MIRA
INFORM REPORT
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Report Date : |
12.09.2011 |
IDENTIFICATION DETAILS
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Name : |
SIKKAS KWICK HANDLING SERVICES PRIVATE LIMITED |
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Registered
Office : |
N-67, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.09.1982 |
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Com. Reg. No.: |
55-014375 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U63090DL1982PTC014375 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS20312F |
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PAN No.: [Permanent Account No.] |
AABCS2867D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing freight and logistics service |
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No. of Employees
: |
195 [100 in Office] Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [46] |
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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 119000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. SS Shatty |
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Designation : |
Accountant |
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Contact No.: |
91-9833403219 |
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Date : |
05.09.2011 |
LOCATIONS
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Registered Office : |
N-67, |
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Tel. No.: |
91-11-40915555 |
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Mobile No.: |
91-9833403219 [Mr. SS Shatty] |
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Fax No.: |
91-11-40915513 / 01 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Mumbai [ (Ahmedabad, |
102/103, Atlanta Towers, Sahar Road, Chakala, Andheri [E], Mumbai –
400099, Maharashtra, India |
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Branches : |
Located at :
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Sanjeev Sikka |
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Designation : |
Director |
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Address : |
B-550, New Friends Colony, |
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Date of Appointment : |
01.09.1992 |
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DIN : |
00234761 |
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Other Directorship : |
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Name : |
Mr. Rajeev Sikka |
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Designation : |
Managing Director |
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Address : |
B-550, New Friends Colony, |
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Date of Appointment : |
18.01.1999 |
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DIN : |
00235017 |
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Other Directorship : |
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Name : |
Mrs.Nandita Sikka |
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Designation : |
Director |
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Address : |
B-550, New Friends Colony, |
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Date of Appointment : |
27.03.2000 |
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DIN : |
00234880 |
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Other Directorship : |
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Name : |
Mrs. Sonia Sikka |
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Designation : |
Director |
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Address : |
H-28, Jangpura Extension, |
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Date of Appointment : |
24.03.1986 |
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DIN : |
00235091 |
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Other Directorship : |
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Name : |
Mrs. Kanta Sikka |
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Designation : |
Director |
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Address : |
H-28, Jangpura Extension, |
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Date of Appointment : |
02.04.1983 |
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DIN : |
00235137 |
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KEY EXECUTIVES
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Name : |
Mr. SS Shatty |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Sajeev Sikka |
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30800 |
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Rajeev Sikka |
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32800 |
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Nandita Sikka |
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12910 |
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Sonia Sikka |
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14720 |
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Kanta Sikka |
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8770 |
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Total |
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100000 |
As on 30.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie’s Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
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Bodies corporate |
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Directors or relatives of Directors |
100.00 |
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Other top fifty shareholders |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing freight and logistics service |
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Services : |
*Freight Forwarding Services -Sea Freight -Air Freight *Compound Requirements -Cost Control -Flexible & Timely Service -Technological Edge -Third Part Logistic -Expert & Experienced Services -Increased Reach in the Market *Consolidation & Break Bulk *Multi modal Transport Operation *Door to Door Services *Project & Exhibition Goods *Custom Brokerage- Air & Sea *Warehousing/ Distribution *Packing *Surface Transportation *Purchase Order Management |
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Terms : |
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Selling : |
Cash / Credit [30 Days] |
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Purchasing : |
Cash / Credit [30 Days] |
GENERAL INFORMATION
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Customers : |
Others – Industries |
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No. of Employees : |
195 [100 in Office] Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Purshothaman Bhutani and Company Chartered Accountant |
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Address : |
3/11708, Sat Nagar, Karol Bagh, |
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Tel. No.: |
91-11-47513824 – 31 / 25735384 / 25817459 |
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Fax No.: |
91-11-47513823 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100,000 |
Equity Shares |
Rs.100/-each |
Rs.10.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100,000 |
Equity Shares |
Rs.100/-each |
Rs.10.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
8.791 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.815 |
15.408 |
12.310 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
29.815 |
25.408 |
21.101 |
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LOAN FUNDS |
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1] Secured Loans |
98.542 |
72.318 |
53.421 |
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2] Unsecured Loans |
6.775 |
5.200 |
0.000 |
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TOTAL BORROWING |
105.317 |
77.518 |
53.421 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
135.132 |
102.926 |
74.522 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.287 |
11.944 |
8.948 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.700 |
0.700 |
0.700 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.315 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
153.842
|
107.935 |
92.619 |
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Cash & Bank Balances |
4.719
|
3.178 |
2.990 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
31.149
|
20.587 |
18.210 |
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Total
Current Assets |
189.710
|
131.700 |
113.819 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
48.348
|
27.042 |
40.376 |
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Other Current Liabilities |
12.303
|
11.463 |
6.696 |
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Provisions |
4.914
|
2.913 |
2.188 |
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Total
Current Liabilities |
65.565
|
41.418 |
49.260 |
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Net Current Assets |
124.145
|
90.282 |
64.559 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
135.132 |
102.926 |
74.522 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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TURNOVER
[A] |
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198.208 |
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Less |
EXPENSES |
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Operational Expenses |
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|
94.936 |
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Personnel Expenses |
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|
54.493 |
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Admn. And office Expenses |
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|
26.608 |
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Marketing and selling expenses |
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|
2.724 |
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TOTAL (B) |
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178.761 |
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Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
19.447 |
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Less |
FINANCIAL
EXPENSES (D) |
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|
10.097 |
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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|
9.350 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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|
2.941 |
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PROFIT / LOSS
BEFORE TAX (E-F) (G) |
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|
6.409 |
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Less |
TAX (I) |
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|
2.003 |
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PROFIT / LOSS AFTER
TAX (G-I) (J) |
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|
4.406 |
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Earnings Per
Share (Rs.) |
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|
44.06 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover [Approximately] |
|
|
280.000 |
The above information has been parted by Mr. SS Shatty [Accountant].
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.22
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.23
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.20
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.73
|
4.68 |
4.87 |
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Current Ratio (Current Asset/Current Liability) |
|
1.53
|
3.18 |
2.31 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results
:
The company expects to gather more business. The company is hopeful to secure
business through its sustained business efforts and goodwill.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U63090DL1982PTC014375 |
|
Name of the
company |
SIKKAS KWICK
HANDLING SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Others |
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Particular of
charge holder |
Standard Chartered Bank, 10, |
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Nature of
instrument creating charge |
HYPOTHECATION AGREEMENT. |
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Date of
instrument Creating the charge |
03.02.2010 |
|
Amount secured by
the charge |
Rs.102.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- AS PER FACILITY LETTER DATED 30.01.2010 Terms of
Repayment - AS PER FACILITY LETTER DATED 30.01.2010 Margin - AS PER
FACILITY LETTER DATED 30.01.2010 Extent and
Operation of the charge - EXTENT & OPERATION - 100% |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
HYPOTHECATION BY WAY
OF FIRST & EXCLUSIVE CHARGE OVER ALL PRESENT & FUTURE CURRENT ASSETS
OF THE COMPANY STORED OR TO BE STORED AT THE COMPANY'S GODOWNS OR PREMISES OR
WHEREVER ELSE THE SAME MAY BE. |
FIXED ASSETS :
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Printer
·
Telephone Instrument
·
Telephone Directory
·
Paper Shredder
·
Pallet Truck
·
Office Equipments
·
Vehicles
·
Cycle
·
Fax Machine
·
Air Conditioner
·
Cooler
·
Fan
·
Inverter
·
Lift
·
Water Filter
·
Generator
·
EPABX System
·
Type Writer
·
Weighing Machine
·
Cellular Phones
·
Mobile Phones
·
Calculator
·
Pagers
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.46.38 |
|
|
1 |
Rs.74.00 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.