MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Name :	SIKKO INDUSTRIES LIMITED (w.e.f. 16.03.2010)

Formerly Known As :	SIKKO SPRAYERS PRIVATE LIMITED

Registered Office :	508, Iscon Elegance, Near Jain Temple, Prahladnagar Cross Road, Ahmedabad – 380051, Gujarat, India

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	08.02.2000

Com. Reg. No.:	04-37329

Capital Investment / Paid-up Capital :	Rs.20.000 Millions

CIN No.: [Company Identification No.]	U51909GJ2000PLC037329

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of Agro Chemicals and Fertilizers.

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 101000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Mr. Jayantibhai Mohanbhai Kumbhani
Designation :	Director
Date :	04.02.2012
Tel. No.:	91-79-40062350

LOCATIONS

Registered Office :	508, Iscon Elegance, Near Jain Temple, Prahladnagar Cross Road, Ahmedabad – 380051, Gujarat, India
Tel. No.:	91-79-40062350 / 32922969
Fax No.:	91-79-40064350
E-Mail :	sikkosprayer@rediffmail.com sikkoltd@gmail.com
Website :	http://www.sikkoindia.com
Area :	2500 sq. ft.
Location :	Owned

Factory :	55-A, A and B, Ambica Industrial Estate, Near Super Atta, Sanad- Viramgam Highway, Iyava, Sanad, District Ahmedabad-380081, Gujarat, India
Tel. No.:	91-2717-284210

DIRECTORS

As on 15.09.2011

Name :

Mr. Pravin Mohanbhai Kumbhani

Designation :

Managing Director

Address :

8, Pooja Bungalows, Nandan Park Society, Opposite Inductotherm Company, Bopal, Ahmedabad-380058, Gujarat, India

Date of Birth/Age :

01.04.1969

Qualification :

B.Sc.

Date of Appointment :

08.02.2000

DIN No.:

00587864

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909GJ2000PLC037329	SIKKO INDUSTRIES LIMITED	Director	08-02-00	08-02-00	-	Active	NO
2	U51909GJ2008PTC055146	SIKKO TRADE LINK PRIVATE LIMITED	Director	30-09-08	30-09-08	-	Active	NO

Name :

Mr. Jayantibhai Mohanbhai Kumbhani

Designation :

Director

Address :

8, Pooja Bungalows, Nandan Park Society, Opposite Inductotherm Company, Bopal, Ahmedabad-380058, Gujarat, India

Date of Birth/Age :

10.04.1967

Qualification :

B.Sc.

Date of Appointment :

15.01.2003

DIN No.:

00587807

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909GJ2000PLC037329	SIKKO INDUSTRIES LIMITED	Director	15-01-03	15-01-03	-	Active	NO
2	U51909GJ2008PTC055146	SIKKO TRADE LINK PRIVATE LIMITED	Director	30-09-08	30-09-08	-	Active	NO

Name :

Mr. Ghanshyam Mohanbhai Kumbhani

Designation :

Director

Address :

9, Ekta Bunglows, Near Panchawati Bung, Bopal, Ahmedabad-380058, Gujarat, India

Date of Birth/Age :

12.08.1963

Date of Appointment :

01.01.2010

DIN No.:

00587855

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909GJ2000PLC037329	SIKKO INDUSTRIES LIMITED	Director	01-01-10	08-02-00	-	Active	NO
2	U24200GJ2007PTC052395	SIKKO PRODUCTS PRIVATE LIMITED	Director	19-12-07	19-12-07	-	Active	NO
3	U51909GJ2008PTC055146	SIKKO TRADE LINK PRIVATE LIMITED	Director	30-09-08	30-09-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2011

Names of Shareholders		No. of Shares
Alpaben Jayantibhai Kumbhani		179460
Arvindbhai Chhaganbhai Kumbhani		50100
Arvindbhai D. Vaghasiya		20
Ashwinkumar Valjibhai Vora		60100
Atulkumar Valjibhai Vora		50100
Batuklal V. Vasoya		25100
Bhavnaben Pravinbhai Kumbhani		192575
Chhaganbhai M. Vekariya		16100
Chimanbhai D. Kumbhani		25100
Ghanshyambhai Mohanbhai Kumbhani		114150
Hiteshkumar Chimanbhai Kumbhani		60100
Jayantibhai Mohanbhai Kumbhani		359621
Jigneshaben Atulkumar Vora		60100
Kalubhai V. Vadhiya		50100
Kanjibhai M. Vekariya		16100
Kiranben Batuklal Vasoya		25100
Laxmanbhai M. Gondaliya		50100
Mohanbhai Nanjibhai Kumbhani		156070
Nagjibhai N. Dobariya		50100
Nandaben Ghanshyambhai Kumbhani		170000
Nikitaben Rajnikant Kumbhani		9300
Parshotambhai Manjibhai Vekariya		16100
Pravinbhai Mohanbhai Kumbhani		112400
Rajnikant Chhaganbhai Kumbhani		40900
Ramaben Chimanbhai Kumbhani		25100
Radiben Mohanbhai Kumbhani		69904
Vallabhbhai M. Vekariya		16100
TOTAL		2000000

Equity Share Break up (Percentage of Total Equity)

As on 15.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Agro Chemicals and Fertilizers.

Products :

· Bio Products

· Pesticides and Fungicides

· Fertilizer

· Sprayers

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

Bank of India, Sarkhej Gandhi Nagar Highway Branch, 6-7 Ground Floor, Shapath IV, Opposite Karnavati Club, S.G. Highway, Ahmedabad-380051, Gujarat, India
State Bank of India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank of India Term Loan	4.439	6.339
Bank of India Term Loan IV (Plant)	10.215	0.000
Bank of India – Office Loan	1.000	0.000
Bank of India term Loan III (Ferti)	11.700	0.000
Bank of India CC A/C, (S.G. Highway)	4.892	0.000
HDFC Bank Loan	0.368	0.000
Total	32.614	6.339

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Green Mark Industries – Loan Account	0.200	0.000
Mrs. Alpaben J Kumbhani	1.000	0.000
Redox Agro Bio Tech Private Limited	0.100	0.000
Sikko Products Private Limited	3.403	0.000
Sikko Tradelink Private Limited	6.200	0.000
Sudarshan Bio Chem Industries	0.300	0.000
Total	11.203	0.000

Banking Relations :	--

Auditors :
Name :	Ashok K Bhatt and Company Chartered Accountants
Address :	401, Ashram Avenue, Behind Kochrab Ashraml, Paldi, Ahmedabad-380006, Gujarat, India
Tel. No.:	91-79-26581529/ 66311529
E-Mail :	ca_akb@yahoo.co.in
PAN.:	AASFA7909C

Related Parties :	Sikko Products Private Limited Sikko Trade Links Private Limited Sikko Products Sikko Bio Tech Sikko Poly pack Sudarshan Bio Chem Industries Green Mark Industries

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		20.000	2.501	2.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.292	3.545	2.415
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.292	6.046	4.416
LOAN FUNDS
1] Secured Loans		32.614	6.339	13.054
2] Unsecured Loans		11.203	0.000	0.000
TOTAL BORROWING		43.817	6.339	13.054
DEFERRED TAX LIABILITIES		0.000	0.045	0.002

TOTAL		69.108	12.430	17.472

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		45.854	9.540	10.607
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.009	0.009	0.009
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.161	4.886	4.262
	Sundry Debtors	17.486	6.522	3.091
	Cash & Bank Balances	5.278	0.057	0.114
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.214	2.068	4.158
Total Current Assets		32.139	13.533	11.625
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.318	7.166	1.865
	Other Current Liabilities	5.688	2.961	2.372
	Provisions	0.900	0.525	0.578
Total Current Liabilities		8.906	10.652	4.815
Net Current Assets		23.233	2.881	6.810

MISCELLANEOUS EXPENSES		0.012	0.000	0.046

TOTAL		69.108	12.430	17.472

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	35.236	21.911	15.972
		Other Income	0.066	0.187	0.042
		TOTAL (A)	35.302	22.098	16.014

Less	EXPENSES
		Manufacturing Expenses	30.332	16.075	15.228
		Increase/Decrease in Finished Goods	(0.089)	2.274	(1.675)
		TOTAL (B)	30.243	18.349	13.553

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.059	3.749	2.461

Less	FINANCIAL EXPENSES (D)		1.140	0.804	0.773

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.919	2.945	1.688

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.328	1.342	1.292

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		2.591	1.603	0.396

Less	TAX (H)		0.844	0.473	0.298

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1.747	1.130	(0.098)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.545	2.415	2.513

	BALANCE CARRIED TO THE B/S		5.292	3.545	2.415

	Earnings/loss Per Share (Rs.)		1.30	6.41	1.98

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.95	5.11	(0.61)

Net Profit Margin (PBT/Sales)	(%)	7.35	7.32	2.48

Return on Total Assets (PBT/Total Assets}	(%)	3.32	6.95	1.78

Return on Investment (ROI) (PBT/Networth)		0.10	0.27	0.09

Debt Equity Ratio (Total Liability/Networth)		2.08	2.81	4.05

Current Ratio (Current Asset/Current Liability)		3.61	1.27	2.41

LOCAL AGENCY FURTHER INFORMATION

Notes:

The registered office address has been changed from 310-311, Circle-P Vejalpur, S G Highway, Ahmedabad – 380051, Gujarat, India to present address w.e.f 01.12.2011

Operation:

During the year the company has earned profit of Rs.2.591 millions as compared to profit of Rs.1.603 millions during the previous year. They hope to perform better in the current year as well as will be in future years.

Fixed Assets:

Land
Factory Building
Office Building
Plant and Machinery
Furniture
Air Conditioner
Computer
Scooter
EPABX
Fax Machine
Trade Marks
Tempo

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.49.32
UK Pound	1	Rs.77.84
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

3.161

4.886

4.262

17.486

6.522

3.091

5.278

0.057

0.114

0.000

0.000

0.000

6.214

2.068

4.158

32.139

2.318

7.166

5.688

2.961

2.372

0.900

0.525

0.578

8.906

23.233

2.881

6.810

4.95

5.11

7.35

7.32

3.32

6.95

0.10

0.27

2.08

2.81

3.61

1.27

Unit