MIRA
INFORM REPORT
|
Report Date : |
30.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
S C JOHNSON PRODUCTS PRIVATE LIMITED |
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Registered Office : |
M – 69, M Block Market, Greater Kailash Part – II, New Delhi – 110048 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.09.1995 |
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Com. Reg. No.: |
55-127405 [New] 92381 [Old] |
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CIN No.: [Company
Identification No.] |
U24211DL2004FTC127405 / U24211PN1995PTC092381 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Household Insecticides and Homecare Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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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 11000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject has takenover the running business of Karamchand Appliances Private
Limited. Trade relations are fair. Company’s profitability is under severe
pressure. It has some accumulated losses. Payments are reported as slow but
correct. The company can be considered for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
M – 69, M Block Market, Greater Kailash Part – II, New Delhi – 110048,
India |
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Tel. No.: |
91-11-46544000 |
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Fax No.: |
91-11-46544040 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rajiv Tandon |
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Designation : |
Director |
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Address : |
MID Plaza, 17 Floor Ji Jend, Sudirman Kav 10-11, Jakarta 1000,
Indonesia |
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Date of Birth/Age : |
05.09.1954 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Dr. F H Jahnson |
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Designation : |
Director |
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Address : |
1525 Howe Street, Racine – 053403, Wisconsin USA |
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Date of Birth/Age : |
19.05.1958 |
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Date of Appointment : |
11.12.2002 |
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Name : |
Mr. Gerald R Hanson |
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Designation : |
Director |
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Address : |
270 E, Highland – 53202, Wisconsin USA |
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Date of Birth/Age : |
24.11.1945 |
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Date of Appointment : |
28.06.2002 |
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Name : |
Mr. Mark Eckhardt |
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Designation : |
Director |
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Address : |
5792 Finch Lane, Grendale – 53129, Wisconsin USA |
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Date of Birth/Age : |
23.09.1958 |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. Frank Guerra |
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Designation : |
Director |
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Address : |
1739 Banyan street, Dasmarinas Village, Makati City, Philippines |
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Date of Birth/Age : |
25.06.1953 |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. Rajiv Bhat |
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Designation : |
Director |
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Address : |
37, Poorvi Marg, Vasant Vihar, New Delhi – 110057, India |
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Date of Birth/Age : |
25.07.1958 |
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Date of Appointment : |
24.09.2006 |
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Name : |
Mr. Himanshu Narayan |
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Designation : |
Director |
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Address : |
C – 11/2073, Vasant Kunj, New Delhi – 110070, India |
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Date of Birth/Age : |
22.11.1972 |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. Anuj Prasad |
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Designation : |
Director |
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Address : |
C 1/67, Bappa Nagar, Xakir Hussain Marg, New Delhi – 110003 |
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Date of Birth/Age : |
18.02.1978 |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. K. K. Sridhar |
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Designation : |
Director |
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Address : |
3115A Lake Avenue, Wilmette – 60091, USA |
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Date of Appointment : |
30.12.2003 |
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Date of Ceasing : |
28.04.2004 |
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Name : |
Mr. Stevn Paul Stanbrook |
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Designation : |
Director |
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Address : |
3063, Michigan Boulevard, Rachine – 53402, Wisconsin |
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Date of Birth/Age : |
22.08.1957 |
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Date of Appointment : |
14.11.2007 |
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Name : |
Mr. William Harold Lopik |
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Designation : |
Director |
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Address : |
9 Grenadier Court, Lincolnshire State of Illinois – 60069 |
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Date of Birth/Age : |
12.03.1957 |
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Date of Appointment : |
14.11.2007 |
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Name : |
Mr. Kedar Prabhuraj Deobhankar |
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Designation : |
Director |
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Address : |
1103 A / 7 Chandrama, Model Colony, Shivaji Nagar, Pune – 411016,
Maharashtra, India |
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Date of Birth/Age : |
02.12.1963 |
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Date of Appointment : |
06.01.2005 |
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Name : |
Mr. Sridhar krishnaswamy Komandur |
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Designation : |
Director |
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Date of Birth/Age : |
14.07.1952 |
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Date of Appointment : |
19.05.2005 |
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Name : |
Mr. Sanjay Shrivastava |
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Designation : |
Alternate Director |
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Date of Birth/Age : |
25.11.1960 |
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Date of Appointment : |
24.09.2006 |
KEY EXECUTIVE
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Name : |
Mr. Govind Singh |
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Designation : |
Company Secretary |
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Address : |
G – 9/48, Sector -15, Rohini, Delhi – 110085, India |
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Date of Birth/Age : |
07.06.1977 |
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Date of Appointment : |
16.05.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Equity Shareholders |
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No. of Shares |
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S C Johnson Europe BV |
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54096000 |
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S C Johnson and Son Investments Limited |
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55200000 |
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Indexport Limited |
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1104000 |
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Total |
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110400000 |
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Names of Preference Shareholders |
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No. of Shares |
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S C Johnson Europe BV |
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10500 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Household Insecticides and Homecare Products |
GENERAL INFORMATION
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Suppliers : |
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Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Company Chartered Accountants |
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Address : |
U& I, Plot No. 47, Sector – 32, Institutional Area, Gurgaon –
122001, Haryana, India |
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Holding Company : |
S C Johnson and Son Inc. |
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Enter Under Common Control : |
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CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital : Rs. 2682.800 Millions
Issued, Subscribed & Paid-up Capital : Rs. 2602.000
Millions
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 [9 Months] |
30.06.2006 [12 Months] |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2602.000 |
2602.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
512.588 |
3010.981 |
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4] (Accumulated Losses) |
|
[253.870] |
[353.236] |
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NETWORTH |
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2860.718 |
5259.745 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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1668.087 |
1677.088 |
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TOTAL BORROWING |
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1668.087 |
1677.088 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4528.805 |
6936.833 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3489.709 |
4215.556 |
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Capital work-in-progress |
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25.037 |
54.426 |
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INVESTMENT |
|
0.000 |
1397.060 |
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DEFERREX TAX ASSETS |
|
9.233 |
6.250 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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244.329 |
221.480 |
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Sundry Debtors |
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44.137 |
27.676 |
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Cash & Bank Balances |
|
1778.000 |
1848.194 |
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Other Current Assets |
|
11.383 |
20.475 |
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Loans & Advances |
|
304.786 |
175.745 |
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Total
Current Assets |
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2382.635 |
2293.570 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1374.443 |
1027.022 |
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Provisions |
|
3.366 |
3.007 |
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Total
Current Liabilities |
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1377.809 |
1030.029 |
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Net Current Assets |
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1004.826 |
1263.541 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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4528.805 |
6936.833 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 [9 Months] |
30.06.2006 [12 Months] |
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Sales Turnover |
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2641.288 |
2837.999 |
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Other Income |
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201.117 |
156.099 |
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Total Income |
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2842.405 |
2994.098 |
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Profit/(Loss) Before Tax |
|
158.423 |
[334.318] |
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Provision for Taxation |
|
59.057 |
2.545 |
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Profit/(Loss) After Tax |
|
99.366 |
[336.863] |
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Earnings in Foreign Currency : |
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13.151 |
0.846 |
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Imports : |
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Raw Materials |
|
226.256 |
210.395 |
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Finished Goods |
|
110.904 |
2.124 |
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Capital Goods |
|
2.281 |
0.000 |
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Total Imports |
|
339.441 |
212.519 |
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Expenditures : |
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Raw Material Consumed |
|
864.691 |
874.454 |
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Purchases of Traded Finished Goods |
|
243.530 |
330.007 |
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Personnel Expenses |
|
127.274 |
202.694 |
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Operating and Other Expenses |
|
519.665 |
574.925 |
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Financial Charges |
|
124.579 |
168.053 |
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Change in Stock |
|
[22.512] |
[1.535] |
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Depreciation & Amortization |
|
826.755 |
1179.818 |
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Total Expenditure |
|
2683.982 |
3328.416 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 [9 Months] |
30.06.2006 [12 Months] |
|
PAT / Total Income |
(%) |
|
3.50 |
[11.25] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
6.00 |
[11.78] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.70 |
[5.14] |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
[0.06] |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.06 |
0.51 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.73 |
2.23 |
LOCAL AGENCY
FURTHER INFORMATION
Karamchand Appliances Private Limited has been takenover by S. C. Johnsons
Product Private Limited in October 2006. Karamchand Appliances Private
Limited’s registration No. was 49320.
Subject has been transferred from Maharashtra to Delhi
The Registered office of the company has been
shifted from 124 Ansal Tower 38 Nehru place, New Delhi – 110019, India to the
present address w.e.f. 29.08.2005
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.40.22 |
|
UK Pound |
1 |
Rs.79.94 |
|
Euro |
1 |
Rs.62.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|