|
|
|
MIRA INFORM REPORT
|
Report No. : |
507442 |
|
Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
MA SARASWATI ELECTRICALS |
|
|
|
|
Registered
Office : |
25, Ganga Complex, A.M. Lane, B.V.K. Iyengar Road Cross, Bangalore – 560053,
Karnataka |
|
Tel. No.: |
91-80-22258151 / 41248130 |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Year of
Establishment : |
1990 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 4.523 Million |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TIN / CST No.: |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Dealer of
electrical goods such as switch, cable, switch gear, copper cable etc. [From
Indirect Sources] |
|
|
|
|
No. of Employees
: |
8 (Approximately) (At 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 13000 (In INR 8,79,781.50) |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Mr. Malaram
Barfa (Contacted person) has flatly denied to provide any information about
the subject. As per
indirect sources we could find that subject was established in the year 1990
as proprietorship firm and it is a dealer of electrical goods such as
switches, cables, switch gear, copper cable, etc. As per
provided financials of 2017, the firm has achieved decent revenue from its
operations but reported minimal profitability margin of 0.94%. Rating
takes into consideration firm’s sound financial risk profile marked by
adequate capital base and low debt balance sheet. The firm
also derives strength from its long standing track records of business
operations. Trade
relations are reported as fair. Business is active. Payment terms are seems
to be slow but correct. In view of
aforesaid, the firm can be considered for business dealings at usual trade
terms and conditions. NOTE: Site visit
was conducted at the address which you have provided. Our executive has
successfully traced the firm on the given address. At the
premises our executive met to Mr. Malaram B (Proprietor) of the firm and he
only confirmed that firm is exists at given premises. As per our
executive observation, location of the firm is easy to find. Landmark was near
professional Courier. It is a 3 storey building and firm is situated on
ground floor. Locality appears to be commercial. Area seems to be upmarket. Area of the
premises was 1200 (sq. ft.) and 08 employees were sighted into premises. Name board
of the firm was sighted at the given address. Further, our executive enquired from neighbouring entity i.e. Professional Courier and they were also confirmed that firm exists on 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
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 17.05.2018
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. Malaram Barfa |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9341237615 |
|
Date : |
16.05.2018 |
LOCATIONS
|
Registered Office : |
25, Ganga Complex, A.M. Lane, B.V.K. Iyengar Road Cross, Bangalore –
560053, Karnataka, India |
|
Tel. No.: |
91-80-22258151 / 41248130 |
|
Mobile No.: |
91-9341237615 (Mr. Malaram Barfa) |
|
Fax No.: |
Not Available |
|
Area : |
1200 sq. ft. (At site visit) |
|
Locality : |
Commercial (At site visit) |
SOLE PROPRIETOR
|
Name : |
Mr. Malaram Barfa |
|
Designation : |
Proprietor |
|
Date of Birth/ Age : |
03.11.1963 |
|
PAN No.: |
AEOPM8561J |
BUSINESS DETAILS
|
Line of Business : |
Dealer of
electrical goods such as switch, cable, switch gear, copper cable etc. [From
Indirect Sources] |
|
|
|
|
Products : |
·
Switch ·
Cable ·
Switch Gear ·
Copper Cable |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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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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|
|
|
Terms : |
|
|
Selling : |
Cash and Cheque |
|
|
|
|
Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
8 (Approximately) (At site visit) |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Rekha Choudhary Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
|
|
|
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Collaborators : |
Not Available |
|
|
|
|
Membership : |
Not Available |
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|
|
|
Sister Concern : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2017
|
Capital Investment : |
|
|
Owned : |
INR 4.523 Million |
|
Borrowed : |
-- |
|
Total : |
INR 4.523 Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
|
|
31.03.2017 |
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
1] Proprietor’s Capital |
|
|
4.523 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4.523 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1.260 |
|
|
2] Punjab and Sind Bank O/D |
|
|
4.168 |
|
|
3] Unsecured Loans |
|
|
7.380 |
|
|
TOTAL
BORROWING |
|
|
12.808 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17.331 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.577 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
11.263 |
|
|
Sundry Debtors |
|
|
25.753 |
|
|
Cash & Bank Balances |
|
|
0.270 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans, Advances & deposits |
|
|
1.171 |
|
Total Current Assets |
|
|
38.457 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
22.132 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.571 |
|
Total Current Liabilities |
|
|
22.703 |
|
|
Net Current
Assets |
|
|
15.754 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17.331 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
115.216 |
|
|
Other Income |
|
|
2.658 |
|
|
TOTAL |
|
|
117.874 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of goods sold |
|
|
112.483 |
|
|
Accounting charges |
|
|
0.060 |
|
|
Advertisement expenses |
|
|
0.029 |
|
|
Audit fees |
|
|
0.060 |
|
|
Conveyance |
|
|
0.077 |
|
|
Collie expenses |
|
|
0.096 |
|
|
Car insurance |
|
|
0.030 |
|
|
Discount |
|
|
0.014 |
|
|
Electricity expenses |
|
|
0.017 |
|
|
Packing and forwarding |
|
|
0.049 |
|
|
Petrol and auto charges |
|
|
0.081 |
|
|
Printing and stationery |
|
|
0.012 |
|
|
Professional tax |
|
|
0.003 |
|
|
Rent - Godown |
|
|
0.150 |
|
|
Rent - Shop |
|
|
0.103 |
|
|
Repair and service
charges |
|
|
0.065 |
|
|
Round off |
|
|
0.001 |
|
|
Salary |
|
|
1.456 |
|
|
Shop expenses |
|
|
0.039 |
|
|
Staff welfare |
|
|
0.103 |
|
|
Telephone expenses |
|
|
0.049 |
|
|
Travelling expenses |
|
|
0.049 |
|
|
Tally software |
|
|
0.018 |
|
|
Vehicle maintenance |
|
|
0.061 |
|
|
TOTAL |
|
|
115.105 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST AND DEPRECIATION |
|
|
2.769 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
1.413 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
DEPRECIATION |
|
|
1.356 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
|
0.278 |
|
|
|
|
|
|
|
|
NET PROFIT/ (LOSS) |
|
|
1.078 |
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) |
|
|
81.58 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
|
|
4.47 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
|
|
71.82 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
|
|
0.25 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
|
|
1.76 |
LEVERAGE RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
|
|
0.89 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
|
2.83 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
|
6.65 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
|
0.35 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
|
|
1.96 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
|
31.03.2017 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
|
|
0.94 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
|
|
2.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
|
|
23.83 |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Current Ratio (Current
Assets / Current Liabilities) |
|
|
1.28 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
|
0.90 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
|
0.11 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
|
|
2.83 |
|
|
|
|
|
|
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 |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 (At site visit) |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 one year |
Yes |
|
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 : |
MA SARASWATI ELECTRICALS |
|
|
|
|
Address : |
25, Ganga Complex, A.M. Lane, B.V.K. Iyengar Road Cross, Bangalore –
560053, Karnataka, India |
|
|
|
|
Tel. No.: |
91-80-22258151 / 41248130 |
|
|
|
|
Person to whom we met: |
Mr. Malaram B. Designation
: Proprietor |
|
|
|
|
Name Board : |
Sighted |
|
|
|
|
Location: |
Easy |
|
|
|
|
Landmark (If Any): |
Professional Courier |
|
|
|
|
Total Floors of the building: |
3 Floor |
|
|
|
|
Subject situated on: |
Ground Floor |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area of premises : |
1200 sq. ft. |
|
|
|
|
Area : |
Upmarket |
|
|
|
|
No. of employees seen at premises: |
8 |
|
|
|
|
Visibility of Items : |
·
Telephone ·
Fax Machine ·
Telex ·
Computers ·
Air Conditioners ·
Office Equipment ·
Xerox Machine |
|
|
|
|
Furniture Items
sighted : |
Yes |
|
|
|
|
Neighbour’s
Interview : |
Name of the
company: Professional
Courier |
|
Neighbour’s
Overview: |
Existence confirmed |
|
|
|
|
Proof of visit: |
Photograph / Visiting Card |
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 67.83 |
|
|
1 |
INR 91.68 |
|
Euro |
1 |
INR 80.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
NO |
|
--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.