MIRA
INFORM REPORT
|
Report Date : |
27TH
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
SICPA INDIA LIMITED |
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Registered Office : |
308-312, Mercantile House, 15, Kasturba Gandhi Marg,
New Delhi - 110 001, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.12.1990 |
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Com. Reg. No.: |
55-102759 |
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CIN No.: [Company
Identification No.] |
U21012DL1999PLC102759 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS22665G |
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PAN No.: [Permanent
Account No.] |
AADCS6121L |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Subject is engaged in manufacturing of Printing Inks. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD
550000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
As
informed by the management of SICPA India Limited, there is no relations with
Pibu Ink India Private Limited, Alvar. Subject is a well established and
reputed company having fine track. Trade relations are fair. Financial position
is good. Payments are usually correct and as per commitments. The
company can be considered good for any normal business dealings. It can
be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered Office : |
308-312, Mercantile House, 15, Kasturba Gandhi Marg,
New Delhi - 110 001, India |
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Tel. No.: |
91-11-23355243
/ 23355244 |
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Fax No.: |
91-11-23314212 |
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Website : |
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Area : |
2,000 sq.mtrs. |
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Location : |
Owned - commercial |
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Factory
1 : |
P. O. Tapu-Kra, Tehsil Tizara, District Alwar, Rajasthan |
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Tel.
No.: |
91-1493-243081 / 243084 |
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Fax
No.: |
91-1493-221917 |
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Area : |
Large size |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Arun Vij |
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Designation : |
Vice President & Company Secretary
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Name : |
Brijesh Kumar Biyani |
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Designation : |
Managing Director |
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Name : |
Gaurav Jalan |
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Designation : |
Director |
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Name : |
Harsh V Lodha |
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Designation : |
Director |
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Name : |
J S Binder |
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Designation : |
Director |
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Name : |
Jan Secher |
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Designation : |
Director |
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Name : |
Maurice A Amon |
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Designation : |
Director |
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Name : |
N K Gupta |
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Designation : |
Managing Director |
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Name : |
Philippe Amon |
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Designation : |
Director |
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|
Name : |
Rishi Raj Sethia |
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Designation : |
Director |
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Name : |
Sudhir Jaian |
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Designation : |
Director |
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Name : |
Mr. Naresh Kumar Gupta |
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Designation : |
Managing Director |
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Address: |
J-32, Sarita Vihar, New Delhi
- 110 044 |
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Year of Birth: |
1938 |
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Qualification: |
B.Sc., B.E. |
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Experience: |
40 years |
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Previous Employment: |
Vespa Car Company Limited -
Executive Director |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Anamika Corporation Limited, UK |
36,62,500 |
25.00 |
|
Anchor Invest Private Limited |
7,05,000 |
4.81 |
|
Meenakshi Tea Company Limited |
18,77,500 |
12.82 |
|
Sicpa Security Holding S.A., Switzerland |
73,25,000 |
50.00 |
|
Others |
10,80,000 |
7.37 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of Printing Inks. |
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Products : |
Printing Inks |
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Brand Names : |
"SICPA" |
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Imports from : |
Germany, UK and Switzerland |
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Terms : |
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Selling : |
Cash, Contract, L/C or Credit |
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Purchasing : |
Cash, Contract, L/C or Credit |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Printing Inks |
MT |
2200 |
1662 |
GENERAL
INFORMATION
|
Customers : |
Wholesalers, manufacturers and government bodies |
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No. of Employees : |
200 |
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Bankers : |
Sanwa Bank Limited, New Delhi - 110 001 |
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Banking Relations : |
-- |
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Auditors : |
Lovelock & Lewes Chartered Accountants New Delhi |
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Associates/Subsidiaries : |
v
Anamika Investment Limited v
Asiatic Gases Limited v
Bells Controls Limited v
Bikanna Commercial Company Limited v
SES (India) Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
Not
Available |
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Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
14650000 |
Equity Shares |
Rs.10/- each |
Rs. 146.500 millions |
|
|
|
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
146.500 |
146.500 |
146.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
565.900 |
312.200 |
138.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
712.400 |
458.700 |
285.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.200 |
18.000 |
12.800 |
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2] Unsecured Loans |
161.700 |
164.600 |
134.000 |
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TOTAL BORROWING |
173.900 |
182.600 |
146.800 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
886.300 |
641.300 |
432.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
367.600 |
246.200 |
261.800 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
251.900 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
244.200
|
213.300 |
157.100 |
|
|
Sundry Debtors |
283.700
|
245.800 |
221.500 |
|
|
Cash & Bank Balances |
4.600
|
124.200 |
130.900 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
372.500
|
208.500 |
88.500 |
|
Total Current Assets |
905.000
|
791.800 |
598.000 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
|
|
Current Liabilities |
347.000
|
219.700 |
264.800 |
|
|
Provisions |
291.200
|
177.000 |
162.800 |
|
Total Current Liabilities |
638.200
|
396.700 |
427.600 |
|
|
Net Current Assets |
266.800
|
395.100 |
170.400 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
|
TOTAL |
886.300 |
641.300 |
432.200 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
3033.500 |
2641.400 |
1477.600 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
741.800 |
678.000 |
232.300 |
|
Provision
for Taxation |
281.000 |
174.200 |
62.800 |
|
Profit/(Loss)
After Tax |
460.800 |
503.800 |
169.500 |
|
|
|
|
|
|
Total
Expenditure |
2262.100 |
1929.600 |
1214.600 |
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt-Equity Ratio |
0.30 |
0.44 |
0.53 |
|
Long Term Debt-Equity Ratio |
0.30 |
0.44 |
0.53 |
|
Current Ratio |
1.64 |
1.69 |
1.54 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
6.18 |
6.44 |
3.66 |
|
Inventory |
13.12 |
14.15 |
9.66 |
|
Debtors |
11.34 |
11.21 |
5.65 |
|
Interest Cover Ratio |
240.29 |
99.26 |
27.10 |
|
Operating Profit Margin(%) |
25.70 |
27.17 |
18.09 |
|
Profit Before Interest And Tax
Margin(%) |
24.82 |
26.14 |
16.59 |
|
Cash Profit Margin(%) |
16.24 |
20.26 |
13.16 |
|
Adjusted Net Profit Margin(%) |
15.35 |
19.23 |
11.66 |
|
Return On Capital Employed(%) |
97.53 |
127.60 |
51.62 |
|
Return On Net Worth(%) |
78.70 |
135.41 |
55.43 |
LOCAL AGENCY
FURTHER INFORMATION
The
company was originally incorporated in Kolkata on 21st December,
1990 having Company Registration No. 50455.
The Registered Office of the
company has been shifted from Kolkata to New Delhi with effect from 9th
December, 1999 and a new Company Registration Number 102759 of Delhi ROC was
obtained.
The company has technical and
financial collaboration with Sicpa Security Holding S. A., Switzerland.
AS PER WEBSITE
SICPA
Holding SA is a multinational, multicultural company headquartered in Lausanne,
Switzerland. It was founded in 1927 by Maurice Amon and grew under the
leadership of Albert Amon from a local Swiss company to a global player in the
ink industry. The company is today owned and managed by the third generation of
the Amon family.
Through expansion of its international operations, SICPA now has a major
presence on 5 continents.
A global leader in security inks for banknotes and value documents, SICPA has
developed a strong position as creator of innovative security solutions and
integrated systems.
Throughout its history SICPA has dedicated itself to helping governments,
central banks, high security printers and brand owners find comprehensive
solutions to widespread security issues.
Banknote and document security
Mission
Mission: creating a climate of
trust in a world of uncertainty
Every day millions of people and numerous governments rely on us to protect the
integrity and value of their currency, personal identity and consumer goods. In
today’s world, where everything and anything that can be purchased can be
counterfeited or tampered with, their business has expanded from protecting
over 85% of the world’s currency to security at large.
Their goal is to help to protect the world’s 6.5 billion people, and they are
doing it in three different ways:
First of all, they protect the value of their currency and value documents with
their security inks. If people have faith in their currency, they will have
faith in the entire economy of their country.
Second, they secure the products they consume, from medicines, tobacco and food
to industrial spare parts to luxury goods.
Third, they help their governments protect the tax revenues from cigarette and
alcohol sales through security solutions such as product coding, marking and
complete TRACK & TRACE systems.
Their goal is to ultimately give every product its own "DNA" to
better protect the citizens of the world.
Organization
SICPA Holding SA is organised in two global businesses:
Banknote and document security. SICPA is the leading global provider of security inks and
solutions for over 85% of the world’s banknotes. This leadership position has
led to SICPA’s recognition as trusted advisors to central banks, governments
and high security printers.
Product Security for protecting government tax revenue and branded
products, through TRACK & TRACE and authentication solutions.
Both businesses are based in Lausanne, Switzerland, with affiliates on 5
continents.
The executive management team of SICPA Holding SA, together with several group
functions, such as finance, information services, legal, human resources and
engineering, are also based in Lausanne. 
Working at SICPA
Innovation, customer focus and
enterpreneurship are core values supporting their unique service offer
throughout the world. Their success comes from the people working with us.
As a consequence of their ambitious growth plans in different parts of the
world, they are always looking for new talent to join us. They offer
challenging careers based on a long-term commitment to the professional
development of every employee who is ready to learn and innovate and who, as a
team player, is prepared to deliver only the best to their customers.
If you have excellent educational records or if you have already acquired
professional success in research and development, marketing and sales,
manufacturing or in any other key functional area such as finance, IT,
purchasing or HR, you should check their current vacancies to explore any
career opportunities they might have for you.
More and more internationally operating teams of SICPA employees are working
together to serve their global business. International career opportunities are
one of the possibilities within their group but almost all new employees start
their career in their own home country or region, therefore it is important to
make direct contact with one of their regional recruitment coordinators to find
out about the latest job opportunities within SICPA in the area.
HSE & Quality
SICPA takes pride in being one of the
world’s most safety-conscious ink manufacturers, accepted by customers and
end-users as a leading company in product stewardship.
Health safety and environmental principles are the foundation of their daily
work in research and development, production and customer service. They are the
basis for their partnership and day-to-day business with their customers.
SICPA uses the most advanced technology and latest scientific findings to
develop, promote and manufacture products for its customers with the highest
level of safety, human health and environmental protection. SICPA also ensures
that its production processes and installations meet the strictest standards
for the protection of human health and the environment.
SICPA identifies the
needs of end-users and future trends by monitoring regulations, general safety
expectations and participates in trend setting processes. SICPA carries out
major HSE projects in partnership with innovative customers and end-users, with
leading suppliers, with trade associations and with international
organisations.
SICPA has a growing global HSE network coordinated by
divisional and regional HSE managers, ensuring a full exchange of knowledge and
experience, which contributes to high standards within SICPA Holding SA. The
central analytical laboratory in Prilly, Switzerland is the centre of
excellence which, together with the regional laboratories, contributes key data
essential to continuous improvements in HSE and product safety.
In flexible working groups and dynamic communication clusters, comprising the
appropriate specialists, new knowledge and findings are acquired and measures
are taken in areas such as product safety, health and safety in the
workplace, reduction of rejects and recycling.
SICPA's ISO 9001:2000 certification ratified
SICPA is pleased to announce that the ISO 9001:2000 certification
of SICPA’s management system was ratified in May 2004.
SICPA SA was originally certified in March 1995 and a
new certification has been granted until May 2007.
This certification covers the following activities:
- Research
and development
- Manufacturing
- Sales
and technical support
for inks and security solutions for banknotes,
documents of value and derivatives.
This certification was
granted as part of SICPA’s management-by-quality initiative. The purpose of
this initiative is to achieve ongoing client satisfaction by providing quality
products and services, as well as by following their continuous-improvement
policy.
Vietnam steps up the fight against smugglers with a high
technology solution
Hanoi – Vietnam, 20th February 2006. Today, the Vietnam Government’s Central Committee 127/TW, the cross-industry collaborative organisation established by the Vietnamese Prime Minister to eradicate the illicit trade in smuggled and counterfeit products in Vietnam, and SICPA, the Swiss company who are world leaders in product security, have signed a Memorandum of Understanding (MOU) to jointly develop the VIETRACETM ANTI-SMUGGLING AND TAX ENHANCEMENT system expected to be introduced across Vietnam in 2007. The special ceremony to mark the signing of the MOU between the Vietnamese Vice-Minister of Trade, Phan The Rue, and Mr Maurice A. Amon, Executive Co-Chairman of SICPA took place on 20 February 2006 in Hanoi – Vietnam in the presence of various government agencies and the local media.
A state of the art anti-smuggling system, the VIETRACETM ANTI-SMUGGLING AND TAX ENHANCEMENT system will be effective in protecting government and brand owners against counterfeiting and smuggling. The technology that will be deployed includes both overt as well as covert applications and will allow both citizens and government officials to differentiate between legitimate and counterfeit products and to verify if each product is being legally distributed in the country. The VIETRACETM system will initially be targeted against tobacco smugglers but has been designed to be introduced to protect the alcohol and pharmaceutical product sectors in the future should the fight against tobacco smugglers prove successful.
Mr Maurice A. Amon, Executive Co-Chairman of SICPA commented:
“SICPA is proud to work with the Government of Vietnam in the fight against smugglers and counterfeiters. Their technology, used in California and Brazil will give the authorities the upper hand against these criminals. ”
“The agreement they signed today will give Vietnam the most advanced system to fight smuggling in the whole of Asia within two years. SICPA is pleased to support the work of the Vietnamese Government in using a high-technology solution to eradicate the illegal market for tobacco. That is their aim and the system they are working with the government to introduce will aim to do nothing short than eliminate the trade in smuggled and counterfeit cigarettes and enhance tax collection by the Government.”
“VIETRACETM will deploy secure markings that are able to be tracked and traced. Authorities will be able to tell if a product is illegal by simply scanning the product. It is a high technology solution designed to enhance the efforts of Vietnam to fight the illegal trade in tobacco. VIETRACETM is equipped with world-leading anti-tamper security and is 100% secure.
“SICPA looks forward to working with the Government of Vietnam in fighting tobacco smuggling and counterfeiting – I am certain that together they will defeat this trade.”
New
design for the US $10 with OVI®
On
September 28, 2005, the US Department of the Treasury and the Federal Reserve
unveiled a new, more secure design for the $10 note which will enter
circulation in early 2006. The new note
is highlighted by images of the Statue of Liberty’s torch and the words “They
the People” from the US constitution.
It incorporates easy-to-use security features for people to check their
money and subtle background colours in shades of orange, yellow and red.
New money
designs are being issued as part of an ongoing effort to stay ahead of
counterfeiting, and to protect the US economy.
The new series began with the introduction of the $20 note in October
2003, followed by the $50 note issued in September 2004.
Mr. Le
Bao Khanh
Thien
Ngan (Galaxy)
+84 4
9746116
Security
Features
This "New Colour of Money" philosophy
also extends to OVI® (Optically Variable Ink) on the numeral
"10" of the note, which displays a dramatic, unambiguous colour-shift
from copper to green, making it the most prominent overt security feature on
the note. The recently issued $20 and $50 notes also carry OVI®.
The choice of OVI®
for the new note confirms the USA's confidence in OVI® as the main
overt security feature on the US Dollar.
OVI®, created by SICPA, is the industry standard for
protecting banknotes and identity documents. 25 billion notes per year are
printed with OVI®,
protecting the currency of more than 90 countries around the world.
For an interactive demonstration of the
different elements of the new note, visit
http://www.moneyfactory.gov/newmoney/main.cfm/currency/interactiveNotes
To learn more about the new
colour of US money, visit www.moneyfactory.com/newmoney/
SICPA SA certified as a company committed to excellence
11.07.2005
SICPA is pleased to announce
that the European Foundation for Quality Management (EFQM®) has certified SICPA SA as
a company Committed to Excellence in Europe.
The EFQM® Excellence
Model was introduced at the beginning of 1992 as the framework for assessing
organisations for the European Quality Award. It is now the most widely used
organisational framework in Europe and it has become the basis for the majority
of national and regional Quality Awards.
SICPA is committed to
Excellence and that is why 18 months ago, it set off to obtain this
certification that was successfully granted in April 2005 and is valid until
April 2007.
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 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. 46.34 |
|
UK
Pound |
1 |
Rs. 84.21 |
|
Euro |
1 |
Rs. 58.14 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
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 |