MIRA
INFORM REPORT
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Report Date : |
13.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SAN INSTRUMENTS |
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Registered
Office : |
20, Bhagyashree, Relief Road, Daulat Nagar, Santacruz (West),
Mumbai-400054, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Year of
Establishment : |
1991 |
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Com. Reg. No.: |
BA-49 771 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.095 Millions |
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M-VAT No.: |
27170036763V (w.e.f. 01.04.2006) |
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CST No.: |
27170036763C (w.e.f. 01.04.2006) |
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IEC No.: |
0300036060 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS25341B |
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PAN No.: [Permanent Account No.] |
AABFS7438P |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Subject act as an Authorized Sales and Service Dealer for Digital Storage and Analog Oscilloscopes,
Logic Analyzers, Digital Multimeters, I-V / C-V Characterization Equipments,
LCR Meters, Signal Generators and Power Supplies as well as Accessories
including Probes. |
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No. of Employees
: |
Approximately 5 (Engineer-2, Commercial-3) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 16000 |
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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 : |
Subject is an established partnership concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern can be considered normal 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Shahank S Pradhan |
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Designation : |
Partner |
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Contact No.: |
91-9820324022 |
|
Date : |
12.10.2011 |
LOCATIONS
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Registered Office : |
20, Bhagyashree, Relief Road, Daulat Nagar, Santacruz (West),
Mumbai-400054, Maharashtra, India |
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Tel. No.: |
91-22-26601543 |
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Mobile No.: |
91-9820324022 (Mr. Shahank S Pradhan) |
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Fax No.: |
91-22-66963165 |
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E-Mail : |
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Area : |
500 sq.ft. |
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Location : |
Owned |
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Sales Office : |
209, Alipine Industrial Estate, Military Road, Marol Andheri (East),
Mumbai-400059, Maharashtra, India |
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Tel. No.: |
91-22-66949237 |
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Fax No.: |
91-22-66963165 |
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E-Mail : |
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Area : |
500 sq.ft. |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. Shashank S Pradhan |
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Designation : |
Partner |
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Address : |
B-20 Home Co-Operative Society, Relief Road, Daulat Nagar, Santacruz (West),
Mumbai-400054, Maharashtra, India |
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Date of Birth/Age : |
01.09.1953 |
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Qualification : |
LEE, DBM, DCM, DMM |
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Experience : |
35 Years |
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Name : |
Mr. Alok S Pradhan |
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Designation : |
Partner |
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Date of Birth/Age : |
11.03.1980 |
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Qualification : |
BE, MS University of Texas, Arlington |
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Experience : |
10 Years |
BUSINESS DETAILS
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Line of Business : |
Subject act as an Authorized Sales and Service Dealer for Digital Storage and Analog Oscilloscopes, Logic
Analyzers, Digital Multimeters, I-V / C-V Characterization Equipments, LCR
Meters, Signal Generators and Power Supplies as well as Accessories including
Probes. |
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Agencies Held : |
·
Keithley Instruments ·
Pulsotronic GmbH |
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Imports : |
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Countries : |
·
USA and Germany (Keithley Instruments) ·
Germany (Pulsotronic GmbH) |
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Terms : |
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Selling : |
Credit (30 Days) and Others |
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Purchasing : |
Credit (30 Days) and Against Delivery |
GENERAL INFORMATION
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Customers : |
OEM’s ·
Universities ·
Research Institutes ·
Defence Labs ·
CSIR Labs |
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No. of Employees : |
Approximately 5 (Engineer-2, Commercial-3) |
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Bankers : |
·
State Bank of India, Santacruz (West),
Mumbai-400054, Maharashtra, India (Account
No. : 10154461360) ·
The Maharashtra State Co-operative Bank Limited,
Santacruz (West), Mumbai-400054, Maharashtra, India (Account No. 318) |
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Facilities : |
Credit Limit : Rs. 1.000 Million |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. P Gajare Chartered Accountant |
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Address : |
Unit No. 6, Kshipra Co-Operative Housing Society, Akurli Cross Road
No. 1, Kandivali, Mumbai-400101 |
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Tel. No.: |
91-22-28871060 |
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E-Mail : |
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Associate Companies: |
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CAPITAL STRUCTURE
As on 31.03.2010
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Capital Investment : |
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Owned : |
Rs. 4.095 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 4.095 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Partners’ Capital |
4.095 |
3.167 |
2.947 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.095 |
3.167 |
2.947 |
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LOAN FUNDS |
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1] Secured Loans |
[0.018] |
0.882 |
[0.002] |
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2] Unsecured Loans |
0.212 |
0.636 |
0.222 |
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TOTAL BORROWING |
0.194 |
1.518 |
0.220 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.289 |
4.685 |
3.167 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.408 |
0.478 |
0.423 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.874 |
1.381 |
1.231 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.291
|
0.478 |
0.411 |
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Sundry Debtors |
1.171
|
2.085 |
1.882 |
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Cash & Bank Balances |
0.195
|
0.588 |
0.242 |
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Other Current Assets |
0.033
|
0.025 |
0.075 |
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Loans & Advances/ Deposits |
0.292
|
0.282 |
[0.007] |
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Total
Current Assets |
1.982
|
3.458 |
2.603 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.360
|
0.000 |
0.705 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.615
|
0.632 |
0.385 |
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Total
Current Liabilities |
0.975
|
0.632 |
1.090 |
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Net Current Assets |
1.007
|
2.826 |
1.513 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.289 |
4.685 |
3.167 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
13.647 |
7.941 |
8.098 |
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Other Income |
2.494 |
1.658 |
1.165 |
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TOTAL |
16.141 |
9.599 |
9.263 |
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Less |
EXPENSES |
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Cost of Goods Sold |
11.907 |
6.253 |
6.913 |
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Direct Expenses |
0.646 |
0.516 |
0.361 |
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Indirect Expenses |
2.551 |
2.517 |
2.536 |
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TOTAL |
15.104 |
9.286 |
9.810 |
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NET PROFIT/ LOSS |
1.037 |
0.313 |
[0.547] |
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The above information has been parted by Mr. Shahank S Pradhan
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.42
|
3.26 |
[5.91] |
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Net Profit Margin (PBT/Sales) |
(%) |
7.60
|
3.94 |
[6.75] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
43.39
|
7.95 |
[18.08] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.10 |
[0.19] |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.68 |
0.44 |
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Current Ratio (Current Asset/Current Liability) |
|
2.03
|
5.47 |
2.38 |
LOCAL AGENCY FURTHER INFORMATION
PRINCIPALS:
Keithley
Instruments
Address: 4/2, 1st Floor, Samrah Plaza, St. Marks Road,
Bangalore-560001, Karnataka, India
Tektronix India
Private Limited
Address: 4/2, 1st Floor, Samrah Plaza, St. Marks Road,
Bangalore-560001, Karnataka, India
Digitronics
Address: 24/36, Electronic Co-operative Estate, Pune- Satara Road,
Pune-411009, Maharashtra, India
Wayne- Kerr
Electronics Private Limited
Address: FF-73, Amrit Plaza Commercial Complex, ‘ B’ Block Surya Nagar,
Ghaziabad-201011, Uttar Pradesh, India
Dai-Ichi –Shoji
Co. Private Limited (IWATSU)
Address: The Landmark Tower, Yokohama 20th Floor, 2-2-1,
Minatomirai, Nishi-Ku, Yokohama-220-8120 Japan
Pulsotronic GmbH
and Co. KG
Address: Neue Schichtstrabe 14b, D-09366 Niederdorf
Spectron Sales and
Services
Address: 13, Electronic Co-operative Estate, Pune Satara Road,
Pune-411009, Maharashtra, India
Profile:
Subject is a partnership company established in
1991. The company has had a steady growth of 22% to 25% year on year with a
turnover of Rs.27.700 Millions during the fiscal year. The working partners
have a total field experience of almost 40 years in the Test and Measuring
Instruments field. The group activities include that of the associated
companies in motion control and access control systems.
They are a group of professionals, committed
to excellence through hardwork and perseverance. They possess the ability,
quality and drive to rise above competition. There is a marketing, consultancy and services set up
in the field of:
• TEST AND MEASURING INSTRUMENTS.
• POWER SUPPLIES AND SYSTEMS.
• APPLICATIONS SOFTWARE AND SYSTEM INTEGRATION
SUPPORT IN TEST AND MEASUREMENT INSTRUMENTATION.
• CONSULTANCY IN TEST AND MEASURING
INSTRUMENTATION.
The marketing strategy is mainly based on
regular customer calls, direct mail campaigns, conducting seminars and
participating in symposia and exhibitions. They hold regular seminars at the
key customer locations. Consultative marketing in setting-up Test and Measuring
facilities is the strength. They also provide applications support and field
services duly supported by the principals in the area of operations.
They undertake turnkey projects to set up Test
and Measuring Instrument facility for the customers. They also provide system
integration and software development for equipments from the principal’s
product portfolio and also instruments form other manufacturers. The
development can be either on Lab-View, C or Linux platforms.
The companies they represent are world leaders
in Test and Measuring Instruments. They have a brand image and have some
pioneering research projects in their respective product portfolios. They enjoy
a long term relationship with the Principals which is built on trust, faith and
loyalty over two decades.
They also provide service, applications and
repair support through the service set-up MIs HI-TECH ELECTRONIC SERVICES. They
just don’t repair they restore equipments and systems.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.24 |
|
|
1 |
Rs.76.80 |
|
Euro |
1 |
Rs.67.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.