MIRA
INFORM REPORT
|
Report Date : |
13.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SALGAOCAR ENGINEERS PRIVATE LIMITED |
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Registered Office : |
Salgaocar Chambers, P.O. Box 35, Margao,
Goa – 403601 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.12.1967 |
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Com. Reg. No.: |
24-78 |
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CIN No.: [Company
Identification No.] |
U74210GA1967PTC000078 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS08593E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Engineering Goods and Ore |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 12000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject company belongs to a well established group of companies. The
group is a multi-product company. Subject company has agency for engineering equipment
Manufactured by the companies in USA, Canada, Germany and many other
continues. The company provides excellent after sales support to many well
known hydroelectric companies and coalfields in India. However, the subject company is not faring well and it is incurring
losses. Trade relations are reported as fair. Payments are slow and delayed.
Financial position of the company is not comfortable. In view of the above,
the company may be considered for business dealings against safe and secured
trade terms and conditions, at present. |
LOCATIONS
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Registered Office/ Factory : |
Salgaocar Chambers, P.O. Box 35, Margao,
Goa – 403601, India |
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Tel. No.: |
91-832-2737301 |
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Fax No.: |
91-832-2732271 |
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E-Mail : |
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Website : |
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Location : |
Owned Office Premises |
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Branch Office : |
805, New Delhi House, 27, Barakhamba Road, New Delhi - 110001, India |
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Tel. No.: |
91-11-23315929 / 23312693/ 23314844/ 23329334 |
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Fax No.: |
91-11-23312408/ 23329335 |
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E-Mail : |
DIRECTORS
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Name: |
Mr. Anil V.
Salgaocar |
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Designation : |
Director |
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Address : |
Alto Chicalim, Vasco – Da- Gama, South Goa - 403802 |
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Date of Birth: |
26.12.1940 |
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Date of Appointment : |
18.12.1967 |
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Name : |
Mrs. Lakshmi A.
Salgaocar |
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Designation : |
Director |
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Address : |
Alto Chicalim, Vasco – Da- Gama, South Goa - 403802 |
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Date of Appointment : |
29.05.1992 |
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Date of Ceasing : |
08.12.2004 |
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Name : |
Mr. Mahabaleshwar
R. Hegde |
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Designation : |
Director |
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Address : |
Chicalim, Goa |
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Name : |
Mr. Sameer A.
Salgaocar |
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Designation : |
Director |
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Address : |
Alto Chicalim, Vasco – Da- Gama, South Goa - 403802 |
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Date of Birth: |
27.07.1969 |
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Date of
Appointment : |
10.01.1998 |
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Name : |
Mr. Arjun A.
Salgaocar |
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Designation : |
Director |
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Address : |
Alto Chicalim, Vasco – Da- Gama, South Goa - 403802 |
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Date of Birth: |
17.09.1975 |
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Date of
Appointment : |
03.11.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Anil V. Salgaocar (HUF) |
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18600 |
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Jayaraj Estate Development &
Investment Company Private Limited |
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3000 |
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Sallitho Ores Private Limited |
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3000 |
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Total |
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24600 |
(As on 31.03.2007)
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Category |
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Percentage
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Bodies Corporate |
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24.39 |
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Others |
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75.61 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Engineering Goods and Ore |
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Products : |
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Agencies Held : |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
40 |
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Bankers : |
State Bank of
India, Margao, Goa, India |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
B. V. Kamat and Company Chartered Accountants, |
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Address : |
Albuquerque Building, P. O. Box 169,
Margoa, Goa – 403 601, India |
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Tel No.: |
91-832-2713721 |
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Fax No.: |
91-832-2732686 |
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Membership : |
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Subsidiaries : |
Balaji Mines and Minerals Private Limited U13102KA1981PTC004508 Damodar Estate Development and Investment Company private limited U45201KA1982PTC004816 Garuda Estate Development and Investment Company private limited U27109KA1982PTC004819 Laxmi Estate Development and Investment Company private limited U45201LA1982PTC004813 Mandovi Development and Investment Company private limited U45201KA1982PTC004822 Vijay Development and Investment Company private limited U45201KA1982PTC004812 Vishal Development and Investment Company private limited U45201KA1982PTC004821 Zuari Development and Investment Company private limited U45201KA1982PTC004814 |
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Associates : |
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Mining & Export of Iron Ore
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Shipping
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Joint Venture with Karnataka State Government for Iron Ore Mining
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Manufacturer of Pharmaceuticals
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Manufacturing of Barge
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Newspaper Publishing
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Real Estate
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Manufacturer of Hydraulic Rock Breakers Systems. It has technical collaboration with
Teledyne Canada Mining Products, Canada.
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24600 |
Equity Shares |
Rs.100/- each |
Rs.2.460
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.460 |
2.460 |
2.460 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.460 |
2.460 |
2.460 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
256.618 |
220.571 |
247.688 |
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TOTAL BORROWING |
256.618 |
220.571 |
247.688 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
259.078 |
223.031 |
250.148 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.180 |
22.301 |
23.497 |
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Capital work-in-progress |
27.080 |
25.164 |
22.978 |
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INVESTMENT |
2.613 |
2.613 |
2.659 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
168.907
|
129.449 |
129.167 |
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Sundry Debtors |
59.194
|
63.600 |
76.160 |
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Cash & Bank Balances |
23.331
|
10.543 |
18.832 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
284.813
|
225.094 |
202.768 |
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Total
Current Assets |
536.245
|
428.686 |
426.927 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
168.106
|
174.082 |
185.558 |
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Provisions |
501.646
|
425.593 |
361.499 |
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Total
Current Liabilities |
669.752
|
599.675 |
547.057 |
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Net Current Assets |
(133.507)
|
(170.989) |
(120.130) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Profit and Loss Accounts |
343.712 |
343.942 |
321.144 |
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TOTAL |
259.078 |
223.031 |
250.148 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
220.521 |
96.926 |
162.776 |
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Other Income |
1.280 |
0.631 |
0.222 |
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Total Income |
221.801 |
97.557 |
162.998 |
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Profit/(Loss) Before Tax |
0.518 |
(22.360) |
6.397 |
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Provision for Taxation |
0.288 |
0.438 |
0.000 |
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Profit/(Loss) After Tax |
0.230 |
(22.798) |
6.397 |
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Expenditures : |
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Financial Charges |
76.009 |
63.997 |
55.252 |
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Depreciation & Amortization |
3.954 |
4.675 |
5.549 |
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Other Expenditure |
141.320 |
51.245 |
95.800 |
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Total Expenditure |
221.283 |
119.917 |
156.601 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.10
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(23.37) |
3.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.23
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(23.07) |
3.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.09
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(4.96) |
1.42 |
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Return on Investment (ROI) (PBT/Networth) |
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0.21
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(9.09) |
(2.60) |
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Debt Equity Ratio (Total Liability/Networth) |
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376.57
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333.43 |
323.07 |
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Current Ratio (Current Asset/Current Liability) |
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0.80
|
0.71 |
0.78 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Group Companies
Profile:
The Salgaocar Group of Companies, a multi-conglomerate in India, is engaged mainly in mining and export of iron ore to the different countries of the world (Japan, Korea, China, W. Europe etc.) with it’s headquarter at Margao, GOA. Besides mining and export of iron ore, the Group activities also include Shipping, Loading and Unloading of Iron Ore, Barge Building, Real Estate, Pharmaceuticals, Newspaper Publishing etc. The entire Group consists of more than fifteen companies and is regarded as the Pioneer in Mining and Export of Iron Ore from Goa. The group Iron Ore reserves are the largest in Goa (approximately 300 million tonnes) and annual export turnover is approximately 2.5 million tones.
Almost three decades ago, the foresight of the Salgaocar Group led to the setting up of Tungabhadra Minerals Private Limited in Joint Venture with Government of Karnataka, for the scientific mining of the iron ore from the mineral rich State of Karnataka. Tungabhadra Minerals Private Limited soon grew to become a well established mining company widely regarded for its consistency and reliability. Tungabhadra Minerals Private Limited has highly flexible HPDA plant, which can produce high grade calibrated ore, sinter feed fines and pellet feed fines, if required. With capacity of 180 tons per hour, this totally indigenous plant is the only facility of its kind in India.
Strengths:
Subject is well known for providing excellent after sales
services to the end user of the equipments sold & serviced by the company.
They have qualified, factory-trained and experienced Service Engineers
appointed at various locations and assemble/commission the units and also
render all necessary back-up services during and after warranty period. The
company has received several recommendations for its excellent service and
spares support from various prestigious customers in India. In the past, they
have also provided After-Sales-Service support for Tamrock Drilling Jumbos and
Rock Bolters.
Their service teams have provided After-sales-service support at Dhauliganga
Hydroelectric Project for Kajima Daewoo Joint Venture, Teesta -V Hydroelectric
Project for Gammon India Limited and Jaiprakash Industries Limited for Drilling
Jumbos, Raise Climbers and ITC-Schaeff Tunnel Heading Machines and Northern
Coalfields Limited Singrauli for Hydraulic Rock Breakers. They have also
provided excellent back-up services at Chamera Stage-I Hydroelectric Project,
Nathpa Jhakri Hydroelectric Project, Ranganadi Hydroelectric Project (NEEPCO)
and Kaligandki Project in Nepal for a fleet of TAMROCK Drilling Jumbos, Track Drills
and EIMCO Load Haul Dumpers, BTI Shotcrete Boom with Trailers and Clark
Michigan Wheel loaders.
Their service Engineers have also visited Iran, Bhutan, Afghanistan, Dubai and
Ethiopia for commissioning and After-sales-Services of the equipment supplied
by their Principals from Canada, UK, USA, China and Korea respectively.
Presently, they are deputing their Service Engineers to Kuwait and Saudi Arabia
for commissioning and providing after sales services for 12 Nos. TCMGCL
Pipelayers supplied to Larsen and Toubro Limited
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 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.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
24 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|