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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.
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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.
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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)
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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.
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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
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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
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Photograph
Image – 1: Inner view of facility Image – 2: Inner view of facility
Image – 3: Nameplate of firm Image – 4: Inner view of facility
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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.
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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 %
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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.
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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
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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
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GRAPHS
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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.
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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
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Environmental clearance obtained by unit : Not applicable as the firm is in to trading
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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
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