MIRA
INFORM REPORT
|
Report No. : |
347826 |
|
Report Date : |
04.11.2015 |
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 |
|
Tel. No.: |
91-22-24999021/ 22/ 22079296 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation
: |
31.08.2005 |
|
|
|
|
Com. Reg. No.: |
11-155765 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 164.259 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909MH2005PLC155765 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
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
: |
91 (Approximately) |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject was established in the year 2005 and it is a trading and export company. The company is engaged in trading of maize, deoiled cake, castor oil, tea leaf and other pulses and food items. As per the financial record of 2015, company has reported marginal growth of 6.87% but failed to maintained profit margins and reported low margins at 0.80% during the year under a review. Rating derive strength from its above average financial risk profile characterized by comfortable capital structure and debt protection metrics. The ratings also factor in long track record of the promoters in the commodity business along with the company’s close proximity to agro based manufacturers along with a well-established distribution network. Rating strength partially offset by low profitability margins owing to trading nature of business and its susceptibility to volatility in the raw material prices given agro-based commodities. Trade relations are reported as fair. Payment terms are reported to be
usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long terms bank facilities: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
08.08.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short terms bank facilities: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
08.08.2014 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Raju Pillai |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-24999021 |
|
Date : |
30.10.2015 |
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 31.03.2015
|
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 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7881460 |
47.98 |
|
|
3456965 |
21.05 |
|
|
1000 |
0.01 |
|
|
3455965 |
21.04 |
|
|
11338425 |
69.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
11338425 |
69.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
194167 |
1.18 |
|
|
194167 |
1.18 |
|
|
|
|
|
|
177664 |
1.08 |
|
|
|
|
|
|
2616505 |
15.93 |
|
|
1837120 |
11.18 |
|
|
262062 |
1.60 |
|
|
20159 |
0.12 |
|
|
68053 |
0.41 |
|
|
173850 |
1.06 |
|
|
4893351 |
29.79 |
|
Total Public shareholding (B) |
5087518 |
30.97 |
|
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 |
|
S. No. |
Name Of The Shareholder |
Details Of
Shares Held |
|
|
No. Of Shares
Held |
As A % Of Grand
Total |
||
|
1 |
Saurabh Malhotra |
32,28,341 |
19.65 |
|
2 |
Kusum Chander Mohan Malhotra |
31,10,000 |
18.93 |
|
3 |
Sakuma Infrastructure and Realty Private Limited |
26,67,245 |
16.24 |
|
4 |
Chandermohan Malhotra |
15,33,119 |
9.33 |
|
5 |
Sakuma Finvest Private Limited |
6,98,720 |
4.25 |
|
6 |
Gmk System And Logistics Private Limited |
90,000 |
0.55 |
|
7 |
Vanitha Malhotra |
10,000 |
0.06 |
|
8 |
Shipra Sundeep Mediratta |
500 |
0.00 |
|
9 |
Tanya Mediratta |
500 |
0.00 |
|
|
Total |
1,13,38,425 |
69.03 |
Shareholding
belonging to the category "Public" and holding more than 1% of the Total
No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Ashok Mittal |
901725 |
5.49 |
5.49 |
|
|
2 |
Corporation Bank |
191907 |
1.17 |
1.17 |
|
|
|
Total |
1093632 |
6.66 |
6.66 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Ashok Mittal |
901725 |
5.49 |
5.49 |
|
|
|
Total |
901725 |
5.49 |
5.49 |
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. |
|
|
|
|
Products : |
· Sugar · Rice, Maize · Sesame Seeds · Ground Nuts · Pulses · Oil Meal ·
Raw Cotton |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
· Sugar · Rice, Maize · Sesame Seeds · Ground Nuts · Pulses · Oil Meal ·
Raw Cotton |
|
Countries : |
·
Middle East Countries ·
United Arab
Emirates ·
Gulf Countries ·
Asian Countries ·
Far East Countries |
|
|
|
|
Imports : |
|
|
Products : |
Sugar |
|
Countries : |
·
Malaysia ·
Canada ·
Indonesia ·
Switzerland |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Advance Payment / L/C / Credit |
|
|
|
|
Purchasing : |
Cash / Advance Payment / L/C / Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
91 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
Axis Bank Limited Indian Overseas Bank |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
M.L. Sharma and company Chartered Accountants |
|
Address : |
107, chartered House, 297-299, Dr. C.H. Behind Dolours Cgurch Marine Lines,
Mumbai-400002, Maharashtra, India |
|
Tel No.: |
91-22-22010808, 22011010 |
|
Fax No.: |
91-22-22011414 |
|
Email: |
|
|
|
|
|
Auditors : |
|
|
Name : |
S N K and Company Chartered Accountants |
|
Address : |
303, Konark Shram, 156, Tardeo Road, Mumbai- 400034, Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company (As
on 31.03.2014) : |
· Sakuma Exports Limited |
|
|
|
|
Subsidiaries (As on
31.03.2014) : |
· 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 (As on 31.03.2014): |
· 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 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.164.259
Million
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 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,64,25,943 |
Equity Shares |
Rs.10/- each |
Rs. 164.259
Million |
|
|
|
|
|
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 |
31.03.2014 |
|
|
|
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 Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
164.259 |
164.259 |
164.259 |
|
(b) Reserves & Surplus |
607.733 |
583.930 |
479.455 |
|
(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) |
771.992 |
748.189 |
643.714 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
5.726 |
7.013 |
8.631 |
|
(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) |
5.726 |
7.013 |
8.631 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1284.511 |
1029.630 |
194.254 |
|
(b) Trade payables |
1789.375 |
110.515 |
26.648 |
|
(c) Other current liabilities |
157.414 |
38.946 |
65.765 |
|
(d) Short-term provisions |
54.233 |
67.235 |
27.024 |
|
Total
Current Liabilities (4) |
3285.533 |
1246.326 |
313.691 |
|
|
|
|
|
|
TOTAL |
4063.251 |
2001.528 |
966.036 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
32.054 |
39.334 |
41.081 |
|
(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 |
10.740 |
1.206 |
2.806 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.948 |
11.875 |
13.357 |
|
(e) Other Non-current assets |
9.622 |
9.622 |
9.622 |
|
Total
Non-Current Assets |
63.364 |
62.037 |
66.866 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
340.758 |
415.976 |
574.046 |
|
(c) Trade receivables |
3044.218 |
923.698 |
161.608 |
|
(d) Cash and cash equivalents |
254.908 |
168.972 |
80.926 |
|
(e) Short-term loans and
advances |
349.493 |
407.217 |
76.629 |
|
(f) Other current assets |
10.510 |
23.628 |
5.961 |
|
Total
Current Assets |
3999.887 |
1939.491 |
899.170 |
|
|
|
|
|
|
TOTAL |
4063.251 |
2001.528 |
966.036 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
10808.535 |
10113.214 |
6188.258 |
|
|
Other Income |
122.846 |
32.708 |
30.669 |
|
|
TOTAL
(A) |
10931.381 |
10145.922 |
6218.927 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
9889.957 |
8881.691 |
4984.737 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
717.108 |
158.070 |
346.378 |
|
|
Direct expenses |
75.218 |
0.000 |
0.000 |
|
|
Employees benefits expense |
35.172 |
31.701 |
21.086 |
|
|
Other expenses |
64.096 |
927.424 |
760.857 |
|
|
TOTAL
(B) |
10781.551 |
9998.886 |
6113.058 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
149.830 |
147.036 |
105.869 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.857 |
33.772 |
36.437 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
132.973 |
113.264 |
69.432 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
8.330 |
7.932 |
8.856 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
124.643 |
105.332 |
60.576 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
37.306 |
34.822 |
18.720 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
87.337 |
70.510 |
41.856 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
163.999 |
112.707 |
89.942 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend on Equity Shares |
|
16.426 |
16.426 |
|
|
Dividend Tax |
|
2.792 |
2.665 |
|
|
Excess Provision of reversed
back |
|
0.000 |
0.000 |
|
|
Balance
Carried to the B/S |
|
163.999 |
112.707 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of goods calculated on
FOB basis |
|
8547.607 |
5167.842 |
|
|
TOTAL
EARNINGS |
|
8547.607 |
5167.842 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Traded Goods |
|
191.655 |
431.392 |
|
|
TOTAL
IMPORTS |
NA |
191.655 |
431.392 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
5.32 |
4.29 |
2.55 |
Expected Sales (2015-2016) : Rs. 25000.000 Million
The above information has been parted by Mr. Raju Pillai (Finance
Manager)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.81 |
0.70 |
0.68 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1.39 |
1.45 |
1.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.08 |
5.27 |
6.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.14 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.66 |
1.38 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.56 |
2.87 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.50.95 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
164.259 |
164.259 |
164.259 |
|
Reserves & Surplus |
479.455 |
583.930 |
607.733 |
|
Net
worth |
643.714 |
748.189 |
771.992 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
194.254 |
1029.630 |
1284.511 |
|
Total
borrowings |
194.254 |
1029.630 |
1284.511 |
|
Debt/Equity
ratio |
0.302 |
1.376 |
1.664 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6188.258 |
10113.214 |
10808.535 |
|
|
|
63.426 |
6.875 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6188.258 |
10113.214 |
10808.535 |
|
Profit |
41.856 |
70.510 |
87.337 |
|
|
0.68% |
0.70% |
0.81% |
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 |
Yes |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
No |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
Yes |
|
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% |
-- |
|
28] |
Estimation for coming financial year |
Yes |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation
Date:- 25/06/2015 |
||||||
|
Lodging No. : |
CPL/605/2015 |
Failing Date:- |
25/06/2015 |
Reg. No.:- |
CP/1125/2015 |
|
|
Reg. Date:- |
07/10/2015 |
|
|
|
|
|
|
|
||||||
|
Petitioner:- |
VIJAY TRADERS |
Respondent:- |
SAKUMA EXPORTS LIMITED |
|||
|
Petn.Adv:- |
RAJESH RAVINDRAN (I2449) |
|
|
|||
|
District:- |
MUMBAI |
|||||
|
|
||||||
|
Bench:- |
SINGLE |
Category:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
|||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ACCEPTANCE |
|||
|
Last Date:- |
27/10/2015 |
Stage:- |
-- |
|||
|
Last Coram:- |
COMPANY REGISTRAR |
|
|
|||
|
Act. : |
Companies Act & Rules 1956 |
Under Section: |
433, 434, 439 |
|||
OPERATIONS REVIEW AND
FUTURE PROSPECTS (As on 31.03.2014)
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 Million for the half year ended 30th September 2013 including domestic sales of Rs.717.500 Million. 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 Million to Rs.6837.200 Million. During the whole year the company achieved turnover of Rs.10004.500 Million and profit before tax Rs.105.300 Million as against Rs.6082.300 Million and Rs.60.600 Million 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 Million in 2012-13 to Rs.2297.400 Million 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 Million and Rs.67.800 Million in 2012-13 to Rs.15786.400 Million and Rs.178.900 Million 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 |
10559466 |
25/03/2015 |
250,000,000.00 |
UNION BANK OF INDIA |
Overseas Branch, Union Bank Bhavan,Ground Floor,, 239,Vidhan
Bhavan Marg,Nariman Point, Mumbai, Maharashtra - 400021, INDIA |
C49237209 |
|
2 |
10545449 |
25/11/2014 |
1,250,000,000.00 |
CORPORATION BANK |
NARIMAN POINT BRANCH,EARNEST HOUSE,IST FLOOR, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
C41611336 |
|
3 |
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 |
|
4 |
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 |
|
5 |
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 |
|
6 |
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 million)
|
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 |
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
|
PARTICULARS |
Three Months |
|
|
Ended |
|
|
31.06.2015 |
|
|
(Unaudited) |
|
1.(a) Net Sales / Income from Opeartions |
4776.222 |
|
(b) Other Operative Income |
- |
|
Total |
4776.222 |
|
2. Total Expenditure |
|
|
a) Cost of Material consumed |
- |
|
b) Purchase of Stock in Trade |
4114.584 |
|
c) Direct Expenses |
317.031 |
|
d) Change in inventories of Finished Goods |
227.814 |
|
e) Employment Benefit Expense |
9.431 |
|
f). Depreciation |
1.685 |
|
g) Administrative, Selling & Other Expenses |
38.828 |
|
Total |
4709.373 |
|
|
|
|
3.Profit from Operations before other income, interest &
Exceptional Items (1-2) |
66.849 |
|
|
|
|
4. Other Income |
6.432 |
|
|
|
|
5.Profit befor Interest & Exceptional Items (3+4) |
73.281 |
|
|
|
|
6.Finance Cost |
23.792 |
|
|
|
|
7.Profit after Interest but before Exceptional Items (5-6) |
49.489 |
|
|
|
|
8.Exceptional Items |
- |
|
|
|
|
9.Profit (+) / Loss (-) from Oridinary Activities before tax (7+8) |
49.489 |
|
|
|
|
10. Provision for Tax |
|
|
-Current Tax |
17.127 |
|
- Deferred Tax |
(0.301) |
|
- Income tax of earlier years |
- |
|
|
|
|
Total (a+b+c) |
16.826 |
|
|
|
|
11.Net Profit (+) / Loss (-) from Ordinary Activities after tax (9-10) |
32.663 |
|
|
|
|
12.Extraordinary Items |
- |
|
|
|
|
13.Net Profit (+) / Loss (-) for the period (12-13) |
32.663 |
|
|
|
|
14.Paid up Equity Share Capita - (Face Value of Rs. 10/- each) |
164.259 |
|
|
|
|
15.Reserves & Surpuls |
|
|
|
|
|
16.Earnings per Share (EPS) (in Rs.) |
|
|
Basic& Diluted EPS Before Extra Ordinary Items (in Rupees) |
1.99 |
|
Basic& Diluted EPS after Extra Ordinary Items (in Rupees) |
1.99 |
|
|
|
|
17.Public Shareholding |
|
|
- No. of Shares |
5087518 |
|
-Public Shareholding |
30.97 |
|
|
|
|
18.Promoters and Promoter group Shareholding |
|
|
(a) Pledge / Encumbered |
|
|
- No. of Shares |
12,20,000 |
|
- Percentage of Shares (as a % of total shareholding of promoter and
promoter group) |
10.76 |
|
- Percentage of Shares (as a % of total shareholding of the company) |
7.43 |
|
(b) Non Encumbered |
|
|
- No. of Shares |
10118425 |
|
- Percentage of Shares (as a % of total shareholding of promoter and
promoter group) |
89.24 |
|
- Percentage of Shares (as a % of total shareholding of the company) |
61.60 |
|
% of holding |
|
|
|
|
|
|
Particulars |
Quarter ended 30.06.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
4 |
|
|
Disposed off during the quarter |
4 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
1. The Un-audited financial results for the Quarter ended June 30, 2015 were reviewed by the Audit Committee and approved by the Board of directors at their meeting held on the August 13, 2015. The Statutory Auditors have carried Limited Review of the Un-Audited Financial Results of the Company.
2. Figures stated above have been reclassified wherever necessary to confirm
with the classification in the financial results for the quarter ended June 30,
2015.
3. The Company’s business activity falls within a single primary segment viz.
trading. In view of the general clarification (ASI-20 dtd. February 14, 2004)
issued by the Institute of Chartered Accountants of India for companies
operating in single segment, the disclosure requirements as per AS-17, “Segment
Reporting” is not applicable to the Company.
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.65.45 |
|
|
1 |
Rs.100.96 |
|
Euro |
1 |
Rs.72.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.