|
Report Date : |
11.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAKUMA EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
301-A, Aurus Chambers, Near Mahindra Tower, S.S. Amrutwar Lane,
Near Mahindra Tower, Worli, Mumbai-400013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
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 : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in exports of commodities like Sugar, Rice, Maize,
Sesame Seeds. Ground Nuts, Pulses, Oil Meal, Raw Cotton etc and import of
commodities like sugar, coal and Oil. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration long track record of the promoters
in the commodity business marked by well established distribution network and
favorable capital structure of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund manager
Jim Chanos has been keenly following the political and economic development in
the dragon economy and has figured out something that is quite worrying. He is
of the view that the Chinese economy could be heading toward trouble on account
of new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long terms bank facilities: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
06.09.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short terms bank facilities: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
06.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Rajiv Pillai |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-24999021 |
|
Date : |
08.08.2014 |
LOCATIONS
|
Registered Office : |
301-A, Aurus Chambers, Near Mahindra Tower, S.S. Amrutwar
Lane, Near Mahindra Tower, Worli, Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-24999021/ 22/ 22079296 |
|
Fax No.: |
91-22-22079301 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq ft |
|
Location : |
Owned |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Chander Mohan |
|
Designation : |
Chairman |
|
Qualification : |
MA |
|
|
|
|
Name : |
Mr. Saurabh Malhotra |
|
Designation : |
Managing Director |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Mr. Ashok Kumar Doda |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Radhe Shyam |
|
Designation : |
Independent Director |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. Om Parkash Singal |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Ms. Shipra Mediratta |
|
Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajiv Pillai |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7757289 |
47.23 |
|
|
3455965 |
21.04 |
|
|
3455965 |
21.04 |
|
|
11213254 |
68.27 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
11213254 |
68.27 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
299000 |
1.82 |
|
|
299000 |
1.82 |
|
|
|
|
|
|
163314 |
0.99 |
|
|
|
|
|
|
2723000 |
16.58 |
|
|
1887314 |
11.49 |
|
|
140061 |
0.85 |
|
|
16708 |
0.10 |
|
|
55300 |
0.34 |
|
|
68053 |
0.41 |
|
|
4913689 |
29.91 |
|
Total Public shareholding (B) |
5212689 |
31.73 |
|
Total (A)+(B) |
16425943 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
16425943 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in exports of commodities like Sugar, Rice,
Maize, Sesame Seeds. Ground Nuts, Pulses, Oil Meal, Raw Cotton etc and import
of commodities like sugar, coal and Oil. |
|
|
|
|
Exports : |
|
|
Products : |
Agro Products |
|
Countries : |
·
Sri Lanka ·
Singapore ·
Malaysia ·
Afghanistan |
|
|
|
|
Imports : |
|
|
Products : |
Sugar |
|
Countries : |
Canada |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
L/C |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
50 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· Corporation Bank · Axis Bank Limited ·
Indian Overseas Bank |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S N K and Company Chartered Accountants |
|
Address : |
303, Konark Shram, 156, Tardeo Road, Mumbai- 400034, Maharashtra, India |
|
|
|
|
Holding Company: |
· Sakuma Exports Limited |
|
|
|
|
Subsidiaries: |
· Sakuma Exim DMCC (UAE) · GKM General Trading LLC (UAE) · Sakuma Exports Pte Limited (Singapore) · Sakuma Exports (Ghana) Limited (Subsidiary of Sakuma Pte Limited) · Sakuma Exports (Tanzania) Private Limited (Subsidiary of Sakuma Pte Limited) |
|
|
|
|
Company in which
KMP / Relatives of KMP can exercise
significant influence: |
· Sakuma Finvest Private Limited · GMK System and Logistics Private Limited · Sakuma Infrastructure and Realty Private Limited · C.K.K Exports Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,64,25,943 |
Equity Shares |
Rs.10/- each |
Rs. 164.259
Millions |
|
|
|
|
|
NOTE:
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Particulars |
Opening Balance |
Fresh issue |
Bonus |
ESOP |
Conversion |
Buy back |
Other changes (give details) |
Closing Balance |
|
Equity shares with voting rights |
|
|
|
|
|
|
|
|
|
Year ended 31 March, 2014 |
|
|
|
|
|
|
|
|
|
Number of shares |
1,64,25,943 |
-- |
-- |
-- |
-- |
-- |
-- |
1,64,25,943 |
|
Rs. In Millions |
164.259 |
-- |
-- |
-- |
-- |
-- |
-- |
164.259 |
|
Year ended 31 March, 2013 |
|
|
|
|
|
|
|
|
|
Number of shares |
1,64,25,943 |
-- |
-- |
-- |
-- |
-- |
-- |
1,64,25,943 |
|
Rs. In Millions |
164.259 |
-- |
-- |
-- |
-- |
-- |
-- |
164.259 |
Terms/Rights attached
to Equity Shares
The Company has one class of equity shares having par value of ` 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting During the year ended 31 March 2014, the amount of dividend per share recognised as distributions to equity shareholders was ` 1 per share (31st March 2013 ` 1 per share).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. At present there are no preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares / Name of shareholder |
31.03.2013 |
|
|
|
Number of shares held |
% holding in that class of shares |
|
Equity shares with voting rights |
|
|
|
Mrs. Kusum Chandermohan Malhotra |
3310000 |
20.15% |
|
Mr. Saurabh Malhotra |
3020000 |
18.39% |
|
Mr. Chandermohan Malhotra |
1417289 |
8.63% |
|
M/s Sakuma Infrastructure and Realty Private Limited |
2631929 |
16.02% |
|
Mr. Ashok Mittal |
901725 |
5.49% |
Note-: As per of the company, including register of shareholders and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
164.259 |
164.259 |
164.259 |
|
(b) Reserves & Surplus |
583.930 |
479.455 |
424.740 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
748.189 |
643.714 |
588.999 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
7.013 |
8.631 |
10.200 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
7.013 |
8.631 |
10.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1029.630 |
194.254 |
636.755 |
|
(b) Trade payables |
110.515 |
26.648 |
116.215 |
|
(c) Other current liabilities |
38.946 |
65.765 |
365.054 |
|
(d) Short-term provisions |
67.235 |
27.024 |
25.969 |
|
Total
Current Liabilities (4) |
1246.326 |
313.691 |
1143.993 |
|
|
|
|
|
|
TOTAL |
2001.528 |
966.036 |
1743.192 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
39.334 |
41.081 |
47.150 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.206 |
2.806 |
2.806 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.875 |
13.357 |
17.422 |
|
(e) Other Non-current assets |
9.622 |
9.622 |
9.622 |
|
Total
Non-Current Assets |
62.037 |
66.866 |
77.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
415.976 |
574.046 |
920.424 |
|
(c) Trade receivables |
923.698 |
161.608 |
283.176 |
|
(d) Cash and cash equivalents |
168.972 |
80.926 |
33.203 |
|
(e) Short-term loans and
advances |
407.217 |
76.629 |
427.471 |
|
(f) Other current assets |
23.628 |
5.961 |
1.918 |
|
Total
Current Assets |
1939.491 |
899.170 |
1666.192 |
|
|
|
|
|
|
TOTAL |
2001.528 |
966.036 |
1743.192 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
10113.214 |
6188.258 |
9656.031 |
|
|
Other Income |
32.708 |
30.669 |
43.057 |
|
|
TOTAL
(A) |
10145.922 |
6218.927 |
9699.088 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
8881.691 |
4984.737 |
8592.995 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
158.070 |
346.378 |
(438.301) |
|
|
Employees benefits expense |
31.701 |
21.086 |
18.952 |
|
|
Other expenses |
927.424 |
760.857 |
1368.671 |
|
|
TOTAL
(B) |
9998.886 |
6113.058 |
9542.317 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
147.036 |
105.869 |
156.771 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.772 |
36.437 |
47.418 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
113.264 |
69.432 |
109.353 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
7.932 |
8.856 |
8.280 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
105.332 |
60.576 |
101.073 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
34.822 |
18.720 |
34.197 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
70.510 |
41.856 |
66.876 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
112.707 |
89.942 |
42.030 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend on Equity Shares |
16.426 |
16.426 |
16.426 |
|
|
Dividend Tax |
2.792 |
2.665 |
2.665 |
|
|
Excess Provision of reversed
back |
0.000 |
0.000 |
(0.127) |
|
|
Balance
Carried to the B/S |
163.999 |
112.707 |
89.942 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of goods calculated on
FOB basis |
8547.607 |
5167.842 |
7297.683 |
|
|
TOTAL
EARNINGS |
8547.607 |
5167.842 |
7297.683 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Traded Goods |
191.655 |
431.392 |
600.498 |
|
|
TOTAL
IMPORTS |
191.655 |
431.392 |
600.498 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.29 |
2.55 |
4.07 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.69 |
0.67 |
0.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.04 |
0.98 |
1.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.27 |
6.29 |
5.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.09 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.38 |
0.30 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56 |
2.87 |
1.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
164.259 |
164.259 |
164.259 |
|
Reserves & Surplus |
424.740 |
479.455 |
583.930 |
|
Net
worth |
588.999 |
643.714 |
748.189 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
636.755 |
194.254 |
1029.630 |
|
Total
borrowings |
636.755 |
194.254 |
1029.630 |
|
Debt/Equity
ratio |
1.081 |
0.302 |
1.376 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9656.031 |
6188.258 |
10113.214 |
|
|
|
(35.913) |
63.426 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9656.031 |
6188.258 |
10113.214 |
|
Profit |
66.876 |
41.856 |
70.510 |
|
|
0.69% |
0.68% |
0.70% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
|
Lodging No.:- |
NL/1215/2011 |
Filing Date:- |
18/07/2011 |
Reg. No.:- |
N/1215/2011 |
Reg. Date:- |
18/07/2011 |
|
|
|
Lodging No.:- |
EXAL/1184/2011 |
Reg No.:- |
EXA/554/2011 |
|
|
|
Petitioner:- |
LOUIS DREYFUS COMMODITIES SUISSE S.A. |
Respondent:- |
SAKUMA EXPORTS LTD. |
|
|
|
Petn.Adv.:- |
M/S ADVANI AND COMPANY |
Resp.Adv.:- |
M/S HARIANI AND COMPANY |
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
SINGLE |
|
|
|
|
|
Status:- |
Pre-Admission |
Category:- |
NOTICE (in Chamber Summons) |
|
|
|
Next Date:- |
11/08/2014 |
Stage:- |
FOR HEARING & FINAL DISPOSAL [ORIGINAL SIDE MATTERS] |
|
|
|
Coram:- |
PROVISIONAL BOARD |
|
|
|
Last Date:- |
04/12/2013 |
Stage:- |
FOR HEARING & FINAL DISPOSAL [ORIGINAL SIDE MATTERS] |
|
|
|
Last Coram:- |
HON'BLE SMT. JUSTICE R.S. DALVI |
|
|
|
Act :- |
Code of Civil Procedure 1908 |
|
OPERATIONS REVIEW AND
FUTURE PROSPECTS
During the year, company scaled new heights in its operations. As reported in the previous annual report, deficient crop production during the crop year 2012-2013, affected adversely their business in the first half of the year and turnover declined to Rs.2704.200 Millions for the half year ended 30th September 2013 including domestic sales of Rs.717.500 Millions. Operations improved significantly from October 2013 onwards as sugar crop 2013-2014 was much better. Exports during the second half year improved nearly three times from Rs.1986.700 Millions to Rs.6837.200 Millions. During the whole year the company achieved turnover of Rs.10004.500 Millions and profit before tax Rs.105.300 Millions as against Rs.6082.300 Millions and Rs.60.600 Millions respectively during 2012-13; increase of 64.50% and 73.76% over last year in top line and bottom line respectively .Diversification drive in product range initiated during last year showed positive results and share of products other than sugar increased from Rs.1034.900 Millions in 2012-13 to Rs.2297.400 Millions 2013-14. While they made good beginning in export of cotton the company also exported rice, wheat, etc. They are further strengthening their marketing efforts in export of these commodities in the light of experience gained during the year. During the year they also added two new commodities to their import namely Edible oil and Coal. . With above initiatives the turnover and profitability of the company is expected to improve.
The Government Policy has been by and large stable as regards export of sugar. However they faced acute liquidity crunch during the year. They got enhancement in their credit limits under Consortium System by including two more banks namely Indian Overseas Bank and Axis Bank Limited.
The working of their Subsidiaries in Dubai achieved impressive growth. The turnover of Sakuma Exim DMCC during the financial year 2013-2014 was AED 19,32,66,830 as against AED 5,84,06,848 an increase of 230.90%. The Turnover of G.K.M General Trading LLC increased from AED 8,69,28,024 in the preceding year to AED 20,22,94,280 during the financial Year 2014, an increase of 132.71%. Their Subsidiaries in Ghana and Singapore commenced operation, though in a humble way, after overcoming the teething troubles and acclimatizing with the local business environment, regulatory requirements, local trade practices and logistics systems.
As a result of good performances of subsidiaries in Dubai they made a substantial gains in consolidated turnover and profits increased from Rs.8121.600 Millions and Rs.67.800 Millions in 2012-13 to Rs.15786.400 Millions and Rs.178.900 Millions respectively in 2013-14; increase of 94.37% in topline and 163.86% in bottom line. With the heartening growth of subsidiaries in Dubai and stabilization of subsidiaries at Ghana and Singapore they expect further improvement in the consolidated performance of the company in future years.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY OVERVIEW AND FUTURE OUTLOOK:
US Economy is coming out of subprime and showing signs of recovery .Similarly the European economies are also showing signs of recovery with positive approach and support of European Union .However the weaker economies are cutting down government expenditure to improve sovereign financial health. As a result, the global liquidity crunch continues which is detrimental to international trade, though things are looking better than those of last 3-4 years .Exporters will have to, therefore, make strenuous efforts to maintain their top line and bottom line, Further in some of the developing countries like India and China domestic demand for food products has increased owing to increase in income levels leading to inflation and decline in exportable surplus. Further, as agriculture continues to be affected by vagaries of nature, export of agriculture products from domestic market is becoming more and more difficult. According to meteorological forecast monsoon during the year 2014 is likely to be weak in India .To cope with the situation Indian exporters will have to continuously widen the range of products by accessing more and more production centers, approach newer markets and improve their competitive strengths to sustain the growing global competitive environment. Sakuma’s business strategy is based on above philosophy and it is gradually widening its range of products and expanding its global reach for accessing newer procurements centers and markets.
CORPORATE INFORMATION
Subject is a public limited company domiciled in India and incorporated under the provisions of Companies Act 1956. Its shares are listed on two stock exchanges in India. The company is engaged in exports of commodities like Sugar, Rice, Maize, Sesame Seeds. Ground Nuts, Pulses, Oil Meal, Raw Cotton etc. and import of commodities like sugar, coal and Oil .The company caters to both domestic and international markets.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10485995 |
03/03/2014 |
200,000,000.00 |
INDIAN OVERSEAS BANK |
FORT BRANCH, 2/10 ELPHINSTONE BLDG, VEER NARIMAN ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
C00878942 |
|
2 |
10483407 |
31/01/2014 |
300,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B98829799 |
|
3 |
10184141 |
09/04/2012 * |
750,000,000.00 |
CORPORATION BANK |
OVERSEAS BRANCH, I FLOOR, EARNEST HOUSE, NCPA MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B38801718 |
|
4 |
80041421 |
29/12/2007 * |
100,000,000.00 |
CORPORATION BANK |
OVERSEAS BRANCH, EARNEST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A33678301 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Claims against the Company not acknowledged as debt with respect to i) Sugar Import Consignment petaining to year 2009-10 |
6.044 |
|
Quality issue of Goods Supplied |
1.587 |
|
Disputed Income tax demands for AY 2009-10 |
1.460 |
FIXED ASSETS
· Land
· Plant and Equipment
· Vehicles
· Office equipment
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 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.61.56 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.