MIRA INFORM REPORT

 

 

Report No. :

322478

Report Date :

18.05.2015

 

IDENTIFICATION DETAILS

 

Name :

SOJITZ INDIA PRIVATE LIMITED

 

 

Registered Office :

7th Floor, Eros Corporate Tower, Nehru Place, New Delhi – 110 019

Tel. No.:

91-11-66426400

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

29.03.2005

 

 

Com. Reg. No.:

55-134445

 

 

Capital Investment / Paid-up Capital :

Rs. 80.000 Million

 

 

CIN No.:

[Company Identification No.]

U51909DL2005PTC134445

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELS26586A

 

 

PAN No.:

[Permanent Account No.]

AAICS8883N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in trading of Chemicals and Plastics

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1100000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Sojitz Asia Pte Limited, Singapore”.

 

It is an established company having satisfactory track record.

 

The rating reflects company sound financial risk profile marked by healthy net worth position and fair profitability of the company.

 

Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitment.

 

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 – December 31, 2014

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 DENIED BY

 

Name :

Mr. Abhinav

Designation :

Account Department

Contact No.:

91-11-66426400

Date :

14.05.2015

 

 

LOCATIONS

 

Registered Office/ Head Office :

7th Floor, Eros Corporate Tower, Nehru Place, New Delhi – 110 019, India

Tel. No.:

91-11-66426400

Fax No.:

91-11-66426401

E-Mail :

naresh.kharbanda@sea.sojitz.com

kumar.abhinav@sea.sojitz.com

kuba.sei@sea.sojitz.com

cesales@sojitz.com

Website :

www.sojitz.com

 

 

Branch Office :

Polyhose Tower (SPIC “ Annexe Building”), No.86, 8th Floor, <ount Road, Guindy, Chennai – 600032, Tamilnadu, India

Tel. No.:

91-44-22353001/ 3002

Fax No.:

91-44-22353007

 

 

DIRECTORS

 

As on: 30.09.2014

 

Name :

Mr. Konishi Masazumi

Designation :

Managing Director

Address :

D-1/45, Ground Floor, and Basement, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

05.02.1960

Date of Appointment :

01.11.2012

DIN No.:

06418894

 

 

Name :

Mr. Masahiro Matsushita

Designation :

Director

Address :

S-54, Second Floor, Panchsheel Park, Delhi – 110017, India

Date of Birth/Age :

30.08.1960

Date of Appointment :

01.01.2012

DIN No.:

00288035

 

 

Name :

Koichi Yasuhiru

Designation :

Director

Address :

A-404/A-404A, Citiscape Building, Andheri Kurla Road, J.B. Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India 

Date of Birth/Age :

14.09.1955

Date of Appointment :

28.09.2011

DIN No.:

03555602

 

 

KEY EXECUTIVES

 

Name :

Mr. Abhinav

Designation :

Account Department

 

 

Name :

Mr. Abhinav Kumar

Designation :

Secretary

Address :

B/64-A, Phase II, Ashok Vihar, Delhi – 110 052, India

Date of Birth/Age :

27.10.1978

Date of Appointment :

04.04.2007

PAN No:

AQWPK2648E

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 30.09.2014

 

Names of Shareholders

 

No. of Shares

Sojitz Asia Pte. Limited, Singapore

 

7999999

Sojitz Group Management of Asia Limited, Singapore

 

1

Total

 

8000000

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 30.09.2014

 

Category

 

Percentage

 

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

 

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in trading of Chemicals and Plastics

 

 

Products :

ITC Code

Products or Services

29291090

Isocyanates : Other

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name

Not Available

Branch

Not Available

Person Name (With Designation)

Not Available

Contact Number

Not Available

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Short-term borrowings

 

 

Working capital loans from banks

40.000

0.000

 

 

 

Total

40.000

0.000

 

 

Working capital demand loan taken from bank carrying interest at 17.50% p.a., computed on a daily basis on the actual amount utilized and repayable on demand. The maximum eligible limit of the loan is Rs. 270.000 million which has been guaranteed by Sojitz Corporation, Japan and the ultimate holding Company.

 

 

 

Auditors :

 

Name :

BSSR and Company

Chartered Accountants

Address :

Building No. 10, 8th Floor, Tower B, DLF Cyber City, Phase - II , Gurgaon-122002, Haryana, India

Email:

mgupta2@kpmg.com

PAN No.:

AAKFB4430H

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Ultimate Holding Company:

Sojitz Corporation, Japan

 

 

Holding Company :

Sojitz Asia Pte. Limited, Singapore

 

 

Fellow Subsidiaries:

  • Sojitz (Thailand) Company Limited
  • Sojitz Logisitics Corporation
  • Sojitz (Malaysia) Sdn. Bhd
  • PT. Sojitz Indonesia
  • Sojitz (China) Company Limited
  • Sojitz Europe Plc.
  • Sojitz Machinery Corporation
  • Sojitz Taiwan Corporation
  • Sojitz Shanghai Company Limited
  • Sojitz Planet Corporation
  • Sojitz Marine and Engg. Corporation
  • Sojitz Food Corporation
  • Sojitz (Tianjin) Company Limited
  • Sojitz Corporation of America
  • Sojitz Quingdao Company Limited
  • Alconix Corporation
  • Sojitz Phillipines Corporation
  • Sojitz Resources and Technology Pty. Limited
  • Thai GCI Resitop
  • Sojitz America Capital Corp.
  • Metal One Corporation
  • Sojitz Petroleum Company Limited
  • Sojitz Vietnam Company limited
  • Sojitz Tourist Corporation
  • -Sojitz Automotive and Engineering Inc.
  • Sojitz Aerospace Corporation
  • Sojitz Australia limited
  • Sojitz Korea Corporation
  • Moterhson Auto Solution Limited

 

 

CAPITAL STRUCTURE

 

As on: 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

13200000

Equity Shares

Rs.10/- each

Rs.132.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8000000

Equity Shares

Rs.10/- each

Rs.80.000 Million

 

 

 

 

 


 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

80.000

80.000

80.000

(b) Reserves & Surplus

307.946

226.618

147.600

(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)

387.946

306.618

227.600

 

 

 

 

(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

14.382

9.797

8.215

(d) long-term provisions

14.052

12.417

9.547

Total Non-current Liabilities (3)

28.434

22.214

17.762

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

40.000

0.000

0.000

(b) Trade payables

165.276

218.103

271.017

(c) Other current liabilities

38.860

19.349

10.361

(d) Short-term provisions

17.696

23.669

16.269

Total Current Liabilities (4)

261.832

261.121

297.647

 

 

 

 

TOTAL

678.212

589.953

543.009

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

47.669

48.356

48.091

(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

0.000

0.000

0.000

(c) Deferred tax assets (net)

17.034

20.462

14.431

(d) Long-term Loan and Advances

82.172

83.101

42.119

(e) Other Non-current assets

0.115

0.090

0.091

Total Non-Current Assets

146.990

152.009

104.732

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

71.336

40.634

63.311

(c) Trade receivables

341.804

251.454

276.148

(d) Cash and cash equivalents

33.767

61.744

39.991

(e) Short-term loans and advances

83.704

83.362

57.336

(f) Other current assets

0.611

0.750

1.491

Total Current Assets

531.222

437.944

438.277

 

 

 

 

TOTAL

678.212

589.953

543.009

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

TOTAL

3709.712

1305.802

1128.713

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL

3566.175

1186.504

1104.975

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

143.537

119.298

23.738

 

 

 

 

 

Less

TAX

62.208

40.280

9.931

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

81.329

79.018

13.807

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

226.618

147.600

133.793

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

307.946

226.617

147.600

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

10.17

9.88

1.72

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

0.000

0.000

Cash generated from operations

NA

NA

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

21.71

20.95

4.49

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.37

0.39

0.10

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.10

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.03

1.68

1.47

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

80.000

80.000

80.000

Reserves & Surplus

147.600

226.618

307.946

Net worth

227.600

306.618

387.946

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

40.000

Current Maturities of Long-term debts

0.000

0.000

0.000

Total borrowings

0.000

0.000

40.000

Debt/Equity ratio

0.000

0.000

0.103

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

1128.713

1305.802

3709.712

 

 

15.689

184.095

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

1128.713

1305.802

3709.712

Profit

13.807

79.018

81.328

 

1.22%

6.05%

2.19%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

No

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

Yes

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

No

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

No

33

Market information

No

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

Note:

 

Registered Office of the company has been shifted from “2nd Floor, Mercantile House, 15, Kasturba, Gandhi Marg, New Delhi – 110001, India” to the present Address w.e.f. 29.08.2011.

 

 

FINANCIAL PERFORMANCE:

 

The Company, after expansion and diversification its principal/indent business in domestic as well as international aspect during the year, has been performing relatively well. This has been reflected by magnificent upsurge in total income as compared to the last year although the actual picture has been shadowed by increase in expenditure resulting from inflation and ancillary factors. Automobile, machinery, chemicals, iron-ore, foods and plastics divisions are the main fields in which the Company had succeeded in its principal business. Further, Company is also doing domestic business in trading of Chemicals and Plastics.

 

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.

 

 

INDEX OF CAHREGS:  NO CHARGES EXIST FOR COMPANY 

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

Other money for which company is contingently liable

835.084

Total

835.084

 

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, India Prisons Service, Interpol, etc.

 

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.63.58

UK Pound

1

Rs.100.30

Euro

1

Rs.72.38

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MTN


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

48

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.