MIRA
INFORM REPORT
|
Report Date : |
03.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIKKAS KWICK HANDLING SERVICES PRIVATE LIMITED |
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Registered
Office : |
N-67, Middle Circle, Connaught Place, New Delhi - 110001 |
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Country : |
India |
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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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|
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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 Services. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 119000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Mr.
Shetty Accountant has provided the general information and denied to disclose
any financial information. However, trade relations are reported to be fair.
Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some caution. |
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in 2011
slowed because of persistently high inflation and interest rates and little
progress on economic reforms. High international crude prices have exacerbated
the government's fuel subsidy expenditures contributing to a higher fiscal
deficit, and a worsening current account deficit. Little economic reform took
place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Shetty |
|
Designation : |
Accountant |
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Contact No.: |
91-9833403219 |
|
Date : |
01.09.2012 |
LOCATIONS
|
Registered Office : |
N-67, Middle Circle, Connaught Place, New Delhi – 110001, India |
|
Tel. No.: |
91-11-40915555 |
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Mobile No.: |
91-9833403219 (Mr. 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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Area : |
1000 Sq. ft. |
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Location : |
Owned |
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Branch Office : |
102/103, Atlanta Towers, Sahar Road, Chakala, Andheri (East), Mumbai –
400099, Maharashtra, India |
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Tel. No.: |
91-22-40915666/ 5555 |
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Fax No.: |
91-22-40915677/ 5588 |
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Branch Offices : |
Also located at
:
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DIRECTORS
As on 30.09.2010
|
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 No.: |
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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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Shetty |
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Designation : |
Accountant |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Sajeev Sikka |
|
30800 |
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Rajeev Sikka |
|
32800 |
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Nandita Sikka |
|
12910 |
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Sonia Sikka |
|
14720 |
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Kanta Sikka |
|
8770 |
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Total |
|
100000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2010
|
Category |
|
Percentage |
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Directors or relatives of directors |
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Other top fifty shareholders |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Freight and Logistics Services. |
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Services : |
· Freight Forwarding Services o Sea Freight o Air Freight ·
Compound
Requirements o Cost Control o Flexible and Timely Service o Technological Edge o Third Part Logistic o Expert and Experienced Services o Increased Reach in the Market · Consolidation and Break Bulk · Multi modal Transport Operation · Door to Door Services · Project and Exhibition Goods · Custom Brokerage- Air and Sea · Warehousing/ Distribution · Packing · Surface Transportation · Purchase Order Management |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
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GENERAL INFORMATION
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Customers : |
Corporate |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Purshothaman Bhutani and Company Chartered Accountants |
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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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PAN No.: |
AAJFP7653D |
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Associates/Subsidiaries : |
Sikkas Travel
Private Limited Address: N-67, Middle
Circle, Connaught Place, New Delhi – 110001, India Line of
Business: Providing Freight and Logistics Services. Sikkas
International Freight Services Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
100000 |
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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|
|
|
|
|
100000 |
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
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 |
|
|
Sundry Debtors |
153.842
|
107.935 |
92.619 |
|
|
Cash & Bank Balances |
4.719
|
3.178 |
2.990 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
31.149
|
20.587 |
18.210 |
|
Total
Current Assets |
189.710
|
131.700 |
113.819 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
48.348
|
27.042 |
40.376 |
|
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Other Current Liabilities |
12.303
|
11.463 |
6.696 |
|
|
Provisions |
4.914
|
2.913 |
2.188 |
|
Total
Current Liabilities |
65.565
|
41.418 |
49.260 |
|
|
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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|
|
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TOTAL |
135.132 |
102.926 |
74.522 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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SALES |
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Income |
|
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Other Income |
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TOTAL (A) |
|
198.208 |
173.269 |
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Expenses |
|
94.936 |
78.440 |
|
|
|
Personnel Expenses |
|
54.493 |
49.976 |
|
|
|
Admn. And office Expenses |
|
26.608 |
25.697 |
|
|
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Marketing and selling expenses |
|
2.724 |
2.026 |
|
|
|
TOTAL (B) |
|
178.761 |
156.139 |
|
|
|
|
|
|
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Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
19.447 |
17.130 |
|
|
|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
|
10.097 |
8.355 |
|
|
|
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|
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
9.350 |
8.775 |
|
|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.941 |
2.698 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
|
6.409 |
6.077 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
|
2.003 |
2.979 |
|
|
|
|
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PROFIT / LOSS
AFTER TAX (G-H) (I) |
|
4.406 |
3.098 |
|
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|
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|
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|
Earnings Per
Share (Rs.) |
|
44.06 |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
280.000 |
The above information has been parted by Mr. Shetty
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.22
|
1.79 |
NA |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.20
|
4.23 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.24 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.73
|
4.68 |
4.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.89
|
3.18 |
2.31 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
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 |
N-67, Middle Circle, Connaught Place, New Delhi – 110001, India E-mail: sanjeev-sikka@sikkas.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
Debts ·
Others
(1st and exclusive charge over current assets) |
|
Particular of
charge holder |
Standard Chartered Bank, 10, E-mail: gkjain1234@rediffmail.com
|
|
Nature of
instrument creating charge |
Hypothecation
Agreement. |
|
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 and
Operation - 100% |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first and exclusive charge over all present and 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 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.55.72 |
|
|
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.