MIRA
INFORM REPORT
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Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIKA INDIA PRIVATE LIMITED |
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Registered Office : |
620 Diamond Harbour Road, Commercial Complex II, Kolkata – 700 034,
West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1984 |
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Com. Reg. No.: |
21-37631 |
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CIN No.: [Company
Identification No.] |
U24119WB1984PTC037631 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS13302C |
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PAN No.: [Permanent
Account No.] |
AAECS1119F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Speciality Chemicals, Construction Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 350000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track records. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions The company’s latest financials are missing from the Government registry and the management remained non –co-operative. |
LOCATIONS
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Registered Office / Head office : |
620 Diamond Harbour Road, Commercial Complex II, Kolkata – 700 034,
West Bengal, India |
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Tel. No.: |
91-33-24466594 / 6958 / 24472448 / 2449 / 2501 / /2505 /9503. 2446 6594 / 8480, 2458 2134 |
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Fax No.: |
91-33-24688688 / 2665 |
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E-Mail : |
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Website : |
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Area : |
Owned (including plant no.2 and warehouse) -- 5000 Sq.fts. industrial |
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Research And Development Centre : |
1/B, 5, 9, 15, 18, 19, 20 & 21, Block D Industrial Estate (New), Kalyani-741235, District-Nadia (Approved by the Department of Science and Technology, Government of India) |
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Factory : |
L -41, Verna Industrial Estate, Verna – 403 722, Salcete , Goa Tel No: 91-832-2783144 Fax No: 91-832-2783433 Behala Industrial Estate, Commercial Complex II, Building # 1, 2ndFloor, 620, Diamond Harbour Road, Kolkata - 700 034. L - 41, Verna Industrial Estate, Verna - 403 722, Salcete, Goa, Email : sika.goa@gnpun.global.net.in Area : 7280 Sq.fts. -- owned Location : Industrial Plot # F-1, RIICO Industrial Estate, Bagru Extexsion -II, Bagru - 302 009, District- Jaipur, Rajasthan, Telefax : 91-141-864678 Area : 12000 Sq.fts. – Owned Location : Industrial area |
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Branches : |
Ahmedabad
Office: Chennai Office:- Chandigarh
Office: Hyderabad
Office: Navi Mumbai
Office:
Pune Office: Bangalore
Office: Cuttack Office: |
DIRECTORS
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Name : |
Mr. A Dutta |
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Designation : |
Managing Director
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Email: |
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Name : |
Mr. Vaswar Das
Gupta |
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Designation : |
Managing Director |
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Date of Birth: |
21.04.1956 |
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Date of Appointment: |
16.05.2002 |
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Name : |
Herman Straub |
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Designation : |
Director |
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Date of Birth: |
10.12.1938 |
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Date of Appointment: |
12.12.1988 |
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Name : |
Mr. S Venkataraman |
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Designation : |
CFO |
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Email: |
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Name : |
Mr. Abhijit
Bhattacharyya |
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Designation : |
Company Secretary |
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Email: |
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Date of Birth: |
09.10.1955 |
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Date of Appointment: |
01.06.2004 |
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Name : |
Mr. R N
Chattopadhyay |
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Designation : |
Vice President –
operations – west and South |
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Email: |
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Name : |
Mr. Peter Laeng |
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Designation : |
Director |
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Date of Birth: |
29.03.1942 |
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Date of Appointment: |
10.03.1987 |
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Name : |
Mr. M
Mukhopadhyay |
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Designation : |
Head – Concrete |
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Email: |
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Name : |
Mr. Dr A K Gupta |
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Designation : |
Head – Technical
services, Concrete Admixtures and Concreting Products |
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Email: |
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Name : |
Mr. S Seshadri |
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Designation : |
Business Head –
Contracting |
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Email: |
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Name : |
Mr. S G Niyogi |
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Designation : |
Head – Marketing
Services |
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Email: |
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Name : |
Mr. S Kaipa |
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Designation : |
Head –
Distribution and Retail |
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Email: |
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Name : |
Mr. V K Singhal |
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Designation : |
Head – Flooring
Business |
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Email: |
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Name : |
Mr. A Basu |
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Designation : |
Head – Sealing
Bonding and Waterproofing |
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Email: |
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Name : |
Mr. P Mukherjee |
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Designation : |
Head – Repairs
and Strengthening |
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Email: |
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Name : |
Mr. S. Dasgupta |
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Designation : |
Manager – Industry
Division |
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Email: |
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Name : |
Mr. P. Mukherjee |
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Designation : |
Manager – HRD |
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Email: |
KEY EXECUTIVES
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Name |
Mr. Marcel Smit |
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Designation |
Chairman |
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Date of Birth |
3rd March,
1950 |
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Address |
10-A, Bukit
Tonggal Road, Singapore – 309723 |
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Date of Appointment: |
23.08.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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M/s Sika AG Zugerstrasse 50, CH 6341 Baar, Switzerland |
480000 |
60.00 |
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M/s Sika Schweiz AG |
320000 |
40.00 |
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Total |
800000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Speciality Chemicals, Construction Chemicals. |
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Products: |
v Concrete Admixtures v Mould / release / agents / Curing Compound/ Surface Retarders v Mortar Admixtures v Cementitious Grouts and anchoring v Ploymer Modiufied Cement Mortars v Epoxy Adhesives and mortars v Protective Coating and Impregnations v Primers v Floor Treatment and Toppings v Joint Sealing Compounds v 1C – Polyurethane v 2 C – Polyurethane v 1C – PUR Hybrides v Reactive Hot Melts v Water ands solvent based v 1C – Epoxy Hybrides v Thermoplastic v Structural Reinforcement v Toughened Acrylates v Butyl v Dispersions v 23C Polyurethane Structural Foam v Acoustical Barriers |
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Brand Names : |
'SIKA' |
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Exports: |
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Countries: |
Bangladesh, Bhutan, Maldives, Nepal, and Srilanka |
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Imports: |
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Countries: |
Switzerland |
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Terms : |
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Selling : |
Contract and Credit |
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Purchasing : |
Contract, L/C and Credit |
PRODUCTION STATUS:-
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
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Concrete Aids – Liquid |
Kgs. |
11044061 |
618268 |
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Concrete Aids – Powder |
Kgs. |
6716031 |
3637611 |
GENERAL
INFORMATION
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Customers : |
Manufacturers and Retailers v Birla Tyres v CIDCO v Euphoric Drugs v Gannon Dunkerley v Government of Andhra Pradesh v Government of Maharashtra v Government of West Bengal v The Hindustan Construction Company Limited v IRCON v Jaiprakash Industries Limited v Larsen and Toubro Limited v Mercedes Benz India Limited v Nestle India Limited v The Tata Engineering and Locomotive Company Limited v The Tata Iron and Steel Company Limited, etc v The Tata Motors Limited v Unichem Industries v Carrier Aircon v Cadbury v Fiat v Ford Motors |
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No. of Employees : |
300 |
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Bankers : |
v The Hong Kong and Shanghai Banking Corporation Limited v Indian Overseas Bank, International Business Branch,2, Wood Street, Kolkata - 700016 |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name: |
S. R. Batliboi and Company Chartered Accountants |
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Address: |
22, Camac Street, Block C, 3rd Floor, Kolkata - 700016 |
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Tel. No.: |
91-33-22811224-9 |
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Associates : |
The Company is part of the world wide Sika Group of Companies – world leader in construction chemicals, founded in 1910, has presence in 65 countries. Its Research and Development Centre has achieved the following firsts: 1) Created the first Melamine Based Superplasticiser which was used extensively in the Thane Creek Bridge at Mumbai as far back as 1990. 2) Creating the first Moisture Insensitive Epoxy, which was used to stabilize endangered structures like the Koyna Dam and Hirakud Dam 3) Creating the first Segmental Bridge Adhesive which was used in the Sirsi Circle Flyover at Bangalore 4) Creating the first Resin Based rock-bolting cartridge which was used in the Nathpa Jahkri project for strabilizing the tunnels 5) Creating the first Moisture Insensitive Rail Grout which was used to fix the rails of the Metro Railway at Kolkata |
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Subsidiaries : |
Sika Building Products Limited |
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Parent Company : |
SIKA Ag, Switzerland |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
900000 |
Equity shares |
Rs. 10/- each |
Rs. 9.000 millions |
|
10000 |
Preference Shares |
Rs. 100/- each |
Rs. 1.000 Millions |
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Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity shares |
Rs.10/- each |
Rs. 8.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.000 |
8.000 |
8.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
108.356 |
74.247 |
81.660 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
116.356 |
82.247 |
89.660 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
64.526 |
78.213 |
78.728 |
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TOTAL BORROWING |
64.526 |
78.213 |
78.728 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.028 |
0.000 |
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TOTAL |
180.882 |
160.488 |
168.388 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
55.936 |
48.501 |
46.755 |
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Capital work-in-progress |
5.209 |
4.905 |
1.398 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
4.740 |
0.000 |
0.300 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
111.071
|
83.596
|
49.376 |
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Sundry Debtors |
187.086
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133.071
|
128.110 |
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Cash & Bank Balances |
74.397
|
76.720
|
79.885 |
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Other Current Assets |
0.000
|
0.000
|
1.122 |
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Loans & Advances |
25.591
|
10.841
|
9.533 |
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Total
Current Assets |
398.145
|
304.228
|
268.026 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
273.471
|
173.881
|
142.100 |
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Provisions |
9.777
|
23.365
|
6.091 |
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Total
Current Liabilities |
283.248
|
197.246
|
148.191 |
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Net Current Assets |
114.897
|
106.982
|
119.835 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
180.882 |
160.488 |
168.388 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover [including other
income]
|
|
|
441.939 |
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Profit/(Loss) Before Tax
|
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|
48.806 |
Provision for Taxation
|
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|
12.808 |
Profit/(Loss) After Tax
|
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|
35.998 |
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Export Value
|
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|
5.064 |
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Total Expenditure
|
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|
32.595 |
KEY RATIOS
|
PARTICULARS |
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31.03.2004 |
Current Ratio
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1.41 |
Quick Ratio
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|
1.01 |
Debt Equity Ratio
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0.55 |
Current Liabilities/ Networth
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2.43 |
Fixed Assets/ Networth
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|
0.48 |
LOCAL AGENCY
FURTHER INFORMATION
History
The company was incorporated on 22nd June, 1984 at Kolkata in West Bengal under the name of style as Qualcrete India Limited having company Registration Number 37631. The name and style of the company was changed to Sika Qualcrete Private Limited with effect from 16th February 1987. It was converted into deemed Public Limited Liability Company with effect from 20th May 1996. It’s name was changed to Sika India Private Limited with effect from 14th November, 2002.
The Company is part of the world wide Sika Group of Companies. World leader in construction chemicals, founded in 1910, has presence in 65 countries. Its Research and Development Centre has achieved the following firsts
v Created the first Melamine Based Superplasticiser, which was used extensively in the Thane Creek Bridge at Mumbai as far back as 1990
v Creating the first Moisture Insensitive Epoxy,which was used stabilize endangered structures like the Koyna Dam and Hirakud Dam
v Creating the first Segmental Bridge Adhesive which was used in the Sirsi Circle Flyover at Bangalore
v Creating the first Resing Based rock-bolting cartridge which was used in the Nathpa Jahkri project for stabilizing the tunnels
v Creating the first Moisture Insensitive Rail Grout which was used to fix the rails of the Metro Railway at Calcutta
v Creating the first Epocem based flooring and lining material which is a revolution in the field of Resin based flooring and lining technology. This has been used extensively by the Indian Industry by companies such as Mercedes Benz, Fort Motors, Fiat, Unichem Industries, Carrier Aircon, Nestle and Cadbury.
v The company's product range includes:
v Concrete and mortar admixtures and allied products
v Chemicals for repairs and rehabilitation of structures
v Systems for structural strengthening of structures
v Industrial flooring systems
v Industrial chemical resistant coating systems
v Tunnel stabilzing products and systems
v Joint sealing and bonding systems
WEBSITE DETAILS:
The Sika story begins with a major feat of construction - the electrification
of the St. Gotthard rail tunnel in Switzerland. When this project presented
itself, the firm founded 1910 in Zurich by Kaspar Winkler, seized the
opportunity to demonstrate its unique expertise on a high-profile construction
project of international importance, using a new type of mortar to stop water
infiltration. The contract marked a significant breakthrough for Subject,
helping to establish its international reputation as a manufacturer of
high-quality products.
The company grew to become one of the world's leading suppliers of construction
chemicals, emphasising on integrated system solutions. Diversification into the
allied field of industrial adhesives followed in the early 1980s. Today these
are the two pillars of Sika's business in speciality chemicals - the
Construction Division and the Industry Division.
Sika in brief
Subject is a global company with a total of around 80
production and marketing companies in nearly 60 countries. Subject is active in
the field of speciality chemicals dividing its activities into two business
areas; the Construction Division and the Industry Division. While on the
technical side these two business areas are closely linked, on the commercial
side they reduce the vulnerability to economic cycles because they depend on
different markets. The technological affinities permit economies of scale in
the areas of R and D, purchasing and production.
Subject is a company with a strong innovative tradition, constantly striving
for new levels of excellence. This means developing innovative technologies
that will open up new opportunities for the company, its employees and its
partners in trade and industry. Subject is an independent Swiss group founded
in Zurich in 1910. Its shares are listed on the Swiss Exchange (SWX).
Sika India
The Sika Group started its activity in India in 1987 with one factory in Kalyani in West Bengal.
Subject,today has three factories in West Bengal.Goa and Rajasthan and is undoubtedly the best-located company in the trade to cater to the demand of construction Chemicals at any any part of the country.
The same philosophy of being near to the customer is demonstrated in its network of twelve own branches all over India and a network of over 100 dealers and applicators. Subject has given several first to the construction fraternity of India.
1989, Subject was a first company to introduce melamine based super plasticiser in India. The Thane creek bridge stands a proud testimony.
In 1993, Subject introduced the first moisture-insensitive epoxy in India. Subject is the inventor of moisture insensitive epoxies that are so relevant in the use of epoxies for concrete, which is seldom dry. It has been tested extensively and has got the approval of the Central Water and Power Research Station at Khadakvasla. More than 100 tons of the material was used for underwater injection of the Hirakud Dam to stabilize it against leakage. It would be relevant to mention that only Epoxy Concrete system was selected by Central Water Commission for the repair of Hydraulic Structure in Karnataka and Andhra Pradesh In 1996, Subject introduced a break through technology in the form of EpoCem. A Sika Patent, which is the only foolproof product that can be safely applied on concrete for floorings or for repair even when the moisture content of the substrate is more than 4%. In 1996, Subject becomes the first company in India to get an ISO 9001 in the trade. The exclusive 9001 was attributed to its excellent Research and Development set-up at Kalyani and their R and D facility recognised by the Ministry of Science and Technology of the Government of India. Subject has already been used in different Government and private projects all over the country.
Subject has introduced their structural strengthening system in India, comprising Carbodur system of using carbon fiber reinforced polymeric strips and fabrics for external reinforcing of RCC structures. Being a leader in polyurethane technology, Subject has now introduced its one component polyurethane joint sealants in India named 'Sikaflex'.
Thus excellence in quality and continuous upgrading has been the main for Sika's success. A fact substantiated by the construction industry's belief in Sika's time-tested products. A vision that has guided Subject to introduce consumer-friendly packs for the Housing Sector comprising the HOME GUARD range of chemicals.
Subject is the name for quality, reliability and innovation and look forward to serve better with all their expertise and experience.
Subject is part of
the world wide Sika group of companies. A world leader in construction
chemicals, the Sika group, founded in 1910, has presence in 65 countries.
Sika India Private Limited, based in India has been serving its customers in
India, Bangladesh, Nepal, Bhutan, Sri Lanka and Maldives since its inception in
1987. It is the first company in India in its field to get the ISO 9001
certification (since 1995).
Today, Subject has three factories in India at West Bengal, Goa and Jaipur with
a network of 14 well manned branches all over India to serve its customers as
they should be -- with quality service and consistent products.
The company also has
a network of more than 100 Distributors/Dealers and Trained Applicators all
over India to provide the customer with support services which are so essential
to ensure proper availability and application of the products of the company.
Through this network the company provides its customers with goods and services
in relevance to the following fields of endeavor:
1] Concrete and Mortar Admixtures and allied products.
2]
Chemicals for Repairs and Rehabilitation of Structures.
3] Systems for Structural Strengthening of Structures.
4]
Industrial Grouts for machinery and structures.
5]
Industrial Flooring Systems.
6]
Industrial Chemical resistant Coating Systems.
7]
Tunnel Stabilizing Products and Systems.
Joint Sealing and Bonding Systems.
Subject has a Research and Development Center
at Kalyani, which is approved by the Department of Science and Technology,
Government of India. It has the distinction of creating the following firsts in
India:
v Created the first Melamine Based Superplasticiser, which was used extensively in the Thane Creek Bridge at Mumbai as far back as 1990.
v Creating the first Moisture Insensitive Epoxy, which was used to stabilize endangered structures like the Koyna Dam and Hirakud Dam.
v Creating
the first Segmental Bridge Adhesive, which was used in the Sirsi Circle Flyover
at Bangalore.
v Creating the first Resin Based rock-bolting cartridge, which was used in the Nathpa Jahkri project for stabilizing the tunnels.
v Creating
the first Moisture Insensitive Rail Grout which was used to fix the rails of
the Metro Railway at Calcutta.
v Creating the first EpoCem based flooring and lining material, which is a revolution in the field of Resin based flooring and lining technology. This has been used extensively by the Indian Industry by companies such as Mercedes Benz, Ford Motors, Fiat, Unichem Industries, Carrier Aircon, Nestle and Cadbury.
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. 39.34 |
|
UK Pound |
1 |
Rs. 80.72 |
|
Euro |
1 |
Rs. 57.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|