name : |
Mr. Bhisma Koirala |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. K. C. Patyal |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Govind |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Mr. Amit Jain |
|
50% |
|
Mrs. Binu Jain |
|
50% |
BUSINESS DETAILS
|
Line of Business : |
Importers,
traders, representatives and dealers of all kinds of electric and electronic
components and devices specially semiconductor devices and automation. |
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Products : |
Ø
Semiconductor Fuses Ø
Semiconductor
Devices Ø
Passive Components Ø
Electro Mechanical
Products Ø
Power Capacitors Ø
Crane Control
Equipments Ø
Industrial Cooling
Fans & Blowers |
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|
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Agencies Held : |
Ø
Ø
Infineon
Technologies Asia Pacific PTE Limited, Ø
Epcos
Pte Limited Ø
Ø
Ø
MES,
SA |
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Exports : |
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Products: |
Electrical items like Fuges |
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Countries : |
·
·
·
·
·
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Imports : |
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Products: |
Electric and Electronic Components |
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Countries : |
·
·
·
·
·
·
·
·
·
·
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Terms : |
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Selling : |
Credit (60 to 90
days) |
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Purchasing : |
Cash and 30 to 60
days L/C and Credit Terms (30 days) |
GENERAL INFORMATION
|
Customers : |
Customers are
mainly Wholesalers, Retailers, Manufacturers, End Users, OEM’s and Government
Bodies. Some of its major
customers are as under: Ø
Indian Railways Ø
Nuclear Power
Corporation Ø
National Thermal
Power Corporation Ø
SAIL Ø
INDAL Ø
NALCO Ø
Cement Corporation
of India Limited Ø
Associated Cement
Corporation Ø
TISCO Ø
TELCO Ø
BALCO Ø
ALSTOM Ø
ISPAT INDUSTRIES Ø
Bhushan Steels Ø
BARC Ø
CAT Ø
Emerson Ø
ABB Ø
Siemens India
Limited Ø
Larsen & Toubro Ø Jindal Steel & Power Ø Jindal Vijaynagar Ø JISCO Ø Jindal Stainless Ø
Jindal Aluminium Ø
Ballarpur Industries
Limited Ø
Bharat Heavy
Electricals Limited Ø
Gas Authority Of
India Limited Ø
ONGC Ø
OIL Ø
HINDALCO Ø
Sukam Ø
Acme Telepower Ø
Automotive |
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No. of Employees : |
60 |
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Bankers : |
·
HDFC Bank Limited, ·
Union Bank of |
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Facilities : |
Credit Limit: Rs. 105.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M Sharma and
Associates Chartered
Accountant |
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Address : |
Room No. 109,
Wing 2, Hans Bhavan I 10, |
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Associates/Subsidiaries : |
Ø
Arihant
Systems and Electricals Private Limited, --Traders and Suppliers of electrical products. Ø
Mahadushi
Engineering Company Private Limited, --Merchants and
Exporters of Handicrafts |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 45.848
millions |
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Borrowed : |
-- |
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Total : |
Rs. 45.848
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover |
|
|
521.500 |
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2006 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
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|
45.848 |
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2] Share
Application Money |
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|
0.000 |
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3] Reserves &
Surplus |
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|
0.000 |
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4] (Accumulated
Losses) |
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|
0.000 |
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NETWORTH |
|
|
45.848 |
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LOAN FUNDS |
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1] Secured Loans |
|
|
47.113 |
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2] Unsecured
Loans |
|
|
29.637 |
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TOTAL BORROWING |
|
|
76.750 |
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DEFERRED TAX
LIABILITIES |
|
|
0.000 |
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TOTAL |
|
|
122.598 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
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|
2.146 |
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Capital
work-in-progress |
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|
0.000 |
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX
ASSETS |
|
|
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
|
|
57.073 |
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Sundry Debtors |
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|
108.362 |
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Cash & Bank
Balances |
|
|
0.394 |
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Other Current
Assets |
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|
0.000 |
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Loans &
Advances |
|
|
8.779 |
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Total Current Assets |
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|
174.608 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
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|
54.156 |
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|
Provisions |
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|
0.000 |
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Total Current Liabilities |
|
|
54.156 |
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Net
Current Assets |
|
|
120.452 |
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MISCELLANEOUS
EXPENSES |
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|
0.000 |
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TOTAL |
|
|
122.598 |
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PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
Around 462.400 |
341.485 |
234.033 |
185.547 |
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Net Profit |
NA |
6.026 |
3.006 |
1.999 |
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Export Value |
NA |
0.754 |
0.663 |
0.497 |
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Import Value |
NA |
235.053 |
127.147 |
120.473 |
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Total Expenses |
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Administrative
Expenses |
NA |
0.056 |
NA |
NA |
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Salaries, Wages,
Bonus, etc. |
NA |
6.996 |
NA |
NA |
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Payment to
Auditors |
NA |
0.084 |
NA |
NA |
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Interest |
NA |
7.888 |
NA |
NA |
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Insurance
Expenses |
NA |
0.552 |
NA |
NA |
|
Depreciation
& Amortization |
NA |
0.586 |
NA |
NA |
|
Other
Expenditure |
NA |
43.416 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.76
|
1.28 |
0.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.76
|
1.28 |
0.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.41
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.86
|
NA |
NA |
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Current Ratio (Current Asset/Current Liability) |
|
3.22
|
NA |
NA |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Indian Railways
·
Neclear Power Corporation
·
Natinal Thermal Power Corporation
·
SAIL
AS PER WEBSITE
Within two decades of its
inception in 1987, Arihant Group has emerged
as one of the most reputed names in the market. A marketing and sales major led
by Mr. Amit Jain, renowned for his in-depth knowledge, experience in global
sourcing and expertise in industrial products. Arihant Group comprises of Arihant Electricals,
Arihant Systems & Electricals Private Limited, Mahadushi
Engineering Co. Private Limited, and Mahadushi Components pte Limited
Arihant Group offers active and passive
components, electromechanical products, protection components, industrial
automation products and solutions, and other specialized electrical and
electronic products.
Arihant Group assist the customers
in selecting products for various applications and provides solutions to
industries by designing, integrating and supplying state-of-the-art industrial
electrical protection equipment and system engineering (industrial automation
system) and have active list of over 2,500 satisfied customers and 30 Dealers
all over India, and an annual turnover of Arihant Group of Companies is
approximately US$ 19 million, is proof of the giant strides it has taken in the
short time since its inception.
Add to all these a strong and
veritable sales network touching the length and breadth of the country. Apart
from its presence in a number of neighbouring countries, Arihant Group has
established its presence in almost all the important industrial hubs in India
and have more than 15 offices in the country - including in Delhi, Kolkata,
Bangalore, Mumbai, Pune, Baroda, Hyderabad, Bhubaneshwar, Raipur, Ludhiana,
Lucknow, Goa, Jamshedpur, Coimbatore and Chennai.
Buoyed by its leadership status in
the market, Arihant Group is already planning strategic investments in a variety
of other products, facilities and personnel development and also provides
personnel training to enhance their technical knowledge and offers in-house
training and training at the principals' sites in order to serve its dedicated
clientele with the latest trend and technologies.
It is a Group that prides itself
with an unflinching dedication to combining cutting-edge technology with
credibility, strict adherence to quality and services.
At present the group represents
the following brands and products:
Ø
GE Fanuc India P. Limited - PLC, SCADA and system solutions
Ø
Control Techniques India Limited - AC/DC Drives and drives system
Ø
Ø
Ø
Ø
GESSMANN,
Ø
FERRAZ, France – High current AC/DC Isolators, Semi-conductor
Fuses
Ø
Ø
Infineon Technology AG
Ø
Sunonwealth Electric Machine Industry Co.
Ø
Epcos AG
Ø
Tyco International Limited
Ø
BEI - IDEACOD
Ø
CRYDOM
Ø
IDM
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.95 |
|
|
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|