MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SULPHUR MILLS LIMITED |
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Registered Office : |
604/605, 6th Floor, Business Point, western Express Highway,
Andheri (East), Mumbai – 400069, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.07.1960 |
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Com. Reg. No.: |
11-11752 |
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CIN No.: [Company
Identification No.] |
U24110MH1960PLC011752 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS35159F MUMS36288A |
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PAN No.: [Permanent
Account No.] |
AABCS8736K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Sellers of Sulphur Powder, Liquid
Formulations and other Pesticides. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track
records. Trade relations are fair. Business is active. General financial position
is good. Payments are reported as usually made as per commitments. The company can be considered good for any normal business dealings. |
LOCATIONS
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Registered/ Head Office : |
604/605, 6th Floor, Business Point, western Express Highway,
Andheri (East), Mumbai – 400069, Maharashtra, India |
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Tel. No.: |
91-22-6691001 |
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Fax No.: |
91-22-66910308 |
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E-Mail : |
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Website : |
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Corporate Office : |
303 / 304, T. V. Estate, S. K. Ahire Marg, Worli, P. O. Box. No. 19176, Mumbai – 400025, Maharashtra, India |
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Tel. No.: |
91-22-24932026 / 24937685 / 24938936 |
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Fax No.: |
91-22-24939586 |
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E-Mail : |
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Website : |
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Factory : |
M.I.D.C., Plot No. 8,
Turbhe Naka, Thane – Belapur Road, Navi Mumbai, Maharashtra, India |
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Tel No.: |
91-22-27681513 |
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Branch Office : |
Located at :-
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DIRECTORS
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Name : |
Mr. Deepak P. Shah |
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Designation : |
Managing Director |
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Address : |
501, Vandana Appartment, Janki Kutir Juhu, Mumbai – 400049,
Maharashtra, India |
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Date of Birth/Age : |
01.10.1947 |
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Date of Appointment : |
01.10.1976 |
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Name : |
Mr. Suketu C. Doshi |
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Designation : |
Director |
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Address : |
Sneha Kutir, Near Cadbury House, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
29.11.1957 |
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Date of Appointment : |
01.04.1985 |
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Name : |
Mrs. Shilpa Shah |
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Designation : |
Director |
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Address : |
501, Vandana Appartment, Janki Kutir Juhu, Mumbai – 400049,
Maharashtra, India |
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Date of Birth/Age : |
30.11.1947 |
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Date of Appointment : |
31.12.1996 |
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Name : |
Mr. Binoy S. Shah |
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Designation : |
Director |
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Address : |
Shanti Kutir, Next to Citizen Hotel, Mumbai – 400049, Maharashtra,
India |
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Date of Birth/Age : |
21.03.1969 |
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Date of Appointment : |
31.12.1996 |
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Name : |
Mr. Bimal D. Shah |
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Designation : |
Director |
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Address : |
501, Vandana Appartment, Janki Kutir Juhu, Mumbai – 400049,
Maharashtra, India |
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Date of Birth/Age : |
01.04.1979 |
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Date of Appointment : |
01.04.2006 |
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Other Directorships: |
Sumil Chemical Industries Private Limited Director U24110MH1984PTC034472 SM Crop Care Bio-Tech Private Limited Director U24200MH2005PTC155325 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 29.09.2007) |
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No. of Shares |
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Mr. Deepak P. Shah and Mrs. S. D. Shah |
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3264 |
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Mr. S. D. Shah |
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1569 |
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Mr. Deepak P Shah(HUF) |
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2960 |
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Ms. Bimal D. Shah |
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2150 |
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Ms. Komal D. Shah |
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865 |
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Mr. P. K. Jhaveri |
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2 |
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Mr. Suketu C. Doshi |
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100 |
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Ms. Zarna S. Doshi |
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52 |
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Mr.Siddarth S. Doshi |
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104 |
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Ms. Aditi S. Doshi |
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54 |
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Mr. Lopa Notani |
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450 |
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Ms. Rekha Shah |
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538 |
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Mr. Binoy Shah and Mrs. Himani B. Shah |
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1187 |
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Mr. Shailesh P. Shah (HUF) |
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2265 |
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Mr. Parimal P. Shah |
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257 |
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Mr. Jay P. Shah and Mr. Parimal P. Shah |
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13 |
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Mr. Parimal P. Shah (HUF) |
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20 |
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Mr. Parul P. Shah |
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46 |
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Mr. Rajul A. Shah and Mr. Amit C. Shah |
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255 |
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Mr. Amit C. Shah and Mrs. Rajul A. Shah |
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100 |
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Mr. Jayant J. Shah |
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100 |
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Mr. Himahal Fulchand Shah |
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150 |
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Mr. Prakash H. Shah |
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350 |
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Mr. Jagjivan O. Shah |
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575 |
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Mr. Mahesh J. Shah |
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300 |
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Ms. Hema Jitendra Shah and Others |
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100 |
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Mr. H. R. Sheth Estate of Late R. P. Sheth Executor Nandhuver R. Sheth |
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386 |
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Mr. Raymond Narohna |
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10 |
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Mr. V. N. Doshi |
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36 |
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Mr. Rasesh R. Doshi |
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180 |
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Mr. Ketan N. Doshi |
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2 |
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Mr. Gaurav Jayant Shah |
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50 |
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Mr. Viraj Bharat Shah |
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50 |
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Mr. Mitul J. Shah |
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50 |
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Total |
|
18590 |
Equity Share breakup (Percentage of total equity)
(As on 31.03.2007)
|
Category |
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Percentage |
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Directors or relatives of
director |
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83.69 |
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Others |
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16.31 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Sellers of Sulphur Powder, Liquid
Formulations and other Pesticides. |
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Products : |
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Exports : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
350 |
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Bankers : |
Turbhe Branch, Plot No.
34, Sector No.24, Mumbai – 400705, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. D. Jokhakar and
Company Chartered Accountants |
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Address : |
8, Ambalal Doshi Marg, Fort, Mumbai – 400 001,
Maharashtra, India |
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Tel No.: |
91-22-22654882 / 22651731 |
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Fax No.: |
91-22-22657093 |
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Email : |
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Memberships : |
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Associates/Subsidiaries : |
Sumil Chemical Industries Private Limited CIN: U24110MH1984PTC034472 SM Crop Care Bio-Tech Private Limited CIN: U24200MH2005PTC155325 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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26000 |
Equity Shares |
Rs.100/- each |
Rs.2.600 Millions |
|
4000 |
Preference Shares |
Rs.100/- each |
Rs.0.400 Millions |
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Total |
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Rs.3.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
18590 |
Equity Shares |
Rs.100/- each |
Rs.1.859
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.859 |
2.187 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
578.558 |
535.666 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
580.417 |
537.853 |
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LOAN FUNDS |
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1] Secured Loans |
|
18.824 |
30.584 |
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2] Unsecured Loans |
|
4.565 |
6.510 |
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TOTAL BORROWING |
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23.389 |
37.094 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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603.806 |
574.947 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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59.574 |
64.396 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
64.993 |
55.355 |
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DEFERREX TAX ASSETS |
|
6.196 |
6.366 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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163.541
|
152.953 |
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Sundry Debtors |
|
335.731
|
273.009 |
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Cash & Bank Balances |
|
144.844
|
183.824 |
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Other Current Assets |
|
0.000
|
0.000 |
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Loans & Advances |
|
187.856
|
148.568 |
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Total
Current Assets |
|
831.972
|
758.354 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
221.124
|
200.694 |
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Provisions |
|
137.805
|
108.830 |
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Total
Current Liabilities |
|
358.929
|
309.524 |
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Net Current Assets |
|
473.043
|
448.830 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
603.806 |
574.947 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
994.600 |
997.700 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
994.600 |
997.700 |
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Profit/(Loss) Before Tax |
|
154.318 |
139.345 |
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Provision for Taxation |
|
41.673 |
24.766 |
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Profit/(Loss) After Tax |
|
112.645 |
114.579 |
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Export Value |
|
332.700 |
459.000 |
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Expenditures : |
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Interest |
|
2.140 |
3.210 |
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Depreciation & Amortization |
|
8.929 |
9.195 |
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Other Expenditure |
|
829.213 |
845.950 |
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Total Expenditure |
|
840.282 |
858.355 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
11.33 |
11.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
15.52 |
13.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
17.31 |
16.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.27 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.66 |
0.64 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.32 |
2.45 |
LOCAL AGENCY FURTHER
INFORMATION
Operations:
Gross Turnover during the year is Rs.994.600 Millions as against
previous year Rs.997.700 Millions (Decrease of 0.31%). Turnover decreased
marginally and there is not much change in trend However, the Board of Directors
is concerned due to the stagnation in turnover since last three financial years
even though the company has substantial potential for the growth.
Future Expansion:
The company is leveraging its technological strengths in safer new
generation EDG based products, by expanding its range to include Fertilizers
and Nutrient products. Data generation and field trials are underway towards
Registration requirements of products to be launched in the future.
Prospects:
The company will introduce products in both the Fertilizers as well as
Nutrient segment to augment its range of crop protection products, thereby
diversifying in to an additional segment of serving farmers needs, improving
crop input portfolios and better utilizing the large country wide network of
distribution and dealers.
Form 8:
|
Corporate
identity number of the company |
U24110MH1960PLC011752 |
|
Name of the
company |
SULPHUR MILLS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
604/605, 6th Floor, Business Point, western Express
Highway, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
This form is for |
Modification of Charge |
|
Type of charge |
Hypothecation |
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Particular of charge
holder |
Bank of India Turbhe Branch, Plot No.
34, Sector No.24, Mumbai – 400705, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Deeds of Hypothecation |
|
Date of
instrument Creating the charge |
04.05.2006 |
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Amount secured by
the charge |
Rs.67.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
CC as per
applicable to aaa rated A/c presently 12.25% p.a. FBP as per RBI
Guide Lines Import LC as per
RBI Guide Lines Inland as advised
by the Bank from time to time |
|
Particulars of
the property charged |
Stock in Trade Plant and
Machinery |
|
Particulars of
the present modification |
Increase of Agreement
limit to Rs.135.000 Millions |
Fixed Assets:
- Leasehold
Land
- Land and
Machinery
- Factory
Building
- Computers
- Office
Equipment
- Furniture and
Fixture
- Electrical
Installation
- Research and
Lab Equipment
- Motor Car and
Vehicles
- Air Conditioner
Website Details
Profile:
Subject is a
35 year old established company in the Crop Protection business having
multi-location manufacturing facilities in India. They have a wide network of
18 Branch offices, depots, 1800 distributors/ dealers all over the country,
serviced from a local office and warehouse in their vicinity.
They are presently exporting to
more than 70 countries world wide like U.S.A., South America, U.K., countries
of Western and Eastern Europe, Middle East, Asia, Australia etc. covering all
continents having agriculture; over a 100 products, largely in their own brands
under the REAP logo at company.
Company which started its operation in the early 70’s with a
West German Sulphur Processing Plant in New Bombay, is the first company in the
Asian region, and one of the only 4th or 5th in the whole world to branch out
into the manufacture of new generation, safer, environment friendly Agro
chemical formulations, in the Water Dispersible Granules (WDG), Suspension Concentrate,
Micro emulsion, Capsulated Suspension etc. forms.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
56 |
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 |
|