MIRA INFORM REPORT

PRELIMINARY REPORT

Report No. :	306494
Report Date :	02.02.2015

IDENTIFICATION DETAILS

Name :	SIKA INDIA PRIVATE LIMITED
Formerly Known As :	SIKA QUALCRETE PRIVATE LIMITED QUALCRETE INDIA PRIVATE LIMITED
Registered Office :	620, Diamond Harbour Road, Commercial Complex II, Kolkata – 700034, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.06.1984
Com. Reg. No.:	21-037631
Capital Investment / Paid-up Capital :	Rs.18.884 Millions
CIN No.: [Company Identification No.]	U24119WB1984PTC037631
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALS13302C
PAN No.: [Permanent Account No.]	AAECS1119F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Construction Chemicals.
No. of Employees :	Information denied by management

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.:91-22-40384038)

LOCATIONS

Registered / Head Office :	620, Diamond Harbour Road, Commercial Complex II, Kolkata – 700034, West Bengal, India
Tel. No.:	91-33-24466594/ 6958/ 24472448/ 2449/ 2501/ 2505/ 9503/ 6594/ 8480, 24582134
Fax No.:	91-33-24688688/ 2665/ 23978688
E-Mail :	sika.cal@gncal.global.net.in corporate.comm@in.sika.com chaudhuri.sudip@in.sika.com
Website :	http://www.sikaindia.net http://www.sika.in http://ind.sika.com
Corporate Office :	601, A Wing, Infinity Tower, Mindspace Off Link Road, Malad West, Mumbai- 400064, Maharashtra, India
Tel. No.:	91-22-40384038
Fax No.:	91-22-40384039
E-Mail :	info@in.sika.com
Operational Office :	Off Link Road, Malad (West,) Mumbai – 400064, Maharashtra, India
Factory 1 :	Industrial Estate (New), Shed No. 1/B-5, 9, 15, 18, 19, 20 and 21, Block – D, District Nadia, Kalyani – 741235, West Bengal, India
Tel No.:	91-33-25827756
Fax No.:	91-33-25829418
Factory 2 :	L -41, Verna Industrial Estate, Verna – 403722, Salcete , Goa, India
Tel. No.:	91-832-2783144 / 6680335 / 36 / 37 / 34
Fax No.:	91-832-2783433 / 6680341
E-Mail :	info.india@in.sika.com
Area :	7280 Sq. fts
Location :	Owned (Industrial)
Factory 3 :	C/302, TTC Industrial Area, MIDC Pawane Village, Navi Mumbai - 400704, Maharashtra, India
Tel No.:	91-22-65162615
Fax No.:	91-22-65131634
Factory 4 :	Plot No. F-1/F-2, RIICO Industrial Estate, Bagru Extexsion - II, Bagru, District Jaipur - 302009, Rajasthan, India
Tele No.:	91-141-5123746 / 5173835
Fax No.:	91-141-5123746
Area :	12000 Sq. fts
Location :	Owned (Industrial)
Factory 5 :	23, GST Road, Pukkathurai Village, Madurantagam Taluk, Kanchipuram District, Chennai - 603308, Tamilnadu, India
Tele No.:	91-44-27565771
Fax No.:	91-44-27565776
Branch Office :	Located at: · Ahmedabad · Chennai · Kolkata · Bangalore · Cuttack · Mumbai · Chandigarh · Hyderabad · Noida · Pune · Navi Mumbai · Siliguri · Visakhapatnam

DIRECTORS

As on 30.09.2013

Name :

Mr. Subramanian Venkataraman

Designation :

Managing Director

Address :

Flat 63, Block 1A, Widermere, 6^th Floor, Off New Link, Road Goregaon (West), Near Mega Mall, Lokhandwala, Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

22.11.1963

Date of Appointment :

11.02.2010

DIN No.:

AFCPV8728B

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24114WB1999PTC089219	SIKA BUILDING PRODUCTS PRIVATE LIMITED	Director	19/10/2009	24/08/2009	--	Strike off	NO
2	U24119WB1984PTC037631	SIKA INDIA PRIVATE LIMITED	Managing director	11/02/2010	24/08/2009	--	Active	NO
3	U51432HR2000PLC034907	TEXSA INDIA LIMITED	Managing director	27/09/2013	28/08/2013	--	Active	NO

Name :

Chi Wo Ivan Hung

Designation :

Additional Director

Address :

27E, Tower 1, Vista Paradiso, Mo On Shan, NT, Hongkong, China

Date of Birth/Age :

25.01.1957

Date of Appointment :

30.09.2013

DIN No.:

06542305

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24119WB1984PTC037631	SIKA INDIA PRIVATE LIMITED	Director	30/09/2013	22/11/2012	--	Active	NO
2	U51432HR2000PLC034907	TEXSA INDIA LIMITED	Director	27/09/2013	28/08/2013	--	Active	NO

Name :

Mr. Peter Bruce Scott

Designation :

Additional Director

Address :

28, Delecta Avenue, Mosman, NSW, Sydney 2088

Date of Birth/Age :

28.06.1955

Date of Appointment :

30.09.2013

DIN No.:

06673538

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24119WB1984PTC037631	SIKA INDIA PRIVATE LIMITED	Director	30/09/2013	22/11/2012	--	Active	NO

KEY EXECUTIVES

Name :	Mr. Puneet Gupta
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Sika AG, Switzerland	1133013	60.00
Sika Schweiz AG, Switzerland	755342	40.00
Total	1888355	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Construction Chemicals.

Products :

Product Description	Item Code No. (ITC Code)
Prepared Additives for Cements Mortars and Concretes	3823.40
Reaction initiators, accelators and Catalytic Preparations	3815.90
Refactory Cements, Mortars, Concretes and similar impositions	3816.00

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Information denied by management
Bankers :	· Indian Overseas Bank, International Business Branch, 2, Wood Street, Kolkata – 700016, West Bengal, India · The Hong Kong and Shanghai Banking Corporation Limited · Citi Bank N.A. · HDFC Bank Limited, Malad (East), Mumbai – 400097, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name:	S.R. Batliboi and Company Chartered Accountants
Address:	14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-40356300
Fax No.:	91-22-40356400
PAN No.:	AALFS0506L
Memberships :	--
Collaborators :	--
Holding Company : (As on 31.03.2012)	· Sika AG, Switzerland
Fellow Subsidiaries : (As on 31.03.2012)	· Sika Schweiz AG · Sika Deutschland GMBH · Sika Italia S.P.A. · Sika Limited, Japan · Sika Engineering Silicones · Sika Corporation, USA · Sika Technology AG · Sika Services AG · Sika Informations Systeme AG · Sika Gulf B.S.C. (C) · Sika Denmark A/S · Sika Supply Centre AG · Sika Automotive GMBH · Sika Yapi Kimyasallah A.S · Sika Sarnafil Waterproofing Sys.(Shanghai) Limited · Sika Limited , UK · Sika (Guangzhou) Trading Company Limited · Sika (Guangzhou) Limited · Sika UAE LLC · Sika Limited Dalian (China North) · Sika Portugal - Produtos Contrucao E Industria, S.A. · BV Descol · Sika China Limited Sika Liquid Plastic Sika FZCO · Sika France SA Sika CZ, s.r.o. · Sika Australia Pty Limited · Sika Osterreich GMBH · Sika Poland Sp. z.o.o. · Sumam chemicals Company · Sika Services IMEA

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4400000	Equity Shares	Rs.10/- each	Rs.44.000 Millions
10000	Preference Shares	Rs.100/- each	Rs.1.000 Million
	Total		Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1888355	Equity Shares	Rs.10/- each	Rs.18.884 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.884
(b) Reserves & Surplus	317.032
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	335.916
(3) Non-Current Liabilities
(a) long-term borrowings	482.459
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	15.373
Total Non-current Liabilities (3)	497.832
(4) Current Liabilities
(a) Short term borrowings	10.960
(b) Trade payables	566.182
(c) Other current liabilities	358.516
(d) Short-term provisions	102.191
Total Current Liabilities (4)	1037.849
TOTAL	1871.597
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	243.935
(ii) Intangible Assets	34.684
(iii) Capital work-in-progress	189.440
(iv) Intangible assets under development	1.567
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	98.993
(e) Other Non-current assets	0.227
Total Non-Current Assets	568.846
(2) Current assets
(a) Current investments	0.000
(b) Inventories	392.149
(c) Trade receivables	694.898
(d) Cash and cash equivalents	46.553
(e) Short-term loans and advances	168.933
(f) Other current assets	0.218
Total Current Assets	1302.751
TOTAL	1871.597

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		14.478	14.478
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		297.322	429.851
4] (Accumulated Losses)		0.000	0.000
NETWORTH		311.800	444.329
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		479.723	298.215
TOTAL BORROWING		479.723	298.215
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		791.523	742.544
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		186.607	144.308
Capital work-in-progress		206.810	175.658
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		39.479	58.414
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	432.845	478.788
	Sundry Debtors	656.827	615.043
	Cash & Bank Balances	46.859	32.561
	Other Current Assets	0.953	4.237
	Loans & Advances	200.419	143.297
Total Current Assets		1337.903	1273.926
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	558.833	533.595
	Other Current Liabilities	298.820	268.762
	Provisions	121.623	107.405
Total Current Liabilities		979.276	909.762
Net Current Assets		358.627	364.164
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		791.523	742.544

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3305.803	3258.337	2628.610
		Other Income	12.393	7.943	140.230
		TOTAL (A)	3318.196	3266.280	2768.840
Less	EXPENSES
		Cost of materials consumed	1683.189	1608.789
		Purchase of stock-in-trade	414.442	487.900
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	113.124	36.996
		Employee benefits expense	415.972	351.947
		Other expenses	832.139	837.811
		TOTAL (B)	3458.866	3323.443	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(140.670)	(57.163)
Less	FINANCIAL EXPENSES (D)		37.029	26.577
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(177.699)	(83.740)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		47.302	29.854
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(225.001)	(113.594)
Less	TAX (H)		39.479	18.935
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(264.480)	(132.529)	4.529
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(54.845)	77.684	73.155
	BALANCE CARRIED TO THE B/S		(319.325)	(54.845)	77.684
	EARNINGS IN FOREIGN CURRENCY
		Export (FOB basis)	NA	26.290	14.300
	TOTAL EARNINGS		NA	26.290	14.300
	Earnings / (Loss) Per Share (Rs.)		(162.01)	(91.54)	(3.13)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(8.00)	(4.07)	0.17
Operating Profit Margin (PBIDT/Sales)	(%)	(4.26)	(3.49)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(13.39)	(7.45)	NA
Return on Investment (ROI) (PBT/Networth)		(0.67)	(0.36)	NA
Debt Equity Ratio (Total Debt /Networth)		1.47	1.54	0.67
Current Ratio (Current Asset/Current Liability)		1.26	1.37	1.40

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	14.478	14.478	18.884
Reserves & Surplus	429.851	297.322	317.032
Share Application money pending allotment	0.000	0.000	0.000
Net worth	444.329	311.800	335.916
Total borrowings	298.215	479.723	493.419
Debt/Equity ratio	0.671	1.539	1.469

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	2,628.610	3,258.337	3,305.803
		23.957	1.457

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	2,628.610	3,258.337	3,305.803
Profit	4.529	(132.529)	(264.480)
	0.17%	(4.07%)	(8.00%)

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three 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	No
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	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	Yes
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Term Loan from Banks (Foreign Currency) (From Sika AG, the Holding Company)	NA	238.951
Working Capital Loan from Banks (Buyer's Credit)	NA	0.000
Loans Repayable on Demand from Bank (The overdraft is repayable on demand and carries interest varying from 11.50% p.a. to 12.25% p.a).	NA	240.772
Total	NA	479.723

NATURE OF OPERATIONS:

The Company is in the business of manufacturing and trading of Construction Chemicals with its business spread all over the country. The business is carried on with two broad segments Construction and Industry.

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

· 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 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.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	NKT

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.