CRISIL SME Ratings

Sigma Instruments

NSIC-CRISIL Rating: CRISIL MSE 4 Financial Strength: Above Average

Operating Performance: High

Indicates 'Above Average' creditworthiness in relation to other Micro

& Small Enterprises

Report Date Valid Till

May 14, 2017 May 13, 2018

Important Notice

This rating has been assigned under the scheme for Rating of Small-Scale Industries, formulated, and

subsidised by the National Small Industries Corporation Limited, New Delhi (NSIC). A copy of the rating

report has been submitted to NSIC. The rating is to be used solely for the purpose for which this rating was

assigned under NSIC’s scheme, and for no other purpose. The rating is a one-time exercise and the rating

will not be kept under surveillance. This rating is valid for one year from the report date, subject to no

significant changes/events occurring during this period that could materially affect the business or financial

parameters of the organisation as mentioned in the report. CRISIL, however, recommends that the user of

the rating seeks a review of the rating, if the organisation experiences significant changes/events during this

period, which could impact the organisation/its rating. For verifying if this is an accepted and valid rating,

please visit: http://www.crisil.com/credit-ratings-risk-assessment/nsic-ratings-list.htm.

The rating and this report are based on the information provided to CRISIL by the organisation and/or

obtained by CRISIL from sources it considers reliable including published annual reports, management

meetings, industry data and discussions with bankers, customers and suppliers. CRISIL does not guarantee

the accuracy, adequacy or completeness of any information on which the rating and the report are based

and is not responsible for any errors or omissions for the results/opinions obtained from the use of the rating

or the rating report. The rating does not constitute an audit of the organisation by CRISIL. The rating is also

not a recommendation to enter into or not enter into any transaction with the organisation. CRISIL reserves

the right to disclose the organisation’s rating and the rating report to Government and/or Regulatory

Authorities/Courts of Law if required to do so.

It is especially stated that CRISIL, its Directors, Rating Committee members, employees and others

associated with the rating assignment do not have any financial liability whatsoever including but not limited

to attorney’s or consultant’s fees to the users of this rating or this rating report. No part of this report may be

reproduced by any means without CRISIL’s prior written approval.

1

Index

NSIC-CRISIL PERFORMANCE AND CREDIT RATING................................................................................... 2

KEY RATING DRIVERS .................................................................................................................................... 3

BUSINESS AND MANAGEMENT ............................................................................................................ 3 FINANCIAL ............................................................................................................................................... 3

FACT SHEET ..................................................................................................................................................... 4

BUSINESS PROFILE ......................................................................................................................................... 5

BUSINESS DESCRIPTION ...................................................................................................................... 5 CUSTOMER PROFILE AND DEMAND-SIDE ANALYSIS ....................................................................... 7 SUPPLIER PROFILE AND SUPPLY-SIDE ANALYSIS ........................................................................... 7 TRADING FACILITIES .............................................................................................................................. 7

OWNERSHIP AND MANAGEMENT ................................................................................................................. 9

DIRECTORS’ PROFILE ............................................................................................................................ 9 KEY MANAGEMENT PERSONNEL ......................................................................................................... 9 ORGANISATIONAL STRUCTURE, CONTROLS AND SYSTEMS.......................................................... 9 OWNERSHIP PATTERN ........................................................................................................................ 10 GROUP COMPANIES AND FIRMS ....................................................................................................... 10

FINANCIAL PROFILE ......................................................................................................................................11

CURRENT FINANCIAL PERFORMANCE ............................................................................................. 11 PAST FINANCIAL PERFORMANCE ...................................................................................................... 12

PROFIT AND LOSS ACCOUNT ........................................................................................................ 12 BALANCE SHEET .............................................................................................................................. 13 KEY FINANCIAL RATIOS .................................................................................................................. 14 FUND FLOW STATEMENT ............................................................................................................... 15 GRAPHS ............................................................................................................................................. 16

BANKING FACILITIES ............................................................................................................................ 17 SITE VISIT ........................................................................................................................................................18

ANNEXURE A (As stipulated by NSIC) .........................................................................................................20

FINANCIAL PROFILE ............................................................................................................................. 20

2

NSIC-CRISIL PERFORMANCE AND CREDIT RATING

3

KEY RATING DRIVERS

BUSINESS AND MANAGEMENT

Strength Management expertise: The firm’s proprietor, Mr. Souvanik Dey Sarkar,

has been involved in its management since 1996. With multiple years of

experience, the firm has developed adequate understanding of the area of

operations. This helps it cater to the business of various customers.

CRISIL believes that this will also help the firm expand its business into

new areas.

Well-defined organisational structure: The firm has a qualified and

experienced second-tier management with decision-making powers.

Hence, it is expected to benefit from the management's ability to ensure

smooth flow of operations.

Well-spread reach: The firm’s presence across India mitigates the risk of

geographic concentration.

Risk factors Moderate scale of operations: The firm has not significantly scaled up in

the last 21 years, as reflected in its modest net sales of Rs.97.59 lakh in

2015-16. The management’s ability to scale up and demonstrate a growth

trajectory while maintaining operational efficiency thus remains to be seen.

Margin may be constrained in future due to competition from organised

and unorganised players.

FINANCIAL

Strength Adequate profitability: The firm registered an adequate operating profit

before depreciation, interest, and tax (OPBDIT) margin of 7.41 per cent,

profit after tax (PAT) margin of 6.82 per cent, and return on capital

employed (RoCE) of 25.05 per cent in 2015-16.

Financial flexibility: The firm was debt-free for the years ended March 31,

2016, March 31, 2015, and March 31, 2014. This has protected its

profitability from being eroded through interest pay-outs.

Good working capital management: Receivables and payables for the

past 3 financial years were in line with the firm’s credit terms.

4

FACT SHEET Name of the firm Sigma Instruments

Year of establishment 1996

Commencement of operations April 1, 1996

Legal status Proprietorship

Legal history Sigma Instruments was established as a proprietorship by Mr.

Souvanik Dey Sarkar, in 1996.

There has been no change in the business, management,

and constitution of the firm since its inception.

Registered with Not applicable

Registration number Not applicable

Company Identification Number (CIN) Not applicable

Udyog Aadhaar Number WB08D0004630

Proprietor Mr. Souvanik Dey Sarkar

Category of entrepreneur General

Registered, administrative office, and

trading facility address

Baltikuri Surkimill Amta Road

Howrah – 711 113, West Bengal

Tel.: +91 33 2230 5527 / 2653 0101

Mobile: +91 9231 567 110

Email: info@sigmainstrumentsindia.com

Website: www.sigmainstrumentsindia.com

Number of employees Permanent: 4

Contractual: 10

Total: 14

Certification and award ISO 9001: 2008 (validity sought by CRISIL, not provided by

company)

Brand None

Statutory compliance Income tax filing: Regular and timely

Excise duty filing: Not applicable (trading)

Service tax filing: Regular and timely

Wealth tax filing: Not applicable

ESIC and EPF dues: Not applicable

(As provided by the management, not independently verified)

5

BUSINESS PROFILE

BUSINESS DESCRIPTION

Nature of business : Services and trading

Industry : Diversified

Industry prospects : Strong

Business description

: Business operations:

The firm trades in scientific equipment.

Variants:

Laboratory balance

Laboratory hot plate

Laboratory hot air oven

Different types of microscope

Laboratory muffle furnace

Metallurgical micro sample polishing machine

Microscopic image analyser

Carbon and sulphur apparatus

Bomb calorimeter (isothermal type)

Margins:

The firm maintains margin of 30.00 per cent on trading

of scientific equipment.

Inventory holding period:

The average inventory holding period of scientific

equipment is about 30 days each.

Warehouse:

The firm has a warehouse admeasuring 1,600 sq. ft.

located in Howrah, West Bengal, where it stocks the

scientific equipment.

Selling price:

The selling price of the scientific equipment varies from

product to product.

Quality inspection:

The firm purchases scientific equipment from its

suppliers in advance. The scientific equipment are

delivered to the firm’s warehouse, where its personnel

subject it to pre-delivery inspection (PDI).

The firm conducts a second quality check at the time of

sale of scientific equipment, before it is finally sent to

the customer. The firm has one executive to undertake

quality inspections.

Warranty:

The firm provides warranty of 1 year on scientific

equipment.

The firm also provides free after-sales service as per

the schedule, bound by the period.

Logistics support:

The firm has tie-ups with local transport providers to

avail logistic support.

The transportation cost is borne by the customer.

6

Shift:

The labour operates in a single shift of 8 hours.

Experience in the business : 21 years

Service range : Diverse

Degree of competition : High; entry barriers are low

Plans : The firm does not have any capital expansion of

diversification plan in near future.

Customer profile : Direct customers

Installed capacity/facility : Not applicable as the firm is in to trading

Utilised capacity : Not applicable as the firm is in to trading

7

CUSTOMER PROFILE AND DEMAND-SIDE ANALYSIS

Customer’s name Address Product Length of relationship % share in sales

Techma Engineering

Enterprise Private Limited West Bengal

Scientific

equipment

21 years

Varies annually AD Electrosteel Company

Private Limited West Bengal 17 years

Siva Enterprise West Bengal 15 years

Notes:

The firm caters to more than 50 customers across India.

Each customer accounts for less than 25.00 per cent of its total sales.

Terms of credit : Advance and credit up to 90 days

Process of getting orders : Regular orders from customers

Exports : Nil

Marketing network : The firm does not have any formal marketing

set-up.

Word-of-mouth publicity and references form an

integral part of the marketing strategy.

The firm has established contacts with

customers, and also gets repeat orders from

existing customers.

Geographic reach : Well spread

SUPPLIER PROFILE AND SUPPLY-SIDE ANALYSIS

Supplier’s / Wholesaler’s

name

Address Product Length of

relationship

% share in sales

Lab Technologies Delhi Scientific

equipment

9 years

Varies annually S D Scientific Company Delhi 3 years

Testmaster Delhi 2 years

Terms of purchase : Advance and credit up to 90 days

Traded goods availability : Ample

Traded goods price volatility : High

Ability to pass on traded goods price increases : Yes

Import : Nil

TRADING FACILITIES

Employee-oriented operations : Yes

Employee union : No

Employee relationships : Cordial

CNC machines, CAD, CAM, automation : Not applicable

In-house R&D, designing/quality facilities : Yes

Facility layout : Spacious and well organised

8

Photograph

Image – 1: Inner view of facility Image – 2: Inner view of facility

Image – 3: Nameplate of firm Image – 4: Inner view of facility

9

OWNERSHIP AND MANAGEMENT

DIRECTORS’ PROFILE

Proprietor’s name : Mr. Souvanik Dey Sarkar

Father’s name : Mr. Amarendranath Dey Sarkar

Age : 49 years

Qualification level : Graduate

Designation / responsibilities : Proprietor/Overall management

Previous experience : None

Relevant experience : 21 years through the rated firm

Personal net worth : Rs.50.00 lakh as on March 31, 2017

Proprietor's residence address : 24, Srihari, Napara Lane

Shibpur

Howrah – 711 102, West Bengal

Telephone No. : +91 9231 567 110

Ownership of residence : Owned

Succession plan: After retirement of Mr. Souvanik Dey Sarkar, son of Mr. Sattarshi Sarkar will take over the

business.

KEY MANAGEMENT PERSONNEL

Name : Mr. Depnkar Majumdar

Age : 52 years

Qualification level : Graduate

Designation / responsibilities : Manager/Overall management

Relevant experience : 19 years through the rated firm

Address : Baltikuri Surkimill Amta Road

Howrah – 711 113, West Bengal

Telephone No. : +91 33 2230 5527 / 2653 0101

ORGANISATIONAL STRUCTURE, CONTROLS AND SYSTEMS

Proprietor : Mr. Souvanik Dey Sarkar

Constitution : Proprietorship

Second-tier management : Qualified and experienced

Decision-making powers : Decentralised with the proprietor

Reporting system or MIS : Yes

Type of reporting system : Computerised

Frequency of MIS / reporting : Daily

Litigations against the SSI : None

Litigations against the proprietor :

Severity of litigations :

Not applicable

Susceptibility to foreign exchange fluctuations :

Hedging against foreign exchange risks :

Susceptibility to commodity price fluctuations :

Hedging against commodity prices :

Asset insurance : Adequate

10

OWNERSHIP PATTERN

Proprietor’s share of capital as on: March 31, 2016

Name of the partners Relationship with proprietor Share in capital (%)

Mr. Souvanik Dey Sarkar Self 100.00

Total 100.00

GROUP COMPANIES AND FIRMS

There are no group companies and associate firms.

11

FINANCIAL PROFILE

CURRENT FINANCIAL PERFORMANCE

Performance for the period ended April 29, 2017

Net sales Rs. Lakh 12.00

OPBDIT Rs. Lakh

Details sought by

CRISIL, not provided

by company

Current order book Rs. Lakh

Debtors Rs. Lakh

Creditors Rs. Lakh

Capital Rs. Lakh

Total debt Rs. Lakh

Total debt- equity ratio Times

Projected performance in 2017-18

Net sales Rs. Lakh 130.00

PBT Rs. Lakh Details sought by

CRISIL, not

provided by

company

PBT margin %

12

PAST FINANCIAL PERFORMANCE

Performance in 2016-17

Net sales Rs. Lakh 100.00

PBT Rs. Lakh Details sought by

CRISIL, not

provided by

company

PBT margin %

PROFIT AND LOSS ACCOUNT

For the year ended 2015-16 2014-15 2013-14

Audited Audited Audited

Number of months 12 12 12

Net sales Rs. Lakh 97.59 67.86 42.59

Operating income Rs. Lakh 97.59 67.86 42.59

Cost of sales Rs. Lakh 90.36 63.72 39.17

OPBDIT Rs. Lakh 7.23 4.14 3.42

Interest and finance costs Rs. Lakh 0.03 0.01 0.01

OPBDT Rs. Lakh 7.20 4.13 3.41

Depreciation Rs. Lakh 0.54 0.62 0.72

OPBT Rs. Lakh 6.66 3.51 2.69

Non-operating income/(expense) Rs. Lakh - - -

PBT Rs. Lakh 6.66 3.51 2.69

Extraordinary income/(expense) Rs. Lakh - - -

Reported PBT Rs. Lakh 6.66 3.51 2.69

Provision for taxes Rs. Lakh - - -

Deferred tax liability/(asset) Rs. Lakh - - -

PAT Rs. Lakh 6.66 3.51 2.69

Drawings Rs. Lakh 2.55 2.45 -

Net cash accrual Rs. Lakh 4.65 1.68 3.41

Notes:

Net sales increased for the years ended March 31, 2016, and March 31, 2015, on account of higher

number of orders received from customers.

Interest and finance costs for the years ended March 31, 2016, March 31, 2015, and March 31, 2014, refer

to bank charges of Rs.15.25 lakh.

Depreciation for the years ended March 31, 2016, March 31, 2015, and March 31, 2014, was charged

according to the provisions of the Income Tax Act, 1961.

Depreciation costs declined for the years ended March 31, 2016, and March 31, 2015, on account of no

major addition made in fixed assets base.

Taxes for the years ended March 31, 2016, March 31, 2015, and March 31, 2014, were paid according to

the Income Tax Act, 1961.

Taxes for the years ended March 31, 2016, March 31, 2015, and March 31, 2014, were paid in personal

capacity of proprietor.

Drawings for the years ended March 31, 2016, March 31, 2015, and March 31, 2014, refer to withdrawal of

profit for personal use.

13

BALANCE SHEET

31-Mar-2016 31-Mar-2015 31-Mar-2014

Audited Audited Audited

Liabilities

Capital/Tangible net worth Rs. Lakh 28.76 24.65 23.59

Deferred tax liabilities/(assets) Rs. Lakh - - -

Long-term debt Rs. Lakh - - -

of which, current portion of long-term

debt

Rs. Lakh - - -

Short-term debt Rs. Lakh - - -

of which, working capital borrowing from

banks

Rs. Lakh - - -

Other liabilities and provisions Rs. Lakh 8.49 6.94 6.69

Total liabilities Rs. Lakh 37.25 31.59 30.28

Assets

Net fixed assets Rs. Lakh 18.75 19.27 19.91

Investments Rs. Lakh - - -

Inventory Rs. Lakh 11.26 8.16 6.10

Receivables (total) Rs. Lakh 6.14 3.74 3.76

of which, receivables greater than 6

months

Rs. Lakh - - -

Cash and bank balance Rs. Lakh 1.10 0.42 0.51

Other current assets Rs. Lakh - - -

Total assets Rs. Lakh 37.25 31.59 30.28

Note: Other liabilities and provisions as on March 31, 2016, comprised:

o Creditors for goods of Rs.8.05 lakh

o Expenses payable of Rs.0.44 lakh

14

KEY FINANCIAL RATIOS

For the year ended / as at 31-Mar-2016 31-Mar-2015 31-Mar-2014

Audited Audited Audited

OPBDIT margin % 7.41 6.10 8.03

PAT margin % 6.82 5.17 6.32

Return on capital employed % 25.05 14.59 NM

Gross current assets days 69 66 89

Days inventory (on COP) days 45 47 57

Days receivable (on gross sales) days 23 20 32

Days payable (on materials) days 34 40 64

Current ratio Times 2.18 1.78 1.55

PBDIT interest cover Times Mora than 100 Mora than 100 Mora than 100

Net cash accrual/Total debt % Mora than 100 - -

Debt service coverage ratio Times 202.42 371.50 NM

Average cost of borrowing % More than 100 - NM

Total outside liabilities/Capital Times 0.30 0.28 0.28

Gearing - total debt/ Capital Times - - -

Gearing (considering promoter loans as

neither debt nor equity) Times

- - -

NM: Not meaningful Notes:

Receivables and payables as on March 31, 2016, March 31, 2015, and March 31, 2014, were in line with

the credit terms of the firm.

Current ratio was high for the year ended March 31, 2016, on account of high inventory.

15

FUND FLOW STATEMENT

For the year ended 31-Mar-2016 31-Mar-2015

Sources of funds

Net cash accrual Rs. Lakh 4.65 1.68

Equity infusion / Share application money Rs. Lakh - -

Long-term debt borrowed (net) Rs. Lakh - -

Short-term debt borrowed (net) Rs. Lakh - -

Decrease in net current assets Rs. Lakh - -

Sale of investments/fixed assets Rs. Lakh - 0.02

Other sources Rs. Lakh - -

Total sources of funds Rs. Lakh 4.65 1.70

Uses of funds

Investment and fixed assets purchased Rs. Lakh 0.02 -

Decrease in tangible net worth Rs. Lakh - -

Long-term debt repaid (net) Rs. Lakh - -

Short-term debt repaid (net) Rs. Lakh - -

Increase in net current assets Rs. Lakh 4.63 1.70

Other uses Rs. Lakh - -

Total uses of funds Rs. Lakh 4.65 1.70 Note:

Increase in net current assets for the years ended March 31, 2016, and March 31, 2015, was primarily due

to net increase in inventory.

CONTINGENT LIABILITIES Contingent liabilities as on March 31, 2016: Nil

AUDITOR Pratap De & Associates, Chartered Accountants

2nd Floor 6, Robert Street

Mohim Chandra Sarani

Between Bowbazar, P S & B B Ganguly Street

Kolkata – 700 012, West Bengal

Membership Number – 062 916 Auditor’s comments and observations in their audit report for 2015-16, 2014-15, and 2013-14: No adverse comments and observations Change in auditor, if any: None

16

GRAPHS

17

BANKING FACILITIES

Name and location of

the bank

Length of

relationship

Facilities

availed

Type of facility Loan amount

sanctioned

Rate

(%)

United Bank of India

Kolkata, West Bengal 20 years

Current

account Not applicable

Feedback: The firm has only current account and does not enjoy any loan facility.

18

SITE VISIT Address of the site visited : Baltikuri Surkimill Amta Road

Howrah – 711 113, West Bengal

Date of site visit : April 15, 2017

CRISIL representative : Mr. Rupesh Kumar Shaw

Unit official contacted : Mr. Souvanik Dey Sarkar

: Proprietor

: +91 9231 567 110

: info@sigmainstrumentsindia.com

No. of floors occupied : 1

Size of premises : 400.00 sq ft

Number of employees at the location : 4 (present at the time of site visit)

Child labour at the site : No

Locality : Commercial

Location area : Semi-urban

Site location : Main road

Site used as : Administrative office

Regional office

Sales office

Warehouse

Site layout : Spacious and well organised

Space around the building / structure : Front porch

State of infrastructure : Power: Stable

Back-up power: Available

Water: Available

Labour unions: None

Transportation: Easily available

Overall infrastructure: Satisfactory

Electricity consumption : January 2017: 350 units

February 2017: 355 units

March 2017: 375 units

Building structure : Permanent structure

Ownership of premises : Rented

Sharing premises with group

firm/company

: No

Facilities available at the site : Telephone

Internet

Fax

Name or sign board

Generator

Drinking water

Boundary wall

Drainage and sewerage

Installed capacity : Not applicable as the firm is in to trading

Utilised capacity : Not applicable as the firm is in to trading

Raw material used : Not applicable as the firm is in to trading

Source of raw material : Not applicable as the firm is in to trading

19

Environmental clearance obtained by unit : Not applicable as the firm is in to trading

20

ANNEXURE A (As stipulated by NSIC)

FINANCIAL PROFILE

Profit and loss account

For the period ended 2015-16 2014-15 2013-14

Number of months 12 12 12

Net sales Rs. Lakh 97.59 67.86 42.59

Operating income Rs. Lakh 97.59 67.86 42.59

Operational expenses: Rs. Lakh 87.67 61.16 36.96

Raw material cost Rs. Lakh 86.56 60.14 36.11

Employee cost Rs. Lakh 1.11 1.02 0.85

Electricity cost Rs. Lakh - - -

Other direct expenses Rs. Lakh - - -

Cost of sales Rs. Lakh 90.36 63.72 39.17

Depreciation Rs. Lakh 0.54 0.62 0.72

Cash profit Rs. Lakh 7.20 4.13 3.41

Net profit / loss after tax Rs. Lakh 6.66 3.51 2.69

Notes:

Cost of sales is the sum of operational expenses, selling expenses, general administrative expenses and other indirect expenses.

Cash profit is computed as profit after tax + depreciation + noncash expense.

Balance Sheet

31-Mar-2016 31-Mar-

2015

31-Mar-

2014

Liabilities

Capital Rs. Lakh 28.76 24.65 23.59

Deferred tax liabilities / (assets) Rs. Lakh - - -

Long-term debt Rs. Lakh - - -

Short-term debt Rs. Lakh - - -

Other liabilities and provisions Rs. Lakh 8.49 6.94 6.69

Total Liabilities Rs. Lakh 37.25 31.59 30.28

Assets

Fixed assets (land and building) (net) Rs. Lakh 15.00 15.00 15.00

Plant and machinery (net) Rs. Lakh - - -

Other fixed assets (net) Rs. Lakh 3.75 4.27 4.91

Investments Rs. Lakh - - -

Inventory/work-in-progress/finished goods Rs. Lakh 11.26 8.16 6.10

Receivables upto 6 months Rs. Lakh 6.14 3.74 3.76

Receivables greater than 6 months Rs. Lakh - - -

Cash and bank balance Rs. Lakh 1.10 0.42 0.51

Other current assets Rs. Lakh - - -

Total assets Rs. Lakh 37.25 31.59 30.28

21

Key Financial Ratios

For the year ended / as at 31-Mar-2016 31-Mar-

2015

31-Mar-

2014

Sales growth % 43.81 59.33 N/A

Receivable -collection period Days 23 20 32

Return on capital employed % 25.05 14.59 NM

Current ratio Times 2.18 1.78 1.55

Debt service coverage ratio (If applicable) Times 202.42 371.50 NM

Gearing-Debt/Equity Times - - -

Total outside liabilities/Net worth Times 0.30 0.28 0.28

Net profit % 6.82 5.17 6.32

22

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