MIRA
INFORM REPORT
|
Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUMITOMO CHEMICAL INDIA PRIVATE LIMITED |
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Registered
Office : |
Moti Mahal, 7th Floor, 195, |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.02.2000 |
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Com. Reg. No.: |
11-124224 |
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Capital
Investment / Paid-up Capital : |
Rs. 1362.310 millions |
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CIN No.: [Company Identification
No.] |
u24110mh2000PTC124224 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37630F |
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PAN No.: [Permanent Account No.] |
AAECS3750L |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer and Exporter of organic,
in-organics and Agro Chemical |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. 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.
ECGC Country Risk Classification List – April 1, 2010
|
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 |
LOCATIONS
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Registered Office / Factory : |
Moti Mahal, 7th Floor, 195, |
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Tel. No.: |
91-22-22892610-19 / 228292611 |
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Fax No.: |
91-22-22892600 |
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E-Mail : |
dharmesh@sumichemindia.com |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Makoto Hideo Inouchi |
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Designation : |
Whole Time Director |
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Address : |
Flat No.27, B-1, 27 Floor, Prithvi Apartment, Altramount Road,
Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
11.08.1955 |
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Date of Appointment : |
18.04.2007 |
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DIN No : |
01435393 |
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Name : |
Mr. Sakata Keiya Keiichi |
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Designation : |
Director |
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Address : |
2-10-16 Sakuragaoka Setagaya Ku, Tokyo, Japan |
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Date of Birth/Age : |
22.10.1959 |
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Date of Appointment : |
21.05.2009 |
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DIN No : |
02662456 |
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Name : |
Mr. Rohit Berry |
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Designation : |
Director |
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Address : |
No.6, 6th Floor, Som Vihar, Apartment, Sector-12, R K
Puram, New Delhi-110019, Delhi, India |
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Date of Birth/Age : |
25.08.1970 |
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Date of Appointment : |
05.10.2009 |
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DIN No : |
00453642 |
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Name : |
Mr. Kin Wah Lawrence Yu |
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Designation : |
Director |
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Address : |
55 Cairnhill Road, 22-01 Cairnhill Plaza, Singapore 229666 |
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Date of Birth/Age : |
08.02.1956 |
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Date of Appointment : |
30.06.2006 |
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Name : |
Mr. Ray Tetsuo Nishimoto |
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Designation : |
Director |
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Address : |
4-43-201, Shinsuna, 3-Chome, Koto-Ku, Tokyo-1360075 |
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Date of Birth/Age : |
23.04.1957 |
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Date of Appointment : |
09.10.2006 |
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Name : |
Mr. Chetan Shantilal Shah |
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Designation : |
Director |
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Address : |
18 Avillion Little Gibbs Road, Malabar Hill, Mumbai-400006,
Maharashtra, India |
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Date of Birth/Age : |
22.07.1954 |
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Date of Appointment : |
13.06.2010 |
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DIN No : |
00488127 |
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Name : |
Mr. Akira Taniuchi |
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Designation : |
Director |
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Address : |
2-13-1-508, Skuratssutsumi, Musashinoshi, Tokya-1048260 |
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Date of Birth/Age : |
30.08.1961 |
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Date of Appointment : |
13.06.2010 |
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DIN No : |
03080268 |
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Name : |
Mr. Tadahisa Ooka |
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Designation : |
Director |
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Address : |
Room No.2612, Trident, Nariman Point, Mumbai-400021, Maharashtra,
India |
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Date of Birth/Age : |
13.09.1945 |
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Date of Appointment : |
24.05.2010 |
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DIN No : |
03080249 |
KEY EXECUTIVES
|
Name : |
Mr. Dharmesh Harendra Upadhyaya |
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Designation : |
Secretary |
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Address : |
C -20, Shalini Sadan, I C Colony, Borivali (West), Mumbai-400103,
Maharashtra, India |
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Date of Birth/Age : |
16.08.1967 |
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Date of Appointment : |
01.03.2005 |
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PAN No : |
AAHPU20097C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Sumika Life Tech Limited, Japan |
2 |
|
Sumitomo Chemical Company Limited, Japan |
136230999 |
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|
|
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Total |
136231001 |
AS ON 29.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of organic,
in-organics and Agro Chemical |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
Note: Repayable within 1 year Rs. 396.603 millions (2009 : 780.247 millions) The above loan facilities from banks are guaranteed by the holding
company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhavesh Dhupelia Partner of BSR and Company Chartered Accountant |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compund, N. M. Joshi
Marg, Mahalakshi, Mumbai-400011, Maharashtra, India |
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Tel. No.: |
91-22-39895000 |
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Fax No.: |
91-22-38838000 |
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Holding Company : |
Sumitomo Chemicals Company Limited, Japan |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
140000000 |
Equity Shares |
Rs.10/- each |
Rs. 1400.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
136231001 |
Equity Shares |
Rs.10/- each |
Rs. 1362.310
Millions |
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Note: Of the above 136230999 equity shares
(2009:76230998) are held by Sumitomo Chemical Company Limited, Japan the
holding company and 2 Equity shares (2009:2) are held by it’s subsidiary.
During the year the company increased it’s authorized share capital from
80000000 equity shares of Rs. 10/- each to 140000000 equity shares of Rs.10/-
each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
1362.310 |
762.310 |
762.310 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
2.735 |
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4] (Accumulated Losses) |
(519.027) |
(66.827) |
0.000 |
|
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NETWORTH |
843.283 |
695.483 |
765.045 |
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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 |
396.603 |
780.247 |
704.350 |
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TOTAL BORROWING |
396.603 |
780.247 |
704.350 |
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DEFERRED TAX LIABILITIES |
0.000 |
39.270 |
55.058 |
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|
|
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|
|
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TOTAL |
1239.886 |
1515.000 |
1524.453 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
238.807 |
601.619 |
751.997 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.364 |
0.364 |
0.364 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
546.331
|
645.115 |
341.738
|
|
|
Sundry Debtors |
901.556
|
1033.481 |
1065.540
|
|
|
Cash & Bank Balances |
62.791
|
43.388 |
35.668
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
124.637
|
106.230 |
79.583
|
|
Total
Current Assets |
1635.315
|
1828.214 |
1522.529 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
432.037
|
707.083 |
746.638 |
|
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Other Current Liabilities |
197.158
|
202.781 |
|
|
|
Provisions |
5.405
|
5.333 |
3.799 |
|
Total
Current Liabilities |
634.600
|
915.197 |
750.437 |
|
|
Net Current Assets |
1000.715
|
913.017 |
772.092
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1239.886 |
1515.000 |
1524.453 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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Income |
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Other Income |
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TOTAL |
2327.460 |
2109.920 |
2286.510 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
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|
Office Expenses |
|
|
|
|
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|
Administrative Expenses |
|
|
|
|
|
|
Financial |
2815.850 |
2192.700 |
2256.560 |
|
|
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Depreciation |
|
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Advertising Expenses |
|
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|
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TOTAL |
2815.850 |
2192.700 |
2256.560 |
|
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|
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|
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|
PROFIT BEFORE
TAX |
(488.390) |
(82.780) |
29.950 |
|
|
|
|
|
|
|
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Less |
TAX |
(36.190) |
(13.220) |
(2.480) |
|
|
|
|
|
|
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|
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|
PROFIT AFTER TAX
|
(452.200) |
(69.560) |
32.430 |
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(78.230) |
(8.670) |
(41.100) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(530.430) |
(78.230) |
(8.670) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
584.920 |
391.011 |
371.032 |
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Manufacturer and Traded Goods |
NA |
404.602 |
267.093 |
|
|
TOTAL IMPORTS |
NA |
404.602 |
267.093 |
|
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|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
(3.32) |
(0.09) |
0.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(19.43)
|
(3.92) |
1.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.06)
|
(3.41) |
1.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.58)
|
(0.12) |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
2.49 |
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.58
|
2.00 |
2.03 |
LOCAL AGENCY FURTHER INFORMATION
change of address:
The Registered Office of the company was 146, 14th
Floor Maker Chambers VI 220 Nariman point,
Mumbai – 40 021,
COMPANY OVERVIEW:
Subject was incorporated on February 15, 2000. Sumitomo Chemical Company
Limited (SCCL), Japan with Sumika Life Tech Limited (a Wholly owned subsidiary
of SCCL) holds 100 per cent of the share capital, by virtue of which SCIPL has
become a 100 percent subsidiary of SCCL. The company is primarily engaged in
the trading of Household Insecticides and manufacturing and trading of
Agricultural and Public Health Pesticides.
OPERATIONS:
During the year, the company has achieved net sales turnover of Rs.
2306.710 millions as compared to Rs. 2103.280 millions in the previous year.
The turnover of the Company is increased by 9.67%. The crop protection
business.
FUTURE OUTLOOK:
Sumitomo has continued its quest to increase the operational size and
reduce operating cost and adhere to the principal of deriving incremental
profits through higher volumes.
The business of house hold insecticides is growing at a stately rate.
The company as plans to expand it’s activities in the areas of Household
Insecticides. Crop Protection and Public Health.
FINANCE:
The Company enjoys good credit facilities guaranteed by Sumitomo Chemical
Company Limited, Japan the holding company, from its bankers to needs of it’s
working capital requirements.
Fixed Assets
·
Residential Building
·
Leasehold Improvements
·
·
Plant and Machinery
·
Furniture Fixture
·
Office Equipments
·
Computers
·
Vehicles
·
Intangible Assets
·
l-Marketing
·
Rights
·
Patents
·
l -Trade Marks
·
l-Technical
·
Know-how
·
distribution Network
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.44.50 |
|
|
1 |
Rs.71.25 |
|
Euro |
1 |
Rs.64.39 |
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 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.