MIRA INFORM REPORT

 

 

Report Date :

12.04.2013

 

IDENTIFICATION DETAILS

 

Name :

SAMCO MACHINERY INDIA PRIVATE LIMITED (w.e.f. 10.10.2008)

 

 

Formerly Known As :

SAMCO GALLIUM MACHINES PRIVATE LIMITED

 

 

Registered Office :

71, Sarai Julena, Near Baraat Ghar, Jamia Nagar, New Delhi – 110 025

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

10.11.2006

 

 

Com. Reg. No.:

55-155375

 

 

Capital Investment / Paid-up Capital :

Rs.35.191 millions

 

 

CIN No.:

[Company Identification No.]

U29253DL2006PTC155375

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Roll Forming Machinery and Industrial Machinery and Equipment.

 

 

No. of Employees :

70 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 256000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

Reserves of the company appear to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for small 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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

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 31-03-2012.

 

INFORMATION PARTED BY

 

Name :

Mr. Nadeem

Designation :

Accountant

Contact No.:

91-1275-262026

Date :

04.04.2013

 

 

LOCATIONS

 

Registered Office :

71, Sarai Julena, Near Baraat Ghar, Jamia Nagar, New Delhi – 110 025, India

Tel. No.:

Not Available

Mobile No.:

91-9711404294 (Mr. Deepesh Gandhi)

Fax No.:

Not Available 

E-Mail :

vivek@samcogallium.com

Website :

www.samcoindia.com

Location :

Owned

 

 

Factory :

Tatarpur, Jatola Road, Tatarpur, Industrial Area, Palwal – 121 102, Haryana, India

Tel. No.:

91-1275-262026/ 262379/ 262018

Fax No.:

91-1275-262379

Location :

Owned

 

 

DIRECTORS

 

As on 29.09.2012

 

Name :

Mr. Robert A Repovs

Designation :

Director

Address :

74, Trail Ridge Lane, Markham Ontario, L6C2C1, Canada

Date of Appointment :

31.01.2007

DIN No.:

01413948

 

 

Name :

Mr. Joseph Paul Repovs

Designation :

Director

Address :

4, Balsdon CRT, Ajex, Ontario, L1S6E9, Canada

Date of Appointment :

15.01.2007

DIN No.:

01413959

 

 

Name :

Mr. Vivek Vinod Singh

Designation :

Director

Address :

G-18, Sector-41, Noida – 201 301, Uttar Pradesh, India

Date of Appointment :

19.07.2008

DIN No.:

02210519

 

 

KEY EXECUTIVES

 

Name :

Mr. Nadeem

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2012

 

Names of Shareholders

 

No. of Shares

 

Samco Machinery International Inc., Canada

 

3519093

Vivek Vinod Singh

 

10

Total

 

3519103

 

As on 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

99.99

Directors or relatives of directors

 

0.01

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Roll Forming Machinery and Industrial Machinery and Equipment.

 

 

Products :

Item Code No. (ITC Code)

85.44

Product Description

Roll Forming Machines and Parts

 

  • Slitting Lines
  • Coil Slitting Line
  • Coil Processing Machinery
  • Cut to Length Lines
  • Roll Forming Machines
  • Metal Forming
  • Roll Tools
  • Uncoilers
  • PEB
  • Stuids Track
  • Steel Building
  • CRF Section
  • Railway Section
  • Truch Bodies
  • Chassis
  • Door Sash
  • Seat Tracks
  • Automotive Sections
  • Solar Mounting Structures

 

 

Exports :

 

Products :
  • Roll Forming Machinery

Countries :
  • Canada

 

 

Imports :

 

Products :
  • Raw Material

Countries :
  • Europe
  • Canada

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit 

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

70 (Approximately)

 

 

Bankers :

State Bank of Patiala, Faridabad, Haryana, India

 

 

Facilities :

Cash Credit – Rs.8.600 millions (From State Bank of Patiala)

 

Secured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Working Capital Borrowing From Banks

 

 

State Bank of Patiala

(Secured by first charge against all Assets)

1.040

3.006

Term Loan From Banks

 

 

State Bank of Patiala

(Secured by New CNC-PUMA 3100L)

3.250

0.000

State Bank of Patiala

(Secured by Skoda Car)

0.462

0.698

Total

4.752

3.704

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

MLG Associates

Chartered Accountants

Address :

Plot No.63, Sector-15, Faridabad – 121 007, Haryana, India

Tel. No.:

91-129-2283881

Income-tax PAN of auditor or auditor's firm :

AAGFM1817M

 

 

Memberships :

IMTMA (Indian Machine Tool Manufacturers' Association)

 

 

Holding Company :

Samco Machinery International Inc.

Address: 315, Nantucket BLVD., Toronto, ON M1P 2P2, Canada

 

 

CAPITAL STRUCTURE

 

As on 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

4000000

Equity Shares

Rs.10/- each

Rs.40.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

3519103

Equity Shares

Rs.10/- each

Rs.35.191 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

35.191

35.191

35.191

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

28.816

27.826

26.722

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

64.007

63.017

61.913

LOAN FUNDS

 

 

 

1] Secured Loans

4.752

3.704

4.061

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

4.752

3.704

4.061

DEFERRED TAX LIABILITIES

1.906

1.235

0.543

 

 

 

 

TOTAL

70.665

67.956

66.517

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

66.426

59.768

56.348

Capital work-in-progress

0.000

0.000

0.506

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
11.034

8.827

7.701

 

Sundry Debtors
17.305

9.088

10.742

 

Cash & Bank Balances
5.921

1.863

0.838

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
5.594

8.240

7.315

Total Current Assets
39.854

28.018

26.596

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
12.670

10.531

13.385

 

Other Current Liabilities
21.844

8.859

3.696

 

Provisions
1.155

0.612

0.143

Total Current Liabilities
35.669

20.002

17.224

Net Current Assets
4.185

8.016

9.372

 

 

 

 

MISCELLANEOUS EXPENSES

0.054

0.172

0.291

 

 

 

 

TOTAL

70.665

67.956

66.517

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

87.978

74.754

34.363

 

 

Other Income

 

 

 

 

 

TOTAL                                    

87.978

74.754

34.363

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

85.926

72.528

34.312

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                        

85.926

72.528

34.312

 

 

 

 

 

 

PROFIT BEFORE TAX

2.052

2.226

0.051

 

 

 

 

 

Less

TAX                                                                 

NA

NA

(0.491)

 

 

 

 

 

 

PROFIT AFTER TAX

NA

NA

0.542

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

26.317

40.914

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

NA

NA

0.15

 

Expected Sales (2012-2013): Rs.67.500 millions (Due to market down)

 

The above information has been parted by Mr. Nadeem (Accountant).

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
NA

NA

1.58

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.93

2.54

0.06

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.03

0.04

0.00

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.07

0.06

0.07

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.12

1.40

1.54

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

No

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last three years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

Yes

14) Estimation for coming financial year

Yes

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

No

18) Major customers

No

19) Payments terms

Yes

20) Export / Import details (if applicable)

Yes

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

Yes

30) Major Shareholders, if available

Yes

31) Date of Birth of Proprietor/Partner/Director, if available

No

32) PAN of Proprietor/Partner/Director, if available

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


Note:

The registered office of the company has been shifted from 24, Second Floor, Ishwar Nagar, New Friends Colony, New Delhi – 110 065 to the present address w.e.f. 27.12.2011.

 

FIXED ASSETS:

 

·         Freehold Land

·         Building

·         Computers

·         Electrical Installation

·         Furniture and Fixtures

·         Office Equipments

·         Plant and Machinery

·         Weighing Scale

 

 

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 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.54.53

UK Pound

1

Rs.83.60

Euro

1

Rs.71.33

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

36

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.