MIRA
INFORM REPORT
|
Report Date : |
17.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAKUMA EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
Aurus Chamber, A 301, Near Mahindra Tower, S.S. Amrutwar Lane, Worli, Mumbai
– 400 013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
31.08.2005 |
|
|
|
|
Com. Reg. No.: |
11-155765 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.164.259 millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909MH2005PLC155765 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS49541C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCS2037F |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
|
|
|
|
Line of Business
: |
The company is engaged in trading of commodities and Wind Power
Generation. |
|
|
|
|
No. of Employees
: |
32 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2295000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Raju Pillai |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-24999022 |
|
Date : |
16.12.2011 |
LOCATIONS
|
Registered Office : |
Aurus Chamber, A 301, Near Mahindra Tower, S.S. Amrutwar Lane, Worli,
Mumbai – 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-24999021/ 22/ 22079296 |
|
Fax No.: |
91-22-22079301 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq ft |
|
Location : |
Owned |
|
|
|
|
Sales Office : |
17, Chemox House, 7, Barrack Road, Bombay Hospital Lane, New Marine Lines, Mumbai - 400 020, Maharashtra, India |
|
Area : |
2000 sq ft |
|
Location : |
Owned |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Chander Mohan |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
65 Years |
|
Qualification : |
MA |
|
|
|
|
Name : |
Mr. Saurabh Malhotra |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
36 Years |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Mr. Ashok Kumar Doda |
|
Designation : |
Director |
|
Qualification : |
36 Years |
|
|
|
|
Name : |
Mr. Radhe Shyam |
|
Designation : |
Director |
|
Date of Birth/Age : |
62 Years |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. Satyendra J. Sonar |
|
Designation : |
Director |
|
Date of Birth/Age : |
53 Years |
|
|
|
|
Name : |
Ms. Shipra Mediratta |
|
Designation : |
Director |
|
Date of Birth/Age : |
32 Years |
KEY EXECUTIVES
|
Name : |
Mr. Raju Pillai |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7,711,222 |
46.95 |
|
|
2,671,329 |
16.26 |
|
|
2,671,329 |
16.26 |
|
|
10,382,551 |
63.21 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10,382,551 |
63.21 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
300,731 |
1.83 |
|
|
300,731 |
1.83 |
|
|
|
|
|
|
388,620 |
2.37 |
|
|
|
|
|
|
3,310,595 |
20.15 |
|
|
1,992,485 |
12.13 |
|
|
50,961 |
0.31 |
|
|
2,999 |
0.02 |
|
|
47,224 |
0.29 |
|
|
738 |
- |
|
|
5,742,661 |
34.96 |
|
Total Public shareholding (B) |
6,043,392 |
36.79 |
|
Total (A)+(B) |
16,425,943 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
16,425,943 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Group Companies"Promoter and Promoter Group"
|
Sl. |
Name of the
Shareholder |
Number |
As a % of |
|
1 |
Kusum Malhotra |
3,310,000 |
20.15 |
|
2 |
Saurabh Malhotra |
3,020,000 |
18.39 |
|
3 |
Sakuma International Marketing
Private Limited |
1,550,000 |
9.44 |
|
4 |
Chander Mohan |
1,030,000 |
6.27 |
|
5 |
Sakuma Finvest Private Limited |
698,720 |
4.25 |
|
6 |
Chander Mohan |
341,222 |
2.08 |
|
7 |
Sakuma International Marketing
Private Limited |
332,609 |
2.02 |
|
8 |
Vanitha Malhotra |
10,000 |
0.06 |
|
9 |
GMK System and Logistics Private
Limited |
90,000 |
0.55 |
|
|
Total |
10,382,551 |
63.21 |
"Public" and holding more than 1% of the Total
No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Shares as % of
Total No. of Shares |
|
1 |
Corporation Bank |
298,019 |
1.81 |
|
2 |
Ashok Mittal |
901,725 |
5.49 |
|
|
Total |
1,199,744 |
7.30 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in trading of commodities and Wind Power
Generation. |
|
|
|
|
Products : |
v
Maize v
De oiled Cake v
Castor Oil v
Tea Leaf v Red v Moong v Channa Dal v Chick Peas |
|
|
|
|
Exports : |
|
|
Products : |
Agro Products |
|
Countries : |
v
v
v
v
|
|
|
|
|
Imports : |
|
|
Products : |
Sugar |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C (30 days) |
|
|
|
|
Purchasing : |
L/C (30 days) |
PRODUCTION STATUS (AS ON 31.03.2011)
(Qty
in MT/Pcs)
|
Particulars |
Purchases /
Production Qty |
|
Sugar |
174981.49 |
|
Pulses |
36736.36 |
|
Others |
201196.62 |
|
Total |
412914.47 |
The Company has installed the two windmills at Kutch Gujarat.
|
Particulars |
2010-11 |
|
Installed Capacity |
1.2 MW |
|
No of Unit generated during the year |
1801438 |
|
No of unit sold During the year |
1801438 |
GENERAL INFORMATION
|
Suppliers : |
v Kotak Commodity v Hint Terminal v Shree Renuka Sugar Limited v Shree Chhatrapati Shahu Sugar Limited |
|||||||||||||||
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|
|||||||||||||||
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Customers : |
Direct Buyers |
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No. of Employees : |
32 (Approximately) |
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|||||||||||||||
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Bankers : |
Corporation
Bank, Overseas Branch, Earnest House, Nariman Point, Mumbai – 400 021, |
|||||||||||||||
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|
|||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A.R. Sodha and
Company Chartered
Accountants |
|
Address : |
101/102, Ashiana,11th |
|
|
|
|
Holding Company : |
v
Sakuma Infrastructure Private Limited v
Reality Private Limited |
|
|
|
|
Related Party ( |
v
Sakuma Finvest Private Limited v
Sakuma Import and Export Private Limited v
Sakuma International Marketing Private Limited v
C.K.K. Exports Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000000 |
Equity Shares |
Rs.10/- each |
Rs.190.000 millions |
|
1100000 |
Preference Shares |
Rs.100/- each |
Rs.110.000 millions |
|
|
Total |
|
Rs.300.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16425943 |
Equity Shares |
Rs.10/- each |
Rs.164.259
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
164.259 |
264.269 |
264.269 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
409.458 |
383.953 |
356.216 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
573.717 |
648.222 |
620.485 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
385.422 |
0.000 |
90.055 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
385.422 |
0.000 |
90.055 |
|
|
DEFERRED TAX LIABILITIES |
12.403 |
14.503 |
17.535 |
|
|
|
|
|
|
|
|
TOTAL |
971.542 |
662.725 |
728.075 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.464 |
54.908 |
62.351 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.670 |
116.709 |
364.115 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
482.124
|
159.971 |
23.140 |
|
|
Sundry Debtors |
136.601
|
67.295 |
13.790 |
|
|
Cash & Bank Balances |
316.137
|
199.657 |
243.204 |
|
|
Other Current Assets |
8.543
|
5.092 |
2.181 |
|
|
Loans & Advances |
96.758
|
104.995 |
26.929 |
|
Total
Current Assets |
1040.163
|
537.010 |
309.244 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
74.348 |
7.797 |
3.777 |
|
|
Other Current Liabilities |
23.189
|
32.255 |
3.724 |
|
|
Provisions |
19.218
|
5.850 |
5.850 |
|
Total
Current Liabilities |
116.755
|
45.902 |
13.351 |
|
|
Net Current Assets |
923.408
|
491.108 |
295.893 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
5.716 |
|
|
|
|
|
|
|
|
TOTAL |
971.542 |
662.725 |
728.075 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income From Operation |
6326.494 |
4056.697 |
3977.067 |
|
|
|
Other Income |
19.958 |
27.979 |
17.252 |
|
|
|
TOTAL (A) |
6346.452 |
4084.676 |
3994.319 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/Decrease in stock |
(322.153) |
(136.831) |
102.599 |
|
|
|
Purchases |
5872.512 |
3919.857 |
3522.602 |
|
|
|
Selling and other Direct expenses |
651.798 |
206.035 |
266.374 |
|
|
|
Employment Cost |
13.295 |
8.046 |
7.871 |
|
|
|
Administrative Expenses |
22.382 |
10.958 |
31.556 |
|
|
|
Public Issue Expenses W/off |
0.000 |
5.716 |
5.716 |
|
|
|
TOTAL (B) |
6237.834 |
4013.781 |
3936.718 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
108.618 |
70.895 |
57.601 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
26.315 |
13.051 |
7.387 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
82.303 |
57.844 |
50.214 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.798 |
10.117 |
11.630 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
73.505 |
47.727 |
38.584 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.414 |
14.139 |
12.929 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
50.091 |
33.588 |
25.655 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
116.536 |
88.798 |
69.131 |
|
|
|
|
|
|
|
|
|
|
Income
Tax of Earlier Years |
0.000 |
0.000 |
0.138 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
100.009 |
0.000 |
0.000 |
|
|
|
Proposed Equity Dividend |
16.426 |
0.000 |
0.000 |
|
|
|
Preference Dividend |
4.576 |
5.000 |
5.000 |
|
|
|
Tax on Dividend |
3.585 |
0.850 |
0.850 |
|
|
BALANCE CARRIED TO
THE B/S |
42.031 |
116.536 |
88.798 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB basis |
2253.410 |
38.056 |
1947.157 |
|
|
TOTAL EARNINGS |
2253.410 |
38.056 |
1947.157 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
2.72 |
1.69 |
1.20 |
|
|
|
- Diluted |
-- |
-- |
-- |
|
Expected Sales (2011-2012): Rs.10000.000 millions
The above information has been parted by Mr. Raju Pillai (Finance
Manager).
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1980.870 |
2850.850 |
|
Total Expenditure |
|
1954.630 |
2809.770 |
|
PBIDT (Excl OI) |
|
26.240 |
41.080 |
|
Other Income |
|
10.100 |
1.300 |
|
Operating Profit |
|
36.340 |
42.380 |
|
Interest |
|
13.600 |
16.880 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
22.740 |
25.500 |
|
Depreciation |
|
1.850 |
1.860 |
|
Profit Before Tax |
|
20.900 |
23.640 |
|
Tax |
|
6.530 |
6.980 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
14.370 |
16.660 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
14.370 |
16.660 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.79
|
0.82 |
0.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.16
|
1.18 |
0.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.76
|
8.06 |
10.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.07 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
0.07 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.91
|
11.70 |
23.16 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
-- |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last 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 |
-- |
|
17) Major
suppliers |
Yes |
|
18) Major
customers |
No |
|
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 |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials, if
provided |
No |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
A) Trade |
59.777 |
0.449 |
0.000 |
|
B) Others |
14.571 |
7.348 |
3.777 |
|
Total |
74.348 |
7.797 |
3.777 |
OPERATIONS REVIEW
AND FUTURE PROSPECTS
During the year, global economy showed signs of recovery from after
effects of sub-prime and global meltdown. The global trade improved and exports
from
The company continued to carry on the domestic trade and imports, the
activities started during the last two years. In 1st half of the
year the company’s focus was on domestic trade, however, with the start of
exports, focus shifted on export of sugar. During the year the export
constituted 36.09% of turnover as against 0.94% during the preceding year.
There has been an overall increase of 35.15 % in exports, 74 % in imports and
0.67% in domestic trade during the year 2010-11 over the preceding year. The
company has developed systems and logistics for handling liquid products and
during the current year they established and strengthened logistics network for
handling liquid products and exported 54975.085 metric tones of molasses. The
company has always been on lookout for widening its export mix and diversify
business activities. During the last two years they started imports as well as
domestic trade. With the above steps the company has been able to overcome to
some extent the uncertainties of agriculture sector and ever-changing
government policies. This provided flexibility to vary product mix and
activities and enabled them to take advantage of business opportunities
available from time to time.
REDEMPTION OF PREFERENCE SHARE CAPITAL
The Company had issued and allotted 10,00,092 5% Cumulative Redeemable
Preference Shares (CRPS) of Rs.100/– each on 28th February, 2006 in
terms of prospectus dated 13th January, 2006. As per the terms of
issue the Company redeemed the said CRPS on 28th February, 2011
together with the dividend @ 5% from 1st April, 2010 to 28th
February, 2011.
The said Redemption and Dividend amount has been paid to those
shareholders whose names were appearing on Register of Members of the Company
as on 14th February, 2011.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Industry Overview and
Future Outlook
The International trade suffered a severe set back during the years
2008-09 and 2009-10 due to sub prime, sovereign failures, global liquidity
crunch and high volatility in prices. The Indian exports also fell in line with
declining global trade. The export of agri products, in addition to the above,
suffered because of restrictions imposed by government of
To cope with uncertainties of agricultural production and changing
government of
CONTINGENT LIABILITIES
Liabilities which
are material and whose future outcome cannot be ascertained with reasonable
certainty are treated as contingent and are disclosed by way of notes to
Financial Statements.
Contingent Liabilities
not provided for in respect of:
|
Particulars |
31.03.2011 (Rs.
in millions) |
|
Disputed income
tax demand for the A.Y. 2002-03 pending before Commissioner of Income Tax for
waiver of Interest |
0.246 |
|
Disputed income tax
demand for the A.Y. 2003-04 pending before Assessing officer (ITAT has
reverted to AO on statistical ground) (Company has already made the payment
of the tax demand) |
0.279 |
|
Disputed income tax
demand for the A.Y. 2005-06 pending before Income Tax Appellate
Tribunal.(Company has already made Payment of Rs.1.000 million against the
demand) |
3.262 |
|
Disputed income
tax demand for the A.Y. 2008-09 pending before Commissioner of Income Tax
(Appeal). |
75.406 |
|
Dispute due to quality issue of goods supplied which were rejected by
overseas buyer |
1.587 |
|
Dispute u/s 138 of the Negotiable Instruments Act for stopping on
account payment. |
1.368 |
Claim not
acknowledge as debt
During the last
year i.e. F.Y. 2009-10 the company paid 10% advance of USD 2,10,600 equivalent
to Rs.9.622 millions for import of sugar against Contract . However seller
dispatched different quality of sugar, therefore company rejected the
consignment. The seller then filed an arbitration petition for breach of
contract claiming damages. The Refined Sugar Association, London has passed the
arbitration order against the company awarding damages of USD 11,23,425,
Rs.6.044 millions and Interest @ 8% till the payment is made. Company is in
process of challenging the award in the High Court. Pending dispute, company
has not made any provision for the Claimed Damages.
FINANCIAL RESULTS FOR THE
QUARTER ENDED 30TH SEPTEMBER' 2011
(Rs. in millions)
|
PARTICULARS |
Three Months Ended 30.09.2011 (Unaudited) |
Half Year Ended 30.09.2011 (Unaudited) |
|
1.(a) Net Sales / Income from Operations |
2861.258 |
4842.437 |
|
(b) Other Operative Income |
(10.407) |
(10.714) |
|
Total |
2850.851 |
4831.723 |
|
|
|
|
|
2. Total Expenditure |
|
|
|
a)(Increase)/Decrease in Stock |
(181.767) |
(92.830) |
|
b)Purchases and Direct Expenses |
2942.302 |
4788.887 |
|
c) Employment Cost |
3.899 |
8.053 |
|
d). Depreciation |
1.863 |
3.708 |
|
e) Administrative, Selling & Other Expenses |
45.330 |
57.067 |
|
f) Total |
2811.627 |
4764.885 |
|
|
|
|
|
3.Profit from Operations before other income, interest & Exceptional Items (1-2) |
39.224 |
66.838 |
|
|
|
|
|
4. Other Income |
1.296 |
8.151 |
|
|
|
|
|
5.Profit before Interest & Exceptional Items (3+4) |
40.520 |
74.989 |
|
|
|
|
|
6.Interest |
16.882 |
30.486 |
|
|
|
|
|
7.Profit after Interest but before Exceptional Items (5-6) |
23.638 |
44.503 |
|
|
|
|
|
8.Exceptional Items - Prior Period Income/ (Expense) (Net) |
|
|
|
|
|
|
|
9.Profit (+) / Loss (-) from Ordinary Activities before tax (7+8) |
23.638 |
44.503 |
|
|
|
|
|
10. Provision for Tax |
|
|
|
-Current Tax |
7.500 |
14.500 |
|
- Deferred Tax |
(0.520) |
(0.988) |
|
- Income tax of earlier years |
|
|
|
|
|
|
|
11.Net Profit (+) / Loss (-) from Ordinary Activities after tax (9-10) |
16.658 |
30.991 |
|
|
|
|
|
12.Extraordinary Items |
-- |
-- |
|
|
|
|
|
13.Net Profit (+) / Loss (-) for the period (11-12) |
16.658 |
30.991 |
|
|
|
|
|
14.Paid up Equity Share Capita - (Face Value of Rs. 10/- each) |
164.259 |
164.259 |
|
|
|
|
|
15.Reserves & Surplus |
-- |
-- |
|
|
|
|
|
16. Earnings per Share (EPS) (in Rs.) |
|
|
|
Basic & Diluted EPS Before Extra Ordinary Items (in Rupees) |
1.01 |
1.89 |
|
Basic & Diluted EPS after Extra Ordinary Items (in Rupees) |
1.01 |
1.89 |
|
|
|
|
|
17.Public Shareholding |
|
|
|
- No. of Shares |
6,043,392 |
6,043,392 |
|
-Public Shareholding |
36.79 |
36.79 |
|
|
|
|
|
18.Promoters and Promoter group Shareholding |
|
|
|
(a) Pledge / Encumbered |
|
|
|
- No. of Shares |
1,220,000 |
1,220,000 |
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
11.75 |
11.75 |
|
- Percentage of Shares (as a % of total shareholding of the company) |
7.43 |
7.43 |
|
(b) Non Encumbered |
|
|
|
- No. of Shares |
9,162,551 |
9,162,551 |
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
88.25 |
88.25 |
|
- Percentage of Shares (as a % of total shareholding of the company) |
55.78 |
55.78 |
TRADE REFERENCES:
v Kotak Commodity
v Hint Terminal
v Shree Renuka Sugar Limited
v Shree Chhatrapati Shahu Sugar Limited
FIXED ASSETS:
v
Leased Land
v
Computer and Printer
v
Motor Car
v
Furniture and Fixture
v
Plant and Machinery
v Office Equipments
WEBSITE DETAILS:
BUSINESS DESCRIPTION
Subject is engaged in the trading of commodities and wind power generation. The Company is engaged in trading of goods, including sugar, pulses and others. During the fiscal year ended March 31, 2011 (fiscal 2011), the Company sold 171687.79 metric tons of sugar, 25175 metric tons of pulses and 239345.68 metric tons of other commodities. The Company has installed the two windmills at Kutch Gujarat. During fiscal 2011, the Company sold 1801438 units of electricity. The Company is importing paper. This paper is marketed after getting it processed from outside on job work basis. During fiscal 201, the Company discontinued the production of polypropylene (P.P.) Bags. For the nine months ended 31 December 2010, subject's revenues increased 55% to RS48B. Net income increased 2% to Rs.37.400 millions. Revenue reflects increase in income from Trading Division. Net income was partially offset by increase in purchase and direct expenses, increased personnel expense. Subject is an India-based company. The company is engaged in trading of commodities and wind power generation.
BOARD OF DIRECTORS
Chander Mohan
Executive Chairman of
the Board
Mr. Chander Mohan is Executive Chairman of the Board of
subject. He is a MA in Economics (Specialization in Agriculture Economics and
Industrial Economics) from Delhi School of Economics,
Ashok Kumar Doda
Non-Executive
Independent Director
Mr. Ashok Kumar Doda is Non-Executive Independent Director
of subject. He is a B. Tech. (Hons) from IIT, Mumbai; Middle Management course
from IIM, Ahmedabad; Management Studies from
Saurabh Malhotra
Managing Director,
Executive Director
Mr. Saurabh Malhotra is Managing Director, Executive Director of subject. He holds a Post Graduate diploma in Business Administration (Specialization In Finance) from Prin. L N Welingkar Institute of Management Development and Research. He is the Managing Director of the Company. He has business acumen with capability of identifying and converting potentials into reality. Responsible for developing exports and imports of number of commodities, Well informed and keeps himself updated by participating in business related summits, seminars, conventions, conferences and traveling. He has developed foresight of the Global market conditions and keenly follows the same on day to day basis to identify, conceptualize and develop business strategies of Sakuma Exports. He has a experience of 6 years of managing the business.
Radhe Shyam
Non-Executive
Independent Director
Mr. Radhe Shyam is Non-Executive Independent Director of
subject. He is a Master in Commerce, Certified Associate of Indian Institute of
Bankers (CAIIB), Diploma in Industrial Finance. He retired as Chief General
Manager, Reserve Bank of
Satyedra J. Sonar
Non-Executive
Independent Director
Mr. Satyendra J. Sonar is Non-Executive Independent Director of subject. He is B.E. in Production Engineering from VJTI, Mumbai and Master of Management Studies (M.M.S.) in Finance from Jamanalal Bajaj Institute of Management Studies, Mumbai. He has an experience of 17 years.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.52.81 |
|
|
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.