Sumitomo Chemical India Ltd

Sumitomo Chemical India Ltd

Sumitomo Chemical India Limited (SCIL) was incorporated originally on 15 February 2000 and converted from Private Limited to Public Limited w.e.f. 24th November 2018. SCIL is a subsidiary of Sumitomo Chemical Company Limited Japan (SCCL). The Company is engaged in manufacturing of household insecticides agricultural pesticides public health insecticides and animal nutrition products. On 01 August 2018 the Board approved a Scheme of Amalgamation of Excel Crop Care Limited a subsidiary of Sumitomo Chemical Company Limited Japan the Company's Holding Company with the Company. The `Appointed Date' for the Scheme is 01 April 2018 which was approved by Shareholders at the Meeting held on 30 March 2019 pursuant to Order of Hon'ble National Company Law Tribunal Mumbai Bench (Hon'ble NCLT).In terms of the Scheme 2199448 equity shares of Excel Crop Care Limited held by the Company representing its 19.98% share capital were cancelled. On 7th October 2019 the remaining shareholders of Excel Crop Care Limited holding shares as on 31st August 2019 (`Record Date') were allotted shares of the Company in the following ratio: 51 equity shares of the Company of Rs 10 each fully paid up for every 2 equity shares of Excel Crop Care Limited of Rs 5 each fully paid up. Accordingly the Company issued and allotted its 224557641 shares of Rs 10 each as fully paid up to the other shareholders of Excel Crop Care Limited.As a result of implementation of the Scheme of Amalgamation Excel Crop Care (Africa) Limited Tanzania and Excel Crop Care (Europe) NV Belgium the subsidiaries of Excel Crop Care Limited have become the Company's subsidiaries.The Company's shares representing its entire issued share capital have been listed on BSE Limited and the National Stock Exchange of India Limited on 27th January 2020.With this allotment of shares the shareholding of Sumitomo Chemical Company Limited Japan the Holding Company and its Japan based subsidiary in the Company stood reduced from 100% to 80.3% as on 31st March 2020. In June 2020 the Holding Company sold 9982914 shares (representing 2% of the Company's share capital) through `offer for sale' process through the stock exchanges and thereby reduced their shareholding to 78.3%. The Promoters need to reduce their shareholding in the Company to 75% or less within one year of Listing.The shares held by the Promoters in the Company to the extent of about 55.01% of the Company's share capital have been locked-in for a period of one/three years from the date of listing as per SEBI requirements.In respect of 224557641 shares of Rs 10 each fully paid up allotted to the shareholders of Excel Crop Care Limited the Company has not been able to file Return of Allotment with the Registrar of Companies as required under the Companies Act 2013. This is owing to a technical problem in the portal of the Ministry of Corporate Affairs on which the Return of Allotment needs to be filed online. The Company is making efforts to find solution to the problem so that it can file the Return of Allotment. In the meantime as stipulated by the stock exchanges 19.99% of the equity share capital held by the Promoters (in addition to 55.01% of the share capital locked-in as per SEBI requirements) have been locked-in and will remain under lock-in till the Company files Return of Allotment with the Registrar of Companies.Global pandemic Covid-19 which broke out in the last quarter of FY 2019-20 has caused severe impact globally and in India. India announced country-wide strict lockdown in the last week of March 2020 and such measures continue to be in force till date in gradually relaxed form. The Company's operations have been classified as 'essential' and hence not much affected by the lock-down.Sumitomo Chemical Company Limited the holding company and its Japan based subsidiary were holding about 80.3% of the share capital of the Company. During the year 2021 the holding company sold about 5.3% of the share capital pursuant to the requirements. The sale of shares was undertaken through `offer for sale' process through the stock exchanges. As a result shareholding of promoters and the promoter group now stands at 75% of the Company's share capital ensuring 25% shareholding by public.During the year 2022 Excel Crop Care (Europe) NV the Company's subsidiary in Belgium was voluntarily wound up. During the year 2022 Company expanded manufacturing capacity for one of its technical grade products. It completed feasibility study for introducing three new technical grade products and take initiatives for introducing new technical grade products andexpanding production capacity.During the year 2022-23 the Company commissioned additional 1.8 MW solar power plant for captive consumption.