MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
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Name : |
V.M. SALGAOCAR AND BROTHER PRIVATE LIMITED |
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Registered
Office : |
Salgaocar House, |
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Country : |
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Financials (as
on) : |
30.09.2010 |
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Date of
Incorporation : |
26.06.1965 |
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Com. Reg. No.: |
24-000048 |
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CIN No.: [Company Identification
No.] |
U35111GA1965PTC000048 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged mainly in mining / processing of ores, hotel
business and wind power generation (non conventional energy). |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 53000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well established company having fine track.
Financial position of the company appears to be Sound. Fundamental are strong
and healthy. Trade relations are reported as fair. Payments are reported to
be regular and as per commitments. The company can be considered good for normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. AFC Pinto |
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Designation : |
Accounts Manager |
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Contact No.: |
91-832-2512111 |
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Date : |
20.04.2011 |
LOCATIONS
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Registered Office : |
Salgaocar House, |
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Tel. No.: |
91-832-2512111 / 2512112 / 2512113 / 2512114 |
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Fax No.: |
91-832-2513813 |
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E-Mail : |
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Website : |
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Branches : |
Mumbai :
Tel. No.: 91-22-22022009 / 22026224 Fax No.: 91-22-22022996 E Mail: vmsbmumbai@vsnl.net 102, 1st Floor, Ramanashree Chambers, 37, Tel. No.: 91-80-25594970 / 25595623 Fax No.: 91-80-25593065 408, Ashoka Estate, 24. Tel. No.: 91-11-23313183 Fax No.:
91-11-23316143 |
DIRECTORS
AS ON 27.12.2010
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Name : |
Mr. Salgacar V. Shivanand |
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Designation : |
Managing Director |
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Address : |
Hira Vihar, House 278, |
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Date of Birth/Age : |
24.07.1954 |
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Date of Appointment : |
29.07.1978 |
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Name : |
Mr. Salgaocar V. Dattaraj |
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Designation : |
Managing Director |
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Address : |
Hira Vihar, House 278, |
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Date of Birth/Age : |
23.05.1957 |
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Date of Appointment : |
29.07.1978 |
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Name : |
Mr. Anthony Barreto |
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Designation : |
Secretary |
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Address : |
House, No.228, Mona Nagar, Alto Betim, Provorim, North Goa – 403501, |
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Date of Birth/Age : |
03.09.1954 |
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Date of Appointment : |
12.10.2002 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.12.2010
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Names of Shareholders |
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No. of Shares |
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Salgaocar V. Shivanand |
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18 |
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Salgaocar Industrial Gases Private Limited, |
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9608 |
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Salgaocar Investments Private Limited, |
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9494 |
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Salgaocar S. Ranjana |
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5 |
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Salgaocar S. Ranjana |
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600 |
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Salgaocar S. Vivek |
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600 |
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Salgaocar S. Swati |
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600 |
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Salgaocar V. Dattaraj |
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3006 |
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Salgaocar Real Estate and Properties Private Limited, |
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9112 |
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Salgaocar Holdings Private Limited, |
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9112 |
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Shinzawa Chemicals Private Limited, |
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9112 |
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Navjyoti Publications Private Limited, |
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9112 |
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Salgaocar V. Shivanand |
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5075 |
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Great |
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4544 |
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Salgaocar V. Dattaraj |
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5075 |
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Bershire Real Estate Private Limited, |
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4544 |
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Equinox Realtors Private Limited, |
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9600 |
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Srinidhi Real Estate Private Limited, |
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9600 |
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Salgaocar V. Shivanand |
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1183 |
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Total |
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100000 |
AS ON 27.12.2010
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Category |
Percentage |
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Bodies corporate |
84.00 |
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Directors or relatives of Directors |
16.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged mainly in mining / processing of ores, hotel
business and wind power generation (non conventional energy). |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management. |
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Bankers : |
Indian Bank, Cuffe Parade Colaba, Mumbai – 400005, Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. J. Thaly and Company Chartered Accountant |
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Address : |
112, |
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Subsidiaries Companies : |
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Associates with whom the company has transacted : |
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Other Associates with whom the company has not transacted : |
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CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.100/-
each |
Rs.10.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2010 (6 Months) |
31.03.2009 (12 Months) |
31.03.2008 (12 Months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13119.064 |
9204.855 |
6836.653 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13129.064 |
9214.855 |
6846.653 |
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LOAN FUNDS |
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1] Secured Loans |
882.077 |
1126.697 |
1407.573 |
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2] Unsecured Loans |
4.500 |
4.500 |
4.500 |
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TOTAL BORROWING |
886.577 |
1131.197 |
1412.073 |
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DEFERRED TAX LIABILITIES |
122.098 |
168.089 |
198.570 |
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TOTAL |
14137.739 |
10514.141 |
8457.296 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2909.879 |
2209.648 |
2225.026 |
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Capital work-in-progress |
247.371 |
522.796 |
268.181 |
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INVESTMENT |
1572.236 |
55.205 |
2930.677 |
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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 |
872.062
|
735.637 |
603.655 |
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Sundry Debtors |
512.846
|
299.205 |
895.916 |
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Cash & Bank Balances |
6904.571
|
5951.777 |
751.159 |
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Other Current Assets |
3826.863
|
2973.467 |
2487.727 |
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Loans & Advances |
1461.893
|
1187.965 |
1084.353 |
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Total
Current Assets |
13578.235
|
11148.051 |
5822.810 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
218.607 |
410.777 |
240.457 |
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Other Current Liabilities |
688.254
|
159.519 |
170.463 |
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Provisions |
3263.121
|
2851.263 |
2378.478 |
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Total
Current Liabilities |
4169.982
|
3421.559 |
2789.398 |
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Net Current Assets |
9408.253
|
7726.492 |
3033.412 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14137.739 |
10514.241 |
8457.296 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2010 (6 Months) |
31.03.2009 (12 Months) |
31.03.2008 (12 Months) |
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TURNOVER |
13257.247 |
8391.641 |
8918.346 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
7375.583 |
4835.968 |
3887.793 |
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Interest |
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Depreciation |
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TOTAL |
7375.583 |
4835.968 |
3887.793 |
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PROFIT BEFORE
TAX |
5881.664 |
3555.673 |
5030.553 |
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Less |
TAX |
1967.455 |
1187.472 |
1697.137 |
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PROFIT AFTER TAX
|
3914.209 |
2368.201 |
3333.416 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
11152.559 |
6827.304 |
7481.555 |
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Fright Earned on Shipments |
59.525 |
39.113 |
0.000 |
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Dispatch Fees |
7.187 |
7.295 |
7.401 |
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Insurance Claim, Miscellaneous Income |
7.203 |
1.213 |
8.156 |
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Earning From Rooms, Restaurants |
95.877 |
144.996 |
196.105 |
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TOTAL EARNINGS |
11322.351 |
7019.921 |
7693.217 |
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IMPORTS |
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Stores & Spares |
94.005 |
91.374 |
32.893 |
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Capital Goods |
424.784 |
23.008 |
120.482 |
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TOTAL IMPORTS |
518.789 |
114.382 |
153.375 |
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Earnings Per
Share (Rs.) |
39.14 |
23.68 |
33.33 |
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KEY RATIOS
|
PARTICULARS |
|
30.09.2010 (6 Months) |
31.03.2009 (12 Months) |
31.03.2008 (12 Months) |
|
PAT / Total Income |
(%) |
29.52
|
28.22 |
37.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
35.67
|
26.61 |
62.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.38 |
70.73 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.49 |
0.61 |
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Current Ratio (Current Asset/Current Liability) |
|
3.25
|
3.25 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
In Millions)
|
Particulars |
30.09.2010 (6 Months) |
31.03.2009 (12 Months) |
31.03.2008 (12 Months) |
|
Due of Micro and Small Enterprises |
2.560 |
0.318 |
0.000 |
|
Due to Others ** |
216.047 |
410.459 |
240.457 |
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Total |
218.607 |
410.777 |
240.457 |
Note :
** includes due to directors Rs. 3.516 /- (Previous years Rs. 2.285
millions )
Form : 8
|
Corporate
identity number of the company |
U35111GA1965PTC000048 |
|
Name of the
company |
V.M.SALGAOCAR AND
BROTHER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Salgaocar House, F L Gomes Road Vasco-Da-Gama- 403802 403802 |
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This form is for |
Creation of
charge |
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Type of charge |
Others |
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Particular of
charge holder |
Bank Of India,
Swatantra Path / New York Br., |
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Nature of
instrument creating charge |
Hypothecation Cum
Loan Agreement Dated 17/01/2011. |
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Date of
instrument Creating the charge |
17/01/2011 |
|
Amount secured by
the charge |
Rs. 608.760
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 300 basis points
over 6 months LIBOR, to be reset once in every 6 months or at such other
rates as may be notified by the BANK from time to time with monthly rests on
30th. day of each month Terms of repayment The Loan is
repayable in 22 Quarterly instalments.
First 21 instalments of USD 600,000 each and 22nd. instalment of USD 750,000
commencing after initial Moratorium period of 18 months i.e. from JUNE 2012. Margin 11 % Extent and operation of the charge Nil Other N. A. |
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 records 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. 44.38 |
|
|
1 |
Rs. 72.57 |
|
Euro |
1 |
Rs. 63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
TOTAL |
|
68 |
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.