MIRA
INFORM REPORT
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Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SIGMA ALDRICH
CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Plot No. 12, Bommasandra
Jigani Link Road, Industrial Area, Anekal Taluk, Bangalore-560010, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.01.2003 |
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Com. Reg. No.: |
08-31488 |
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CIN No.: [Company
Identification No.] |
U02411KA2003PTC031488 |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturer and
Exporter of Bio Chemical and Organic Chemical Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 3100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
subsidiary of Sigma Aldrich Corporation, The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Chirag |
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Designation : |
Accountant |
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Date : |
03.01.2011 |
LOCATIONS
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Registered Office / Factory : |
Plot No. 12, |
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Tel. No.: |
91-80-66219400 |
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Fax No.: |
91-80-66219650 |
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E-Mail : |
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Website : |
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Area : |
140,000 Sq. ft.
approx |
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Location : |
Industrial - Leased |
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Branches : |
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DIRECTORS
AS ON 24.09.2010
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Name : |
Mr. A. Raja Ram |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
27.09.1954 |
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Date of Appointment : |
21.01.2003 |
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Name : |
Ms. Vanaja
Krishnan |
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Designation : |
Whole Time
Director |
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Address : |
D 504, Mantri
Flora Iblur Gate, Sarjapur Ring Road Junction, Bangalore 560054, Karnataka |
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Date of Birth/Age : |
05.01.1970 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Sunil Punjabi |
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Designation : |
Additional Director |
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Address : |
No. 2D, Wood Creek Apartment, 115 3rd
Main Deffence Colony Hal, 2nd Stage Indira Nagar,
Bangalore-560038, |
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Date of Birth/Age : |
14.10.1965 |
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Date of Appointment : |
17.12.2010 |
KEY EXECUTIVES
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Name : |
Mr. Chirag |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. A Rajaram |
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5 |
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Sigma Aldrich
Foreign Holding Company Inc., |
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6771984 |
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Vanaja Krishnan |
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5 |
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Total |
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6771994 |
AS ON 24.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Bio Chemical and Organic Chemical Products. |
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Exports : |
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Products : |
Bio Chemicals and Organic Chemicals |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash / Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
Standard Chartered Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
RCE and Company Chartered
Accountants |
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Address : |
No. 32, 1st
Floor, |
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Tel. No.: |
91-80-26577860, 26570704 |
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Fax No.: |
91-80-26570704 |
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Immediate Holding Company : |
Sigma Aldrich
Foreign |
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Ultimate Holding Company: |
Sigma Aldrich
Inc., |
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Holding Company: |
Sigma Aldrich Foreign Holding Company Inc. |
CAPITAL STRUCTURE
AS ON 24.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/-each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
6771994 |
Equity Shares |
Rs.10/-each |
Rs.67.720
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
67.720 |
67.720 |
67.720 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
709.099 |
403.401 |
384.586 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
776.819 |
471.121 |
452.306 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
460.412 |
523.122 |
415.152 |
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TOTAL BORROWING |
460.412 |
523.122 |
415.152 |
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DEFERRED TAX LIABILITIES |
18.351 |
21.982 |
20.696 |
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TOTAL |
1255.582 |
1016.225 |
888.154 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
509.860 |
563.482 |
550.220 |
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Capital work-in-progress |
5.056 |
5.056 |
2.645 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
313.077
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342.615 |
302.886 |
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Sundry Debtors |
520.406
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531.359 |
447.553 |
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Cash & Bank Balances |
422.761
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88.213 |
137.747 |
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Other Current Assets |
15.510
|
16.306 |
23.189 |
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Loans & Advances |
299.866
|
285.273 |
275.980 |
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Total
Current Assets |
1571.620
|
1263.766 |
1187.355 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
24.875
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25.653 |
42.594 |
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Other Current Liabilities |
457.522
|
595.856 |
639.702 |
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Provisions |
348.557
|
194.570 |
169.770 |
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Total
Current Liabilities |
830.954
|
816.079 |
852.066 |
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Net Current Assets |
740.666
|
447.687 |
335.289 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1255.582 |
1016.225 |
888.154 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2715.526 |
2349.972 |
2098.538 |
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Other Income |
92.745 |
10.127 |
18.799 |
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TOTAL (A) |
2808.271 |
2360.099 |
2117.337 |
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Less |
EXPENSES |
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Cost of traded and manufactured goods |
1850.885 |
1676.392 |
1603.893 |
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Operating expenses |
423.741 |
549.513 |
372.632 |
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TOTAL (B) |
2274.626 |
2225.905 |
1976.525 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
533.645 |
134.194 |
140.812 |
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Less |
FINANCIAL
EXPENSES (D) |
6.474 |
16.568 |
22.085 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
527.171 |
117.626 |
118.727 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
74.104 |
73.025 |
48.545 |
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PROFIT BEFORE
TAX (E-F) (G) |
453.067 |
44.601 |
70.182 |
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Less |
TAX (H) |
147.369 |
25.786 |
22.562 |
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PROFIT AFTER TAX
(G-H) (I) |
305.698 |
18.815 |
47.620 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export of Manufactured and Traded Goods |
175.842 |
170.251 |
NA |
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Customer Support Services |
22.446 |
16.000 |
NA |
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SAP Support Services |
12.643 |
8.549 |
NA |
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TOTAL EARNINGS |
210.931 |
194.800 |
NA |
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IMPORTS |
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Raw Materials |
34.226 |
43.785 |
NA |
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Capital Goods |
2.614 |
6.645 |
NA |
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TOTAL IMPORTS |
36.840 |
50.430 |
NA |
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Earnings Per
Share (Rs.) |
45.14 |
2.78 |
NA |
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Expected Sales (2010-2011): Rs. 3000.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.89
|
0.80 |
2.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
16.68
|
1.90 |
3.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.77
|
2.44 |
4.04 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
0.09 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.66
|
2.84 |
2.80 |
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Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.55 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
24.875
|
25.653 |
42.594 |
NOTE: The
registered office of the company has been shifted from # 31/1 Seetharam Palyamahadevapura
Post, Bangalore-560048,
FINANCIAL RESULTS:
The company recorded a post tax income of Rs.306 million (2009: Rs.19
millions) in the financial year ended 31sst March, 2010 recording a significant
growth in profits primarily contributed by a 16% growth in sales revenue and
gain income or Rs.82 millions in foreign exchange fluctuation.
STATUS OF
OPERATIONS AND OUTLOOK:
During the year the company recorded a revenue growth of 16% over
previous year contributed well by all the key business units. The economic
downtown continues to hamper the performance due to funding issues contract
research and government institution. The growth outlook for 2010-11 looks
positive with new strategic initiative to continue the growth sustenance
inspite of pressures on pricing and competition.
FIXED ASSETS :
- Land
- Building and Leasehold Premises
- Improvement to Building
- Plant and Machinery
- Computer Hardware
- Computer Software
- Furniture
- Vehicles
CONTINGENT LIABILITIES:
|
Particular |
As on 31.03.2010 (Rs. in
Millions) |
As on 31.03.2009 (Rs. in
Millions) |
|
For guarantees given by the company bankers |
2.681 |
7.490 |
|
Customs duty on bonded goods as at balance sheet
date for which no provision has been made in the books and the Company does
not anticipate any liability on these goods. |
56.387 |
57.905 |
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Notice of demand has been received under section
156 of the Income Tax Act, 1961 for the Assessment Year 2004-05 for a sum
vide their letter dated 11-Dec-06 for which no provision has been made in the
books and the Company has gone on an appeal. |
17.942 |
17.942 |
|
Notice of demand has been received under
section 156 of the Income Tax Act, 1961 for the Assessment Year 2005-06 for a
sum vide their letter dated 2-Dec-08 for which no provision has been made in
the books and the Company has gone on an appeal. |
7.569 |
7.569 |
|
Notice of demand has been received under
section 156 of the Income Tax Act, 1961 for the Assessment Year 2006-07 for a
sum vide their letter dated 14-Dec-09 for which no provision has been made in
the books and the Company has gone on an appeal. |
6.932 |
0.000 |
|
Show cause notice has been received from the
Commissioner of Service Tax vide C.NO.IV/16/79/2006ST Group IIIA/CAU/869/DIV
I/GROUP IIIA/MGC/2821 dated 11- Apr-07 for service tax on the Management Fees
(SAP & IS Charges) for the period Mar’06 to Sep06 for which no provision
is made in the books and the Company has filed the reply for this notice. |
0.877 |
0.877 |
|
Show cause notice has been received from the
Commissioner of Service Tax videC.NO.IV/16/107/20085T Group CAU/92/DIV I/GROUP VI/MGC/5932/08 dated 16-Jul-08 for
service tax on the Management Fees for the period Apr’07 to Mar’08. for which
no provision is made in the books and the Company has filed the reply for
this notice. |
4.185 |
4.185 |
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Total |
96.573 |
96.573 |
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] 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.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--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 |
|
50 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.