MIRA
INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED |
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Registered
Office : |
Villa Flores Da Silva, |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.08.1967 |
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Com. Reg. No.: |
11-000075 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.500 millions |
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CIN No.: [Company Identification
No.] |
U31200GA1967PTC000075 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS08606D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (69) |
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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 52000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. 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 |
LOCATIONS
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Registered Office : |
Villa Flores Da Silva, |
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Tel. No.: |
91-832-2732346 - 49 /2512856 / 2730651 / 2731573 |
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Mobile No.: |
91- 9822487570 (Ms. Shilpa K Dhulapkar) |
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Fax No.: |
91-832-2730651 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 30.06.2010
|
Name : |
Mr. Auduth Modu Timblo |
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Designation : |
Chairman |
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Address : |
La Marvel Colony, Dona Paula, North Goa-403004, Maharashtra, India |
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Date of Birth/Age : |
01.03.1949 |
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Date of Appointment : |
01.02.1993 |
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DIN No : |
00181589 |
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Name : |
Mr. Prashant Modu Timblo |
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Designation : |
Director |
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Address : |
29, Parijat, 95 Marine Drive, Nariman Point, Mumbai-400020,
Maharashtra, India |
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Date of Birth/Age : |
16.05.1955 |
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Date of Appointment : |
13.09.1994 |
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DIN No : |
00563621 |
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Name : |
Mr. Francisco Pereira Lume |
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Designation : |
Director |
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Address : |
33, Senaulim, Verna, South Goa-403722, Maharashtra, India |
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Date of Birth/Age : |
04.02.1950 |
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Date of Appointment : |
23.05.2005 |
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DIN No : |
00347874 |
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Name : |
Mr. Yeluri Srinivas Reddy |
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Designation : |
Director |
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Address : |
H No.318/3, Sasanmoddi, Cacoda, Curchorem, South Goa-403706, Maharashtra,
India |
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Date of Birth/Age : |
10.05.1942 |
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Date of Appointment : |
23.05.2005 |
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DIN No : |
00349657 |
KEY EXECUTIVES
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Name : |
Mr. Dilip M Timblo |
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Designation : |
Economic Adviser |
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Name : |
Ms. Shilpa K Dhulapkar |
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Designation : |
Company Secretary |
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Address : |
327, Dhulapi, Corllm, Jlhas, Goa-403110, Maharashtra, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2010
|
Names of Shareholders |
No. of Shares |
|
Auduth Modu Timblo |
18334 |
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Dilip Modu Timblo |
6666 |
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Total |
25000 |
AS ON 30.06.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Iron Ore, Ferro manganese Ore. |
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Products : |
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GENERAL INFORMATION
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No. of Employees
: |
600 (Approximately) |
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Bankers : |
·
State Bank of India, Commercial Branch, Shri
Vidyadhiraj Bhavan, Francisco Luis Gomes Road, Vasco Da Gama, Goa-403802,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H K Aparanji Chartered Accountant |
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Address : |
2nd Floor, Corporation Building, Chitaguppi Park, Lamington
Road, Hubli-580020, Karnataka, India |
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Tel No.: |
91-836-2210650 / 2210850 |
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Subsidiaries : |
Fomento Finance and Investments Private Limited CIN No.: U65923GA1991PTC001151 |
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Associates : |
·
Foento Barges Private Limited ·
M. S. Talaulikar and Sons Private Limited ·
Foment Resorts and Hotels Limited ·
Cimla Laboratories Private Limited ·
Fomento Finance and Investments Company Private
Limited ·
Mina Ore Transport Private Limited ·
Hardesh Ores Private Limited ·
Mormugao Maritima ·
Fomento Karnataka Private Limited ·
Marine Infrastructure (Goa) Private Limited ·
Infrastructure Logistics Private Limited ·
Fomento Green and Waste Management’s Company
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
|
50000 |
Unclassified Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
|
|
Total |
|
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs.100/-
each |
Rs. 2.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13235.508 |
8901.995 |
5555.346 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13238.008 |
8904.495 |
5557.846 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
18.660 |
|
|
2] Unsecured Loans |
8.177 |
8.099 |
8.645 |
|
|
TOTAL BORROWING |
8.177 |
8.099 |
27.305 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13246.185 |
8912.594 |
5585.151 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
894.555 |
832.274 |
577.968 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
569.414 |
4097.002 |
3536.418 |
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DEFERREX TAX ASSETS |
49.897 |
34.642 |
17.689 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
580.394
|
529.130 |
498.127 |
|
|
Sundry Debtors |
567.734
|
243.531 |
415.403 |
|
|
Cash & Bank Balances |
9746.784
|
3674.051 |
379.382 |
|
|
Other Current Assets |
1067.986
|
80.182 |
48.875 |
|
|
Loans & Advances |
780.651
|
596.203 |
523.895 |
|
Total
Current Assets |
12743.549
|
5123.097 |
1865.682 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
569.567
|
281.754 |
227.467 |
|
|
Other Current Liabilities |
111.663
|
52.167 |
45.139 |
|
|
Provisions |
330.000
|
840.500 |
140.000 |
|
Total
Current Liabilities |
1011.230
|
1174.421 |
412.606 |
|
|
Net Current Assets |
11732.319
|
3948.676 |
1453.076 |
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
13246.185 |
8912.594 |
5585.151 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
NA |
7425.112 |
5108.708 |
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Less |
EXPENSES |
|
|
|
|
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|
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Office Expenses |
|
|
|
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Administrative Expenses |
NA |
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Advertising Expenses |
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TOTAL |
NA |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6110.198 |
|
|
|
|
|
|
|
2445.160 |
2353.961 |
|
|
Less |
FINANCIAL
EXPENSES |
0.288 |
|
|
|
|
|
|
|
[including |
[including |
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6109.910 |
Financial and Deprecation |
Financial and Deprecation |
|
|
|
|
|
Expenses] |
Expenses] |
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
154.671 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
5955.239 |
4979.952 |
2754.747 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1621.725 |
1633.303 |
317.619 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4333.514 |
3346.649 |
2437.128 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
6367.705 |
6990.851 |
4854.031 |
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IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
32.347 |
20.109 |
17.175 |
|
|
|
Capital Goods |
2.777 |
136.931 |
116.947 |
|
|
TOTAL IMPORTS |
35.124 |
157.040 |
134.122 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
133865.97 |
97485.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
67.07 |
53.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.51
|
83.14 |
111.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.56 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.08
|
0.13 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.60
|
4.36 |
4.52 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE OF THE
COMPANY
During the year the Company has made a net profit of Rs. 4333.513 millions
against the net profit of Rs. 3346.649 millions in the previous year. Net
profit of the year is carried over in the Profit and Loss Account to subsequent
year.
The aggregate value of iron Ore exported by the company during the year
was Rs. 6367.705 millions as against Rs. 6990.852 millions in the previous
year.
Company has exported during the year 2910500 W.M.T. of Iron Ore as
against 2421925 W. M. T. in the previous year.
CONTINGENT
LIABILITIES:
a.
Guarantees amounting to Rs. 898.016 millions (Previous
year Rs. 436.606 millions) given by bankers to various Government Departments,
against which the company has kept fixed deposits amounting to Rs. 919.175
millions (Previous year Rs. 154.625 millions) also includes guarantees given by
bankers in the name of Hardesh Ores Private Limited, Margao (an associate
Company) amounting to Rs. 6.000 millions (Previous Year Rs. 6.000 millions)
b.
With the application of the Goa, Daman and Diu
mining concession (abolition and declaration of mining leases) Act, 1987 with
effect from 23.05.1987 dead rent becomes payable with retrospective effect from
20.12.1961. Approximate liability on this account for he period up to
31.03.1990 is Rs. 1.028 millions. No provision for the recovery of dead rent
with retrospective effect and stay has been granted by Bombay High Court Bench,
Panjim, not to enforce the recovery.
c.
Estimated amount of contracts (including net of
advances) remaining to be executed on capital account Rs. Nil (Previous year
Rs. Nil)
d.
Disputed Income Tax Liability for the Assessment
year 2003-04 to 2006-07 amounting to Rs. 890.400 millions including interest of
Rs. 323.500 millions. The Company has debited a sum of Rs. 689.600 millions
till 31.03.2010 (paid under protest)
e.
Letter of Credits issued in favour of suppliers Rs.
2.709 millions.
FORM 8
|
Corporate
identity number of the company |
U31200GA1967PTC000075 |
|
Name of the
company |
SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Villa Flores Da Silva, Erasmo Carvalho Street Post Box No. 31, Margao,
Goa – 403 601, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Others Hypothecation on Iron Ore, Spares |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, Shri Vidyadhiraj Bhavan,
Francisco Luis Gomes Road, Vasco Da Gama, Goa-403802, Maharashtra, India |
|
Nature of
instrument creating charge |
1.
Sanction of working capital facilities of state bank of India vide their
letter no. Agreement/ CBV/KES/08-09/026 dated 12.08.2008 2.
Agreement of loan cum hypothecation dated 30.10.2008 |
|
Date of
instrument Creating the charge |
30.10.2008 |
|
Amount secured by
the charge |
Rs. 396.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As
per sanction of working capital facilities by state bank of India vide their
letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 Enclosed thereto under SBI
exporters gold card scheme under multiple banking Terms of
repayment As
per sanction of working capital facilities by state bank of India vide their
letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 Enclosed thereto under SBI
exporters gold card scheme under multiple banking Margin As
per sanction of working capital facilities by state bank of India vide their
letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 Enclosed thereto under SBI
exporters gold card scheme under multiple banking Extent and operation
of the charge As
per sanction of working capital facilities by state bank of India vide their
letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 Enclosed thereto under SBI
exporters gold card scheme under multiple banking and agreement of loan cum
hypothecation dated 30.10.2008 |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
On Iron Ore, Spares (150% Of The Limits) As
per sanction of working capital facilities by state bank of India vide their
letter no. AGM/CBV/KES/08-09/026 Dated 12.08.2008 enclosed thereto under SBI
exporters gold card scheme under multiple banking and agreement of loan cum
hypothecation dated 30.10.2008 |
FIXED ASSETS
·
Land
·
Building
·
Jetties
·
Barges
·
Plant and Machinery
·
Aerial Camera System
·
Railway Siding
·
Truck and Mini Bus
·
Garage Equipment
·
Mining Equipment
·
Furniture and Fixtures
·
Computers
·
Office Equipment
·
Laboratory Equipment
·
Electrical Equipment
·
Canteen Equipment
WEB SITE DETAILS
PROFILE
FOMENTO RESOURCES IS AN ALLIANCE OF COMPANIES IN THE MINERAL RESOURCE
INDUSTRY COMMITTED TO THE SOCIAL AND ECONOMIC ADVANCEMENT OF ITS COMMUNITIES.
The alliance's
activities include resource development (exploration, excavation, and mineral
processing), logistics (surface and marine), and sales (international and
domestic).
The member companies
include Sociedade De Fomento (SFI), Fomento Karnataka
(FKPL), Infrastructure Logistics (ILPL), Marine Infrastructure Goa (MIG)
and Karnataka Ferro Concentrates (KFC).
Technological
advancements cover several areas such as mineral processing (implementing a
high gradient magnetic separator), haulage (adherence to tier-3 standards), and
maritime logistics (deploying and successfully operating a 25-tonne floating
crane).
Cumulatively, in
2010-11 the member companies have exceeded 16.6 million tonnes in sales
including exports to countries such as Japan, China, and Romania.
NEWS
Goa mining industry not averse to mining
corridor – Association
Dated : 25 Jul 2011
The iron ore exporters
in Goa on Saturday said they were not averse to funding the construction of
mining corridors dedicated roads for the transport of ore, bypassing villages
and towns provided that the state government linked them with jetties.Mr Glenn
Kalavampara secretary of Goa Mineral Ore Exporters Association said that the
industry was not averse to funding the project, but it needed an assurance that
the entire stretches of corridors, up to the jetties, would be built.
Mr Kalavampara said
that "The state government also needs to take various permissions from the
Union Ministry of Environment and Forests and other ministries, which is
expected to take some time. This has possibly made investors cautious.”The Goa
government recently said the industry had not shown any interest in backing the
corridors financially. The government has planned two corridors in South Goa.
The work of initial phase of the first project has already been awarded.
According to GMOEA, if
the industry were to invest in the project, it should be given a time frame for
completion. Also, the toll collection system should be in place. The mining
companies have also said their consent for corridors does not come with the
condition of expediting industry's various applications for approvals, which
are pending with the state government.
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. 44.15 |
|
|
1 |
Rs. 72.10 |
|
Euro |
1 |
Rs. 63.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
69 |
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.