|
Report Date : |
24.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAPPHIRE MICRO SYSTEMS |
|
|
|
|
Registered
Office : |
A – 129, Ansa Industrial Estate, Saki Vihar Road, Sakinaka, Andheri
(E), Mumbai – 400072, Maharashtra. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Year of
Incorporation : |
1991 |
|
|
|
|
Com. Reg. No.: |
27290006433 |
|
|
|
|
Capital
Investment: |
Rs. 11.856 Millions |
|
|
|
|
IEC No.: |
0396038671 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAFS4698A |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Supplier of LCD/ LED Monitors, DVD Writers, Laser
Printers, SMC Networking Products, Network Cabling Products, Motherboards,
DVD Drives etc |
|
|
|
|
No. of
Employees: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 47500 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having satisfactory
track records. There appears some dip in turnover of the concern. However, trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Viren Bavishi |
|
Designation : |
Partner |
|
Date : |
31.01.2012 |
LOCATIONS
|
Registered Office : |
A – 129, Ansa Industrial Estate, Saki Vihar Road, Sakinaka, Andheri
(E), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-28472160 |
|
Fax No.: |
91-22-28470055 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq.ft. (Approximately) |
|
Location : |
Owned |
|
|
|
|
Branches : |
1/7, Devraj Bhavan, Plot No. 38, APM Phase II, Sector 19, Vashi, New
Bombay – 400703. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Viren Bavishi |
|
Designation : |
Partner |
|
Address : |
A-129, Ansa Industrial Estate, Saki Vihar Road, Andheri (East),
Mumbai- 400072, Maharashtra, India |
|
Date of Birth/Age : |
22.09.1962 |
|
Qualification : |
B.E. (ELECTRONICS) |
|
Experience : |
20 Years |
|
|
|
|
Name : |
Mr. Dhiren Kothari |
|
Designation : |
Partner |
|
Address : |
A-129, Ansa Industrial Estate, Saki Vihar Road, Andheri (East),
Mumbai- 400072, Maharashtra, India |
|
Date of Birth/Age : |
09.10.1948 |
|
Qualification : |
B.Com |
|
Experience : |
30 Years |
|
|
|
|
Name : |
Mr. Mehul Shah |
|
Designation : |
Partner |
|
Address : |
A-129, Ansa Industrial Estate, Saki Vihar Road, Andheri (East),
Mumbai- 400072, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1968 |
|
Qualification : |
B.E. (ELECTRONICS) |
|
Experience : |
15 Years |
BUSINESS DETAILS
|
Line of Business : |
Supplier of LCD/ LED Monitors, DVD Writers, Laser
Printers, SMC Networking Products, Network Cabling Products, Motherboards,
DVD Drives etc |
|
|
|
|
Products : |
·
LCD/LED Monitors ·
DVD Writers ·
Laser Printers ·
SMC Networking Products ·
Network Cabling Products ·
Motherboards ·
DVD Drives ·
LCD Monitors etc ·
Keyboards |
|
|
|
|
Agencies Held : |
·
Accton Technology Networks ·
SMC Networks |
|
|
|
|
Imports : |
|
|
Products : |
IT and Allied Products |
|
Countries : |
·
U.A.E. ·
Taiwan ·
Singapore ·
USA ·
China |
|
|
|
|
Terms : |
|
|
Selling : |
Credit – 30 Days |
|
|
|
|
Purchasing : |
Credit – 30 Days |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers, OEM”s and Others |
|
|
|
|
No. of Employees : |
25 (Approximately) |
|
|
|
|
Bankers : |
HDFC Bank , Vishal Shopping Centre, SIRM.V. Road, Opposite Gymkhana,
Andheri (East), Mumbai – 400069. |
|
Facilities : |
-- |
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A.P. Doshi and Company Chartered Accountants |
|
Address : |
201, Bhaveshwar Complex, Opposite Railway Station, Vidhyavihar (West),
Mumbai – 400086, Maharashtra, India |
|
Tel. No.: |
91-22-25146855 |
|
E-Mail : |
CAPITAL STRUCTURE
(As On 31.03.2011)
|
Capital Investment : |
|
|
Owned : |
Rs. 11.856 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 11.856
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
Partner’s Capital |
|
11.856 |
11.891 |
|
|
NETWORTH |
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.713 |
1.107 |
|
|
2] Unsecured Loans |
|
3.736 |
5.411 |
|
|
TOTAL BORROWING |
|
4.449 |
6.518 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
16.305 |
18.409 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.384 |
1.866 |
|
|
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 |
|
6.095
|
7.502 |
|
|
Sundry Debtors |
|
4.730
|
3.502 |
|
|
Cash & Bank Balances |
|
3.425
|
0.894 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
1.979
|
5.675 |
|
Total
Current Assets |
|
16.229
|
17.573 |
|
|
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
1.308
|
1.030 |
|
|
Total
Current Liabilities |
|
1.308
|
1.030 |
|
|
Net Current Assets |
|
14.921
|
16.543 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
16.305 |
18.409 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
38.021 |
64.808 |
|
|
|
Other Income |
|
0.239 |
0.103 |
|
|
|
TOTAL |
|
38.260 |
64.911 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
|
31.711 |
56.673 |
|
|
|
Selling and Administrative Expense |
|
2.952 |
3.842 |
|
|
|
Interest on Capital to Partners |
|
1.332 |
1.099 |
|
|
|
Remuneration to Partners |
|
0.545 |
1.077 |
|
|
|
TOTAL |
|
36.540 |
62.691 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
1.720 |
2.220 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
1.011 |
1.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.709 |
1.218 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.496 |
0.672 |
|
|
|
|
|
|
|
|
|
|
PROFIT FOR THE
YEAR |
|
0.213 |
0.546 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
0.56
|
0.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.56
|
0.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.21
|
2.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.02
|
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.49
|
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
12.41
|
17.06 |
LOCAL AGENCY FURTHER INFORMATION
NOTE : Creditors Details are Not Available
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
- |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last two years |
Yes |
|
Profitability
for last three years |
No |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
- |
|
Last
accounts filed at ROC |
- |
|
Major
Shareholders, if applicable |
- |
TRADE REFERENCES :
1. Mr. D.K. Mehta Industrial
Adaptors,
149, Gurugobind
Singh Industrial Estate, Off. Western Express Highway, Goregaon (East), Mumbai – 400063.
Tel No: 91-22-26854788
Mobile No: 91-9819085082
2. Mr. Amit P. Doshi
201, Bhaveshwar
Complex, Opposite Railway Station, Vidhyavihar (West), Mumbai – 400086
Tel No: 91-22-25146855
3. Mr. Tejas Sheth
Asia Powercom
Private Limited
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.49.25 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.29 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.