MIRA
INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOJITZ INDIA PRIVATE LIMITED |
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Registered
Office : |
7th Floor, Eros Corporation Tower, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.03.2005 |
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Com. Reg. No.: |
55-134445 |
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Capital
Investment / Paid-up Capital : |
Rs.80.000 Millions |
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CIN No.: [Company Identification
No.] |
U51909DL2005PTC134445 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS26586A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in indenting business in chemicals, machinery
equipments and parts, plastics, foods and iron ore. The company is also
involved in trading activities and business auxiliary services. |
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 831000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Sojitz Asia Pte Limited, 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
7th Floor, Eros Corporation Tower, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Branch 1 : |
Mumbai Branch |
|
Address |
802, Trade Star, C Wing, 8th Floor, Sir M V Road, Andheri
Kurla Road, Andheri (East), Mumbai - 400059,
Maharashtra, India |
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Tel. No.: |
91-22-30868657 |
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Fax No.: |
91-22-28217426 |
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Branch 2 : |
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|
Address : |
2nd Floor, Mercantile House, 15, Kasturba Gandhi Marg, |
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Tel. No.: |
91-11-23315211 |
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Fax No.: |
91-11-23715238 |
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E-Mail : |
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Branch 3 : |
Pune Branch |
|
Address : |
2nd Floor, Building ‘B’ Kensington Court, Lane 5, Koregaon Park,
pune – 411001, Maharashtra, India |
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Branch 4 : |
Chennai Branch |
|
Address : |
Thangappa Tower, 3rd Floor,
New Door no.377/378, Anna Salai, Saidapet, Chennai – 600015,
Tamilnadu, India |
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Tel. No.: |
91-44-24323001 |
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Fax No.: |
91-44-24323007 |
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Branch 5 : |
Kolkata Branch |
|
Address : |
5th Floor, |
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Tel. No.: |
91-33-40048939 |
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Fax No.: |
91-33-40048948 |
DIRECTORS
As on 21.09.2010
|
Name : |
Mr. Yasuhiro Kawamura |
|
Designation : |
Managing Director |
|
Address : |
A-56, Vasant Marg, Vsant Vihar, New Delhi – 110057, Delhi, India |
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Date of Birth/Age : |
24.02.1958 |
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Date of Appointment : |
03.10.2006 |
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DIN No.: |
00918094 |
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Name : |
Mr. Masaaki Nishino |
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Designation : |
Director |
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Address : |
A-404/A-404, Cintiscape Building, Andheri-Kurla Road, J. B. Nagar,
Andheri (East), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
19.10.1962 |
|
Date of Appointment : |
14.12.2006 |
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DIN No.: |
01274957 |
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Name : |
Mr. Wataru Takahashi |
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Designation : |
Director |
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Address : |
D-130, First Floor, Defence Colony, |
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Date of Birth/Age : |
18.01.1958 |
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Date of Appointment : |
24.01.2008 |
|
Date of Cessation : |
20.07.2010 |
|
DIN No.: |
02004507 |
KEY EXECUTIVES
|
Name : |
Mr. Abhinav Kumar |
|
Designation : |
Secretary |
|
Address : |
B/64-A, Phase II, Ashok Vihar, |
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Date of Birth/Age : |
27.10.1978 |
|
Date of Appointment : |
04.04.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sojitz Asia Pte. Limited |
|
7999999 |
|
Melhado Pte. Limited |
|
1 |
|
Total |
|
8000000 |
Equity Share Break up (Percentage of Total Equity)
As on 21.09.2010
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in indenting business in chemicals, machinery
equipments and parts, plastics, foods and iron ore. The company is also
involved in trading activities and business auxiliary services. |
GENERAL INFORMATION
|
Bankers : |
Not Divulged |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. R. Batliboi and Associates Chartered Accountant |
|
Address : |
Golf View Corporate Tower ‘B’, Sector-42, |
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Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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PAN.: |
AABFS3412N |
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Fellow Subsidiaries : |
v
Sojitz ( v
Sojitz Logistics Corporation v
Sojitz ( v
PT. Sojitz v
Sojitz ( v
Sojitz Europe Plc. Dusseldurf v
Sojitz Machinery Corporation v
Sojitz Taiwan Corporation, Taipai v
Sojitz Shanghai Co. Limited v
Sojitz Planet Corporation, v
Sojitz Marine and Engineering Corporation, v
Sojitz Food Corporation v
Sojitz ( v
Sojitz Corporation of v
Sojitz Resources and Technology v
Sojitz v
Sojitz Qunidgo Chemicals Alconix Corporation, |
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Holding Company: |
Sojitz Asia Pte. Limited, |
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Ultimate Holding
Company : |
Sojitz Corporation, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13200000 |
Equity Shares |
Rs. 10/- each |
Rs.132.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs. 10/-
each |
Rs.80.000 Millions |
|
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|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
80.000 |
80.000 |
80.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
127.750 |
81.414 |
19.815 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
207.750 |
161.414 |
99.815 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
00000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
207.750 |
161.414 |
99.815 |
|
|
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|
|
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APPLICATION OF FUNDS |
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|
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|
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|
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FIXED ASSETS [Net Block] |
42.252 |
43.386 |
24.954 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
6.656 |
4.953 |
3.373 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
33.359
|
17.764 |
2.437 |
|
|
Sundry Debtors |
132.808
|
138.093 |
148.778 |
|
|
Cash & Bank Balances |
121.312
|
65.008 |
24.133 |
|
|
Other Current Assets |
0.900
|
0.269 |
0.000 |
|
|
Loans & Advances |
49.630
|
56.076 |
83.556 |
|
Total
Current Assets |
338.009
|
277.210 |
258.904 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
135.089
|
103.797 |
132.584 |
|
|
Other Current Liabilities |
18.437
|
19.937 |
36.894 |
|
|
Provisions |
30.641
|
40.401 |
17.937 |
|
Total
Current Liabilities |
184.167
|
164.135 |
187.415 |
|
|
Net Current Assets |
153.842
|
113.075 |
71.489 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
207.750 |
161.414 |
99.815 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services Income
|
302.981 |
249.523 |
122.124 |
|
|
|
Commission Income |
287.056 |
291.285 |
181.038 |
|
|
|
Other Income |
18.879 |
25.238 |
0.906 |
|
|
|
TOTAL (A) |
608.916 |
566.046 |
304.068 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of trading goods |
225.194 |
104.778 |
100.792 |
|
|
|
Purchase of services |
43.567 |
122.673 |
0.000 |
|
|
|
Personnel Expenses |
75.661 |
60.946 |
33.442 |
|
|
|
Selling and Distribution |
0.00 |
0.000 |
4.425 |
|
|
|
Operating and other expenses |
176.210 |
163.175 |
133.401 |
|
|
|
TOTAL (B) |
520.632 |
451.572 |
272.060 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
88.284 |
114.474 |
32.008 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.923 |
0.578 |
0.381 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
87.361 |
113.896 |
31.627 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.590 |
7.674 |
4.171 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
77.771 |
106.222
|
27.456 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
28.797 |
44.623 |
15.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
48.974 |
61.599 |
12.256 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
81.414 |
19.815 |
7.559 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
130.388 |
81.414 |
19.815 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
39.141 |
1.666 |
15.347 |
|
|
|
Commission Earnings |
286.516 |
290.826 |
175.224 |
|
|
|
Other Earnings |
63.057 |
17.463 |
40.508 |
|
|
TOTAL EARNINGS |
388.714 |
309.955 |
231.079 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.79 |
7.70 |
1.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.04
|
10.88 |
4.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.84
|
19.10 |
9.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.45
|
33.13 |
9.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.66 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
1.02 |
1.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
1.69 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
Registered office of the company has been shifted
from “2nd
Floor, Mercantile House, 15, Kasturba Gandhi Marg, New Delhi – 110001, India”
to “7th Floor, Eros Corporation Tower, Nehru Place, New Delhi –
110019, Delhi” w.e.f 29.08.2011
FINANCIAL
PERFORMANCE
The company has diversified its principal/indent
business in domestic as well as international aspect during the year.
Automobile, machinery, chemicals, iron-ore, foods and plastics divisions are
the main fields in which the company has succeeded in its principal business.
Further, Company has started its domestic business in trading of Chemicals.
The company has uninterruptedly maintained its
strategy regarding minimization of credit and performance risks. Further, it
adheres to continue its plans regarding utmost commitment with minimization of
expenditure, keeping in view the boom phase of Indian economy.
FIXED ASSETS
v Leasehold Improvements
v Office Equipments
v Computers
v Furniture and Fixture
v Vehicles
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.46.02 |
|
|
1 |
Rs.73.61 |
|
Euro |
1 |
Rs.64.78 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.