MIRA INFORM REPORT

 

 

Report No. :

319569

Report Date :

02.05.2015

 

IDENTIFICATION DETAILS

 

Name :

SIGMA ELECTRICALS

 

 

Registered Office :

U-54, MIDC Industrial, Hingna Road, Nagpur - 440016, Maharashtra

Tel. No.:

91-7104-232322

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Year of Establishment :

1995

 

 

Capital Investment :

Rs. 14.680 Million [As on 31.03.2014]

 

 

IEC No.:

0307007952

 

 

PAN No.:

[Permanent Account No.]

AAEFS9055K 

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners

 

 

Line of Business :

Manufacturer and Exporter of Power Control Centre (PCC), Control Panel Boards, Power Distribution Board, Control Panel Boards, Electrical Control Panel, Control Panel Boards, etc. and Ladder for Windmill.

 

 

No. of Employees :

85 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established partnership concern having satisfactory track record.

 

The concern has reported a decent turnover and it has fair profit margin during FY2014. Liquidity position of the concern is good.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The concern can be considered 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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

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 31-03-2014.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Pradeep Keshav Butte 

Designation :

Partner

Contact No.:

91-9373121820

Date :

30.04.2015

 

 

LOCATIONS

 

Registered Office :

U-54, MIDC Industrial, Hingna Road, Nagpur - 440016, Maharashtra, India

Tel. No.:

91-7104-232322

Mobile No.:

91-9373121820 [Mr. Pradeep Keshav Butte ]

Fax No.:

91-7104-237184

E-Mail :

sigmaelect@gmail.com

Area :

600 Sq. Mt.

Location :

Owned

Locality :

Industrial

 

 

Factory :

S-22, MIDC, Hingna Road, Nagpur - 440016, Maharashtra, India

Area :

1000 Sq. Mt.

Location :

Owned

Locality :

Industrial

 

 

PARTNERS

 

Name :

Mr. Pradeep Keshav Butte 

Designation :

Partner

Date of Birth/Age :

53 Years

Qualification :

B.E. Mech.

Experience :

25 Years

 

 

Name :

Mr. Mukund Joshi

Designation :

Partner

Date of Birth/Age :

53 Years

Qualification :

B.E. Mech.

Experience :

25 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Power Control Centre (PCC), Control Panel Boards, Power Distribution Board, Control Panel Boards, Electrical Control Panel, Control Panel Boards, etc. and Ladder for Windmill.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Panel

Countries :

·         Dubai

·         Nigeria

·         Bangladesh

 

 

Imports :

 

Products :

Machinery

Countries :

Canada

 

 

Terms :

 

Selling :

Credit [30 Days, 60 Days and 90 Days]

 

 

Purchasing :

Cash and Cheque [60 Days and 90 Days]

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

OEMs

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

85 (Approximately)

 

 

Bankers :

Bank Name:

Shikshak Sahakari Bank Limited

Branch:

Dharampeth Branch, Nagpur, Maharashtra, India

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Term Loan = Rs. 13.000 Million

Cash Credit = Rs. 31.000 Million

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

Facilities :

Term Loan = Rs. 13.000 Million

Cash Credit = Rs. 31.000 Million

 

 

 

Auditors :

 

Name :

C. R. Sagdeo and Company

Chartered Accountants

Address :

Nagpur, Maharashtra, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 14.680 Million

Borrowed :

--

Total :

Rs. 14.680 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

PARTICULARS

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

95.000

 

 

 

 

 

Expected Sales (2015-2016) : Rs. 130.000 Million

 

The above information has been parted by Mr. Pradeep Keshav Butte (Partner)

 

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2014

31.03.2013

SHAREHOLDERS FUNDS

 

 

 

1] Partners Capital

 

14.680

13.968

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

1.209

1.209

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

15.889

15.177

LOAN FUNDS

 

 

 

1] Secured Loans

 

36.898

37.109

2] Unsecured Loans

 

11.798

7.993

TOTAL BORROWING

 

48.696

45.102

DEFERRED TAX LIABILITIES

 

0.265

0.220

 

 

 

 

TOTAL

 

64.850

60.499

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

28.588

31.841

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.982

0.982

DEFERRED TAX ASSETS

 

0.065

0.065

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

50.181

31.293

 

Sundry Debtors
 

10.606

33.830

 

Cash & Bank Balances
 

0.655

1.254

 

Other Current Assets
 

0.000

0.027

 

Loans & Advances
 

3.677

2.202

Total Current Assets
 

65.119

68.606

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

Sundry Creditors
 

 

 

 

Other Current Liabilities
 

 

 

 

Provisions
 

 

 

Total Current Liabilities
 

29.904

40.995

Net Current Assets
 

35.215

27.611

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

64.850

60.499

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

 

74.185

69.715

 

 

Other Income

 

0.065

0.469

 

 

TOTAL                                     (A)

 

74.250

70.184

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Material Consumed

 

60.014

47.860

 

 

Direct Expenses

 

10.125

8.726

 

 

Establishment Expenses

 

1.482

1.506

 

 

Selling Expenses

 

1.469

1.081

 

 

Remuneration to Partners

 

0.605

0.800

 

 

Interest to Partners

 

0.000

0.876

 

 

Increase/ (Decrease) in Stock

 

(11.443)

(0.039)

 

 

TOTAL                                     (B)

 

62.252

60.810

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

 

11.998

9.374

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

8.219

7.242

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

3.779

2.132

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

3.631

1.566

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

 

0.148

0.566

 

 

 

 

 

Less

TAX                                                                  (H)

 

0.046

0.251

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

 

0.102

0.315

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)
 

0.14

0.45

 

 
 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)
 

16.17

13.45

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

0.16

0.56

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.01

0.04

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
 

3.06

2.97

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.18

1.67

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Partners’ Capital

13.968

14.680

Reserves & Surplus

1.209

1.209

Net worth

15.177

15.889

 

 

 

Secured Loans

37.109

36.898

Unsecured Loans

7.993

11.798

Total borrowings

45.102

48.696

Debt/Equity ratio

2.972

3.065

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Sales

69.715

74.185

 

 

6.412

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Sales

69.715

74.185

Profit

0.315

0.102

 

0.45%

0.14%

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report

(Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last two years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

Yes

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

No

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

No

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 63.57

UK Pound

1

Rs. 97.98

Euro

1

Rs. 70.53

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

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

 

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.