MIRA INFORM REPORT

 

 

 

 

Report Date :

13.02.2013

 

IDENTIFICATION DETAILS

 

Name :

SICK INDIA PRIVATE LIMITED

 

 

Registered Office :

201-204, Acme industrial park, western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.02.2005

 

 

Com. Reg. No.:

11-192559

 

 

Capital Investment / Paid-up Capital :

Rs.1.500 millions

 

 

CIN No.:

[Company Identification No.]

u32109mh2005ptc192559

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Trader of Sensors.

 

 

No. of Employees :

40 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 116000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a satisfactory track record.

 

It has recorded better growth in its sales turnover and profits during year ended on December 2011.

 

Financial position of the company appears to be good.

 

Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitments.

 

The company can be considered 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.

 

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

 

Name :

Ms. Swati Gandhi

Designation :

Finance Manager

Contact No.:

91-22-40338333

Date :

06.02.2013

 

 

LOCATIONS

 

Registered Office/ Corporate Office :

201-204, Acme industrial park, western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra, India

Tel. No.:

91-22-40338333

Fax No.:

91-22-40338300

E-Mail :

inbox@mdgco.in

s.gandhi@sick-india.com

legal@mdgco.in

Website :

http://www.sick-india.com

Location :

Rented (4 Galas)

 

 

Regional Offices :

Located at:

 

v      Ahmedabad

v      Pune

v      Delhi

v      Bangalore

v      Jamshedpur

v      Chennai

 

 

DIRECTORS

 

As on 28.02.2012

 

Name :

Dr. Martin Albert Thomas Kramer

Designation :

Director    

Address :

79183, Waldkirch, Propsteistr 29, Germany

Date of Appointment :

28.04.2005

DIN No.:

00767810

 

 

Name :

Mr. Peter Martin Lohnert

Designation :

Director    

Address :

Schwimmbadstr 3, Botzingen, 79268, Germany

Date of Appointment :

28.04.2005

DIN No.:

00768261

 

 

Name :

Mr. Jacobus Nicolaas Maria Schilder

Designation :

Director    

Address :

Pegasusstraat 12, 1131 NB Volendam, Netherlands

Date of Appointment :

28.04.2005

DIN No.:

01948522

 

 

KEY EXECUTIVES

 

Name :

Ms. Swati Gandhi

Designation :

Finance Manager

 

 

Name :

Mr. Mohan Nair

Designation :

General Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 28.02.2012

 

Names of Shareholders

 

 

No. of Shares

SICK Automatisierung International GmbH, Germany

 

149999

SICK Management GmbH, Germany 

 

1

Total

 

150000

 

As on 28.02.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Sensors.

 

 

Imports :

 

Products :

Sensors

Countries :

Germany

 

 

Terms :

 

Selling :

Cash and Credit (30 days)

 

 

Purchasing :

L/C, Cash and Credit (30 days)

 

 

GENERAL INFORMATION

 

Suppliers :

v      SICK Automatisierung International GmbH-Germany

 

 

Customers :

Manufacturers

 

v      Siemens India Limited

v      Hindustan Unilever Limited

v      Tata Steel Limited

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :

The Hongkong and Shanghai Banking Corporation Limited, Fort Branch, Mumbai – 400 021, Maharashtra, India (Contact No.: 91-22-40422424)

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M.D. Gujrati and Company

Chartered Accountants 

Address :

J-8, Green Park Extension, New Delhi – 110 016, India

Income-tax PAN of auditor or auditor's firm :

AAFFM6032R

 

 

Holding company :

SICK Automatisierung International GmbH, Germany

 

 

CAPITAL STRUCTURE

 

As on 31.12.2011 

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs.10.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

150000

Equity Shares

Rs.10/- each

Rs.1.500 millions

 

 

 

 

 

Reconciliation of issued share capital

 

Particulars

No. of shares

Amount

(Rs. In millions)

Share capital at the beginning of the year

150000

1.500

Issued during the year

--

--

Brought back during the year

--

--

Share capital at the end of the year

150000

1.500

 

Shareholders holding more than 5% of shares capital

 

Particulars

 

No. of shares

% of shares

(a) SICK Automatisierung International GmbH, Germany

149999

99.999%

(b) Tecnova India Private Limited, New Delhi

--

--

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2011

31.12.2010

31.12.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.500

1.500

1.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

27.378

16.460

21.500

4] (Accumulated Losses)

0.000

0.000

(9.078)

NETWORTH

28.878

17.960

13.922

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.276

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.276

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

28.878

17.960

14.198

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

8.898

8.467

9.947

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

4.199

3.152

2.567

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
16.769

16.222
12.922

 

Sundry Debtors
39.221

31.381
31.568

 

Cash & Bank Balances
15.740

8.314
5.193

 

Other Current Assets
0.451

0.336
0.000

 

Loans & Advances
7.952

6.736
7.274

Total Current Assets
80.133

62.989

56.957

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
41.108

43.247

52.153

 

Other Current Liabilities
18.886

10.755
1.044

 

Provisions
4.440

2.749
2.199

Total Current Liabilities
64.434

56.751

55.396

Net Current Assets
15.699

6.238
1.561

 

 

 

 

MISCELLANEOUS EXPENSES

0.082

0.103

0.123

 

 

 

 

TOTAL

28.878

17.960

14.198

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2011

31.12.2010

31.12.2009

 

SALES

 

 

 

 

 

Revenue from Operations

237.583

185.902

151.357

 

 

Other Income

2.146

0.146

0.306

 

 

TOTAL                                    

239.729

186.048

151.663

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

220.216

176.706

148.387

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

220.216

176.706

148.387

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

19.513

9.342

3.276

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

3.575

3.489

3.912

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

15.938

5.853

(0.636)

 

 

 

 

 

Less

TAX                                                                 

5.020

1.815

(0.070)

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

10.918

4.038

(0.566)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(5.040)

(9.078)

(8.512)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

5.878

(5.040)

(9.078)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Commission

8.487

5.844

6.321

 

TOTAL EARNINGS

8.487

5.844

6.321

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Finished Goods

124.521

102.679

80.321

 

TOTAL IMPORTS

124.521

102.679

80.321

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

72.79

26.92

(3.77)

 

 

Particulars

 

 

 

31.12.2012

Sales Turnover (Approximately)

 

 

240.000

 

 

 

 

 

Expected Sales (2013): More than Rs.250.000 millions

 

The above information has been parted by Ms. Swati Gandhi (Finance Manager).

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2011

31.12.2010

31.12.2009

PAT / Total Income

(%)
4.55

2.17

(0.37)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
6.71

3.15

(0.42)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
17.90

8.19

(0.95)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.55

0.33

(0.05)

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.00

0.00

0.02

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.24

1.11

1.03

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.12.2011

(Rs. in millions)

31.12.2010

(Rs. in millions)

31.12.2009

(Rs. in millions)

Sundry Creditors

41.108

43.247

52.153

 

 

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

No

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 four years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

Yes

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

Yes

18) Major customers

Yes

19) Payments terms

Yes

20) Export / Import details (if applicable)

Yes

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

No

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

Yes

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

 

 


Note:

The registered office of the company has been shifted from A-10, Green Park, New Delhi – 110 016 to the present address w.e.f. 20.03.2009

 

RESUME OF PERFORMANCE

 

The Directors view with satisfaction the performance of the Company for the year. The Company recorded improved profitability during the year ended December 31, 2011 with total turnover increasing to Rs.237.583 millions as compared with Rs.185.902 millions in the previous year, showing an annualized growth of 27.80%. Company has earned net profit before tax of Rs.15.938 millions as against net profit of Rs.5.853 millions during the previous year.

 

The directors of the Company are making sincere efforts to increase the turnover of the Company and thus the profitability.

 

PROSPECTS:

 

The financial result of the Company was very encouraging. The Company will continue to focus on both development and expansion of markets in a highly competitive environment to secure growth and to sustain improvement.

 

TRADE REFERENCES:

 

v      Siemens India Limited

v      Hindustan Unilever Limited

v      Tata Steel Limited

v      SICK Automatisierung International GmbH-Germany

 

fixed assets:

Tangible Assets

v      Leasehold Improvement

v      Plant and Machinery

v      Furniture and Fixture

v      Vehicles

v      Office Equipment and Other Fixed Assets

v      Computer

Intangible Assets

v      Computer Software

 

 

 

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 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.53.95

UK Pound

1

Rs.84.49

Euro

1

Rs.72.23 

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

50

 

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.