MIRA
INFORM REPORT
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Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
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Name : |
SIKA INDIA PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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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 470000 |
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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. 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 : |
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Tel. No.: |
91-33-24466594 / 6958 / 24472448 / 2449 / 2501 / /2505 /9503 / 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 ,
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, 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:-
Navi Mumbai
Office:
Pune Office:
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DIRECTORS
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Name |
Mr. Marcel Smit, Foreigner |
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Designation |
Chairman |
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Address |
10-A, |
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Date of Birth |
03.03.1956 |
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Date of Appointment: |
23.08.1997 |
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Name : |
Mr. Abhijit 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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Address : |
F 36/5,
Karunamoyee, Housing Estate Sec II, Kolkata – 700091, West Bengal, India |
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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 : |
Mr. Hermann
Straub |
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Designation : |
Director |
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Address : |
Balinhofstr 38
8305, |
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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. Peter Laeng |
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Designation : |
Director |
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Address : |
Ruetlstrasse 6
8955, |
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Date of Birth: |
29.03.1942 |
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Date of Appointment: |
10.03.1987 |
KEY EXECUTIVES
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Name : |
Mr. Abhijit
Bhattacharyya |
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Designation : |
Company Secretary |
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Email: |
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Address : |
71 G |
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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. Shyamal
Bhattacharjee |
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Designation : |
Company Secretary
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Address : |
2, |
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Tel No. : |
9-33-24173341 |
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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. 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. 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: |
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Name : |
Mr. Philipp Irniger |
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Designation : |
Business Unit Contractors |
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Name : |
Mr. Rajesh Joshi |
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Designation : |
Business Unit Distribution |
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Name : |
Mr. Sanjiv Dutta |
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Designation : |
Business Unit Industry |
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Name : |
Mr. Philipp Irniger |
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Designation : |
Technical Service |
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Name : |
Mr. Akshay Maheswari |
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Designation : |
Finance, Accounts & Controlling |
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Name : |
Dr. Amarendra Dash |
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Designation : |
Operations |
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Name : |
Dr. Madhu
Modak |
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Designation : |
R & D |
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Name : |
Mr.
Srikant Urs |
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Designation : |
Export |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.09.2004
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Sika AG |
480000 |
60.00 |
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Sika Schweiz AG |
320000 |
40.00 |
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Total |
800000 |
100.00 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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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 Construction Chemicals v Sealants v Adhesive materials v Concrete Admixtures v Mortar Admixtures v Polymer Modified Cement Mortars v Epoxy Adhesive and Mortars v Protective Coatings and Impregnations v Primers v Floor Treatment and Toppings v Joint Sealing Compounds v Butyl v Dispersions |
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Brand Names : |
'SIKA' |
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Exports: |
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Countries: |
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Imports: |
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Countries: |
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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 v
Government of 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 v
Indian Overseas Bank, International Business
Branch, 2, |
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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, West |
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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 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 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 Private Limited CIN No.: U24114WB1999PTC089219 |
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Parent Company : |
SIKA Ag, |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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900000 |
Equity shares |
Rs. 10/- each |
Rs. 9.000 Millions |
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10000 |
Preference Shares |
Rs. 100/- each |
Rs. 1.000 Million |
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Total |
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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 |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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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 |
109.373 |
108.356 |
74.247 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
117.373 |
116.356 |
82.247 |
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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 |
128.381 |
64.526 |
78.213 |
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TOTAL BORROWING |
128.381 |
64.526 |
78.213 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.028 |
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TOTAL |
245.754 |
180.882 |
160.488 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
74.132 |
55.936 |
48.501 |
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Capital work-in-progress |
0.956 |
5.209 |
4.905 |
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INVESTMENT |
0.040 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
11.086 |
4.740 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
147.411
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111.071
|
83.596
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Sundry Debtors |
293.861
|
187.086
|
133.071
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Cash & Bank Balances |
69.615
|
74.397
|
76.720
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
64.980
|
25.591
|
10.841
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Total
Current Assets |
575.867
|
398.145
|
304.228
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
400.000
|
273.471
|
173.881
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Provisions |
16.327
|
9.777
|
23.365
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Total
Current Liabilities |
416.327
|
283.248
|
197.246
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Net Current Assets |
159.540
|
114.897
|
106.982
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
245.754 |
180.882 |
160.488 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
1053.772 |
737.808 |
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Other Income |
|
10.620 |
8.598 |
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Total Income |
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1064.392 |
746.406 |
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Profit/(Loss) Before Tax |
|
5.532 |
47.417 |
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Provision for Taxation |
|
4.515 |
13.308 |
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Profit/(Loss) After Tax |
|
1.017 |
34.109 |
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Earnings in Foreign Currency : |
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24.867 |
36.805 |
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Imports Value |
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228.615 |
151.424 |
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Expenditures : |
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Change in Stock |
|
[12.485] |
[9.078] |
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Financial Charges |
|
10.158 |
8.636 |
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Depreciation & Amortization |
|
10.158 |
8.636 |
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Other Expenditure |
|
1051.029 |
690.795 |
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Total Expenditure |
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1058.860 |
698.989 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.10
|
4.57 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.52
|
6.43 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.85
|
10.44 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.41 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.64
|
2.99 |
3.35 |
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Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.41 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company was incorporated on 22nd June, 1984
at Kolkata in
WEBSITE DETAILS:
SIKA
Sika is a globally active company in the field of specialty
chemicals. Sika products and systems are proven solutions for the sealing,
bonding, damping, reinforcement and protection of structures in construction
and industry.
Sika's product lines include concrete admixtures, specialty mortars, epoxies,
structural strengthening systems, industrial flooring, sealants, adhesives,
specialty acoustic and rein-forcing materials, roofing and waterproofing
membrane systems.
Sika 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.
Founded in 1910 in
1987 : The Sika Group started its
activity in
1993 : Introduced Moisture-insensitive epoxy
Introduced Structural Strengthening
System
SIKA INDIA PRIVATE LIMITED
Subject is active
all over
Operation in
Subject has three factories in
The same philosophy of being near to the customer is
demonstrated in its network of twelve own branches all over
1989, Subject was a first company to introduce melamine
based super plasticiser in
In 1993, Subject introduced the first moisture-insensitive
epoxy in
Subject has introduced their structural strengthening system
in
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.
Subject based in
The company also has a network of more than 100 Distributors/Dealers and
Trained Applicators all over
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
v
Created the first Melamine Based
Superplasticiser, which was used extensively in the
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
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
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,
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. 50.03 |
|
|
1 |
Rs. 74.42 |
|
Euro |
1 |
Rs. 62.71 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|