|
Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUMITOMO CHEMICAL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Moti Mahal, 7th Floor, 195, Jamshedji Tata Road, Churchgate, Mumbai –
400020, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.02.2000 |
|
|
|
|
Com. Reg. No.: |
11-124224 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2329.850
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH2000PTC124224 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37630F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS3750L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Household Insecticides, Agricultural
Pesticides, Public Health Insecticides, Fine Chemicals and Animal Nutrition
Products. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 6538000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There
appears some accumulated losses recorded by the company. However, company has achieved some profit during current year.
Therefore some part of accumulated losses has been wiped off. Capital base of the company seems to be strong. Subject gets good
support from its holding companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Bharat Malik |
|
Designation : |
Senior Manager Finance |
|
Contact No.: |
91-22-22892610 |
|
Date : |
07.01.2014 |
LOCATIONS
|
Registered Office : |
Moti Mahal, 7th Floor, 195, Jamshedji Tata Road, Churchgate, Mumbai –
400020, Maharashtra, India |
|
Tel. No.: |
91-22-22892610-19/ 228292611 |
|
Fax No.: |
91-22-22892600 |
|
E-Mail : |
|
|
Area : |
1000 Sq ft |
|
Location : |
Leased |
|
|
|
|
Factory : |
C-5/184-185, GIDC, Vapi – 396195, Gujarat, India |
|
Area : |
5000 Sq ft |
|
Location : |
Leased |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Mr. Tadahisa Ooka |
|
Designation : |
Managing director |
|
Address : |
B-182, 18th Floor, Grand Paradi Cooperative Housing Society, Dady Seth Hill, August Kranti, Near Shalimar Hotel, Kemps Corner, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1945 |
|
Date of Appointment : |
24.05.2010 |
|
DIN No.: |
03080249 |
|
|
|
|
Name : |
Mr. Takaharu Ikeda |
|
Designation : |
Managing director |
|
Address : |
Trident Hotel, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Date of Birth/Age : |
03.01.1956 |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
06594577 |
|
|
|
|
Name : |
Mr. Chetan Shantilal Shah |
|
Designation : |
Director |
|
Address : |
Bhagwati Bhuvan, 5th Floor, 31-B, Carmichael Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
22.07.1954 |
|
Date of Appointment : |
13.06.2010 |
|
PAN No.: |
AABPS6839G |
|
DIN No.: |
00488127 |
|
|
|
|
Name : |
Mr. Rohit Berry |
|
Designation : |
Director |
|
Address : |
B-605/606, Som Vihar Apartments, R K Puram, New Delhi - 110022, India |
|
Date of Birth/Age : |
25.08.1970 |
|
Date of Appointment : |
05.10.2009 |
|
DIN No.: |
00453642 |
|
|
|
|
Name : |
Mr. Keiichi Sakata |
|
Designation : |
Director |
|
Address : |
2-10-16, Sakuragaoka, Setagaya-Ku, Tokyo - 156 0054 Japan |
|
Date of Birth/Age : |
22.10.1959 |
|
Date of Appointment : |
21.05.2009 |
|
DIN No.: |
02662456 |
|
|
|
|
Name : |
Mr. Prannath Khairati Arora |
|
Designation : |
Whole-time director |
|
Address : |
House No. 901, Tower No. 8, uniworls Garden Sohna Road, Gurgaon –
122001, Haryana, India |
|
Date of Birth/Age : |
11.09.1967 |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
02818728 |
|
|
|
|
Name : |
Mr. Hideo Wada |
|
Designation : |
Director |
|
Address : |
Kamakura-Shi, Kanagawa, 2470061-Japan |
|
Date of Birth/Age : |
24.03.1962 |
|
Date of Appointment : |
10.01.2011 |
|
DIN No.: |
03373574 |
|
|
|
|
Name : |
Mr. Masahiko Hirano |
|
Designation : |
Director |
|
Address : |
Kitakata 3-2-16-202, Ichikawa, Chiba, Japan |
|
Date of Birth/Age : |
07.01.1966 |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
06594601 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat Malik |
|
Designation : |
Senior Manager Finance |
|
|
|
|
Name : |
Mr. Viral Ghanshyambhai Somani |
|
Designation : |
Secretary |
|
Address : |
Flat No. 504, Building No.2, Labh Krupa Cooperative Housing Society, Navagaon, Dahisar (West), Mumbai – 400068, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1980 |
|
Date of Appointment : |
28.09.2012 |
|
PAN No.: |
AURPS4425J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Sumika Life Tech Limited, Japan |
|
2 |
|
Sumitomo Chemical Company Limited, Japan |
|
218484519 |
|
Chetan Shantilal Shah |
|
14500000 |
|
|
|
|
|
Total |
|
232984521 |
AS ON 27.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
93.80 |
|
Directors
or relatives of directors |
6.20 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Household Insecticides, Agricultural
Pesticides, Public Health Insecticides, Fine Chemicals and Animal Nutrition
Products. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
· Japan Belgium Singapore |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· USA Japan Singapore Vietnam |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Crystal Phosphates Limited |
|
|
|
|
Customers : |
End Users · Godrej Sara Lee Limited |
|
|
|
|
No. of Employees : |
500 (Approximately) |
|
|
|
|
Bankers : |
· Standard Chartered Bank Fort Branch, Mumbai, Maharashtra, India · Citi Bank Fort Branch, Mumbai, Maharashtra, India · Mizuho Corporate Bank, Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
1st Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
|
|
|
|
Holding company : |
Sumitomo Chemical
Company Limited, Japan |
|
|
|
|
Fellow Subsidiaries : |
· Valent Biosciences Corporation, USA Sumitomo Chemical Singapore Pte. Limited SCA South Asia Petrochemicals Private Limited
[U24231DL2009FTC189533] Sumitomo Chemical Australia Pty Limited Sumitomo Chemical (U.K) Plc |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
232,984,521 |
Equity Shares |
Rs. 10/- each |
Rs. 2329.850
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2329.850 |
2329.850 |
1362.310 |
|
(b) Reserves & Surplus |
(695.300) |
(823.100) |
(716.180) |
|
(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) |
1634.550 |
1506.750 |
646.130 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.270 |
2.490 |
1.950 |
|
Total Non-current
Liabilities (3) |
5.270 |
2.490 |
1.950 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
10.480 |
0.000 |
519.500 |
|
(b)
Trade payables |
1607.720 |
1821.230 |
494.310 |
|
(c)
Other current liabilities |
385.940 |
253.170 |
186.340 |
|
(d) Short-term
provisions |
22.780 |
7.810 |
2.150 |
|
Total Current
Liabilities (4) |
2026.920 |
2082.210 |
1202.300 |
|
|
|
|
|
|
TOTAL |
3666.740 |
3591.450 |
1850.380 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
450.980 |
498.260 |
64.610 |
|
(ii)
Intangible Assets |
27.100 |
33.890 |
39.290 |
|
(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 |
0.380 |
0.380 |
0.360 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
141.130 |
100.480 |
16.480 |
|
(e) Other
Non-current assets |
0.060 |
0.040 |
0.000 |
|
Total Non-Current
Assets |
619.650 |
633.050 |
120.740 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1337.420 |
1130.150 |
580.220 |
|
(c)
Trade receivables |
1302.580 |
1294.200 |
866.900 |
|
(d) Cash
and cash equivalents |
183.270 |
353.490 |
63.910 |
|
(e) Short-term
loans and advances |
223.710 |
177.330 |
218.610 |
|
(f)
Other current assets |
0.110 |
3.230 |
0.000 |
|
Total
Current Assets |
3047.090 |
2958.400 |
1729.640 |
|
|
|
|
|
|
TOTAL |
3666.740 |
3591.450 |
1850.380 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
4945.820 |
4506.590 |
2292.960 |
|
|
|
Other Income |
26.800 |
13.960 |
9.650 |
|
|
|
TOTAL |
4972.620 |
4520.550 |
2302.610 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
4844.820 |
4627.470 |
2499.770 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
127.800 |
(106.920) |
(197.160) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
127.800 |
(106.920) |
(197.160) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
1039.960 |
769.520 |
475.500 |
|
|
|
Service and commission income |
16.780 |
7.290 |
8.650 |
|
|
TOTAL EARNINGS |
1056.740 |
776.810 |
484.150 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.55 |
(0.46) |
(1.45) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.57
|
(2.37) |
(8.56) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.58
|
(2.37) |
(8.60) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.49
|
(2.98) |
(10.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
(0.07) |
(0.31) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.00 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.42 |
1.44 |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90141728 |
20/02/1992 |
2,000,000.00 |
UNION BANK OF INDIA |
66/80; B.S. MARG BRANCH, BOMBAY - 400023, MAHARASHTRA, INDIA |
- |
|
2 |
90141726 |
19/02/1992 |
1,275,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELSIOR BUILDING, A.K. NAYAK MARG; FORT, BOMBAY - 400001, MAHARASHTRA, INDIA |
- |
|
3 |
90149194 |
16/10/1991 |
5,225,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELSIOR BUILDING, A.K. NAYAK MARG; FORT, BOMBAY - 400001, MAHARASHTRA, INDIA |
- |
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
10.480 |
0.000 |
|
|
|
|
|
Total |
10.480 |
0.000 |
CHANGE OF ADDRESS:
The Registered office of the company has been shifted from 146, 14th
Floor, Maker Chambers VI, 220 Nariman Point, Mumbai - 400021, Maharashtra,
India to the present w.e.f.01.02.2007.
BACKGROUND
Subject was
incorporated on February 15, 2000 and is a subsidiary of Sumitomo Chemical
Company Limited, Japan (‘SCCL’). The Company is primarily engaged in
manufacturing and sales of Household Insecticides, Agricultural Pesticides,
Public Health Insecticides, Fine Chemicals and Animal Nutrition Products.
AMALGAMATION
Amalgamation of New Chemi Industries Limited (NCI), Scott
Pharmaceuticals Private Limited (Scott) and SC Enviro Agro India Private
Limited (SCEAI) with Sumitomo Chemical India Private Limited (SCIPL or the
Company), during the previous year During the previous year, pursuant to the
Scheme of Amalgamation (the Scheme) as approved in the court convened
shareholder meeting held on 18 April 2011 and subsequent sanctioned by the
Hon’ble courts of Judicature at Bombay and of Judicature at Gujarat vide their
order dated 16 September 2011, NCI, Scott and SCEAI (collectively referred to
as the amalgamating companies) have been merged with the Company. The
amalgamating companies were engaged in manufacturing and sales of Agricultural
Pesticides and Fine Chemicals products. As provided in the Scheme, 75,000,000
equity shares of face value of Rs. 10 each of the Company were issued against
50,000 equity shares of face value of Rs. 100 each, held in NCI, 7,253,521
equity shares of face value of Rs. 10 each of the Company were issued against
358,730 equity shares of face value of Rs. 10 each, held in SCEAI and SCIPL’s
investments in such equity shares held by the Company stands cancelled. Further
NCI’s shareholding, including shares held by its nominee, in Scott (7,500
equity shares of Rs. 100 each) and SCEAI (39,859 equity shares of Rs. 10 each)
stands cancelled and the Company was not required to issue any shares as per
the Scheme. As per the Scheme, the Appointed Date is 1 April 2011. The
amalgamation had been accounted under “Purchase method” as prescribed by
Accounting Standard 14 on “Accounting for Amalgamations”. Accordingly:
(i) All the assets and liabilities of NCI, Scott and SCEAI had been
transferred and vested in the Company with effect from 1 April, 2011;
(ii) As specified in the Scheme, the difference of Rs 42.380 millions,
being the difference between the amount recorded as share capital issued (Rs.
822.540 Millions) and the amount of assets and liabilities (listed below) taken
over at Fair value of the amalgamating companies (Rs. 780.160 Millions) was
treated as goodwill;
(iii) The book values of the intercompany balances and holdings stand
cancelled.
Goodwill on amalgamation during the previous year and value of net
assets and liabilities taken over at fair values are:
|
Particulars |
Amount
(Rs In Million) |
|
Fixed assets |
458.640 |
|
Current Assets including loans and advances |
932.100 |
|
Investment |
0.050 |
|
Less: Current Liabilities |
530.630 |
|
Less: Unsecured Loan |
80.000 |
|
|
780.160 |
|
Equity Shares issued |
822.540 |
|
Goodwill |
42.380 |
TURNOVER AND PROFITS:
During the year,
the turnover of the Company was Rs.4945.820 Millions as against Rs. 4506.590
Millions in the previous year. This represents 9.75% growth. Although the
company registered the growth rate at par with the industry average, this year
it has shown the signs of improvements in PAT (Profit After Tax) Margins. After
making provision for Depreciation, Interest and Tax, the Net Profit during the
year amounts to Rs.127.800 millions as against Rs.106.920 millions of Net Loss
in the previous year. This is mainly due to reduction in finance cost,
depreciation & foreign exchange loss. Despite of high volatility in foreign
exchange rates and the pressure of increasing input costs for power and other
raw materials, the Company has managed to reduce its foreign exchange loss by
undertaking effective hedging activities and has succeeded in maintaining its
excellent business performance.
FUTURE OUTLOOK:
With the improved
infrastructure, skilled manpower and strategic alliances, the Company is now
set to take leap forward in the areas of Household Insecticides, Crop
Protection and Public Health. In the face of escalating input costs, stiffer
competition, and a struggling global economy, the Company 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
overall financial performance of the company for the year was satisfactory and
is expected to continue its momentum. Ongoing business challenges such as the
prolonged global economic crisis, volatile input prices, high volatile exchange
rates and increased pricing pressures are dampening company’s expectations. The
business of household insecticides, animal nutrition and crop protection
manufacturing is growing at a steady rate. If normal conditions prevail, the
company is hopeful of achieving better results in coming years.
FINANCE:
During the year,
the finance cost of the company has reduced by Rs.22.040 millions. This is
mainly due to effective working capital management which led to lesser
borrowings and also better credit terms availed from the creditors.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Disputed Sales tax demand – matter under appeal |
7.350 |
8.770 |
|
Disputed Income tax demand – matter under appeal |
122.790 |
114.500 |
|
Disputed rent of premises |
2.710 |
2.710 |
|
Disputes Service tax demand –matter under appeal |
5.880 |
6.410 |
|
|
|
|
|
Total |
138.730 |
132.390 |
FIXED ASSETS:
Tangible Assets
· Land
Buildings
Residential
building
Office
building
Factory
building
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Leasehold
improvements
Intangible Assets
Goodwill
Brands
and trade marks
Copyrights
Patents
Licenses
and franchise
Know-how
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 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. 62.24 |
|
|
1 |
Rs. 102.17 |
|
Euro |
1 |
Rs. 84.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.