MIRA INFORM REPORT
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Report Date : |
15th
June 2006 |
IDENTIFICATION DETAILS
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Name : |
GPT
STEEL INDUSTRIES LIMITED |
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Registered Office : |
808-B,
Atma House Opp. RBI Building Ashram Road, Ahmedabad – 380013, Gujarat,
India |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
17.10.2003 |
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Com. Reg. No.: |
04-43070 |
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CIN No.: [Company Identification No.] |
U27104GJ2003PTC043070 |
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TAN No.: [Tax Deduction & Collection Account No.] |
BRDG00715B |
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PAN No.: [Permanent Account No.] |
AACCG0010H |
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Legal Form : |
A
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacture of: v
Electrolytic Tinplate
(ETP), for use in high-end Packaging, aerosol cans, food processing,
household items, engineering item etc. v
Cold Rolled Close
Annealed (CRCA) in coils, for production of drums, barrels, automobile
components and as input raw material for EYP and TMBP. v
Cold Rolled Full Hard
(CRFH) coils, for annealing, tinning, galvanizing, which are required by the
construction industry. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
New
Project |
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Payment Behaviour : |
Unknown
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Litigation : |
Clear
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Comments : |
Subject
project is under implementation. The company was started with a large
capital. It has been successful is seeking a huge term loans from syndication
of several banks. Trade relations are fair. Payments are unknown. The
company can be considered for normal business dealings at usual trade terms
and conditions with some caution, initially. |
LOCATIONS
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Registered Office : |
808-B,
Atma House Opp. RBI Building Ashram Road, Ahmedabad – 380013, Gujarat,
India |
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Tel. No.: |
91-79-55312001 |
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Fax No.: |
91-79-55312002 |
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E-Mail : |
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Website : |
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Corporate Office : |
305
Business Point, 349 Western Express Highway, Andheri (E), Mumbai – 400069,
India |
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Head Office : |
509-B,
Sagar Tech plaza, Sakinaka, Mumbai-400072. |
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Tel. No.: |
91-22-56964291/92 |
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Mobile: |
91-9323707063 |
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Fax: |
91-22-28598496 |
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Factory 1 : |
Plot
No.301, Mithirohar, GIDC Estate, Phase-2, Gandhidham-370201, Kutch, Gujarat
State, India |
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Tel. No.: |
91-2836-570468/69 |
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Fax No.: |
91-2836-249988 |
DIRECTORS
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Name : |
Mr.
Ranjan Parikh |
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Designation : |
Managing
Partner |
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Address : |
16,
Mandi Hills, Mandi Village, New Delhi-110047 |
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Date of Birth/Age : |
19.06.1956 |
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Qualification : |
B
Com |
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Experience : |
27
years |
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Date of Appointment : |
17.10.2003 |
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Name : |
Mr.
Bharat Parikh |
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Designation : |
Director
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Address : |
179,
Coombe Lane, London, SW 19 ORG, U.K. |
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Date of Birth/Age : |
04.10.1946 |
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Date of Appointment : |
17.10.2003 |
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Name : |
Mr.
Satyakam Basu |
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Designation : |
Director
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Address : |
2nd
Floor Natasha Sea View 89 A, Carter Road, Bandra (West), Mumbai-400050 |
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Date of Birth/Age : |
16.10.1958 |
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Date of Appointment : |
17.10.2003 |
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Name : |
Mr.
Samir Shah |
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Designation : |
CEO |
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Address : |
14,
Atul Park, Near Varsha Society, Ajwa Road, Baroda, Gujarat,
India |
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Tel No.: |
91-2667-264706 |
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KEY EXECUTIVES
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Name : |
Mr.
Anil H. Bhambhai |
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Designation : |
Key
Exeutive |
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Address : |
205,
Shiv Shakti Complex, Alkapuri, Vadodara-390007, Gujarat State, India |
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Date of Birth/Age : |
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Qualification : |
B.Com,
CS, DTP LLB. |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of: v
Electrolytic Tinplate
(ETP), for use in high-end Packaging, aerosol cans, food processing,
household items, engineering item etc. v
Cold Rolled Close
Annealed (CRCA) in coils, for production of drums, barrels, automobile
components and as input raw material for EYP and TMBP. v
Cold Rolled Full Hard
(CRFH) coils, for annealing, tinning, galvanizing, which are required by the
construction industry. |
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Imports from : |
Europe, U.S.A. and Korea |
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Terms : |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Suppliers : |
PowerDeal
Energy Systems (India) Private Limited F-29,
MIDC, Satpur, Nasik-422007, Maharashtra, India |
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Tel No.: |
91-253-3048114,3048130 |
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Fax No.: |
91-253-3048133 |
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Email: |
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No. of Employees : |
85 |
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Bankers : |
Ř
Bank of India,
Sakinaka, Mumbai Ř
Bank of India, Baroda Ř
Bank of India,
Gandhidham Ř
Punjab National Bank,
Ahmedabad Ř
Punjab National Bank,
New Delhi Ř
Standard chartered
bank, Baroda Ř
State bank of India –
Ahmedabad Ř
State bank of
Travancore – Baroda Ř
Syndicate Bank - Mumbai Ř UCO Bank – Mumbai
Ř
Union Bank of
India - Mumbai |
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Facility : |
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Banking Relations : |
Unknown
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Auditors : |
Arvind
A. Thakkar and Company Chartered
Accountants Ground
Floor, Trupti Apartments, Behind Old High Court, Navrangpura, Ahmedabad –
380009 |
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Tel. No.: |
91-79-27543650
/ 8013650 |
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E-Mail : |
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Associates/Subsidiaries : |
Ř
GPT Pipe Industries Private Limited Ř
GPT Power and Spnoge Iron Private Limited Ř
Parikh Steel Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000000 |
Equity
Shares |
Rs.10 each |
Rs. 700.000
million |
|
70000000 |
6
% Redeemable, Cumulative Preference Shares |
Rs.10 each |
Rs. 700.000
million |
|
10000000 |
Unclassified
Shares |
Rs.10 each |
Rs. 100.000 millions |
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Total |
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Rs. 1500.000 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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26312667 |
Equity
Shares |
Rs.10 each |
Rs. 263.126 million |
|
6315161 |
6
% Redeemable, Cumulative Preference Shares |
Rs.10 each |
Rs. 613.152 millions |
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Total
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Rs. 876.278 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF
FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1]
Share Capital |
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876.278 |
73.152 |
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2]
Share Application Money |
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0.000 |
0.000 |
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3]
Reserves & Surplus |
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32.691 |
20.000 |
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4]
(Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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908.969 |
93.152 |
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LOAN
FUNDS |
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1]
Secured Loans |
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0.000 |
0.000 |
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2]
Unsecured Loans |
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17.957 |
0.000 |
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TOTAL BORROWING |
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17.957 |
0.000 |
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DEFERRED
TAX LIABILITIES |
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TOTAL |
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926.926 |
93.152 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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27.159 |
1.670 |
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Capital work-in-progress |
|
91.790 |
3.630 |
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INVESTMENT |
|
0.000 |
9.900 |
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Unallocated Expenditure
During Construction |
|
82.376 |
11.540 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS &
ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
|
0.536 |
52.684 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
749.288 |
14.347 |
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Total Current Assets |
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749.824 |
67.031 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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29.878 |
3.027 |
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Provisions |
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Total Current Liabilities |
|
29.878 |
3.027 |
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Net Current
Assets |
|
719.946 |
64.004 |
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MISCELLANEOUS EXPENSES |
|
5.655 |
2.408 |
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TOTAL |
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926.926 |
93.152 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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0.05 |
0.03 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
25.10 |
22.14 |
LOCAL AGENCY FURTHER INFORMATION
Parent
Company:
GPT
Steel Industries (UK) Limited.
Registered
No. 04937906
Address:
HALLSWELLE HOUSE
1, HALLSWELLE ROAD
LONDON NW11 0DH.
Fixed Assets :
Ř
Lease Hold Land
Ř
Furniture and Fixture
Ř
Electrical Equipments
Ř
Computer
Ř
Vehicles
Operation:
Subject
operates through large sized-owned premises for Reg. Corporate Office and
Works.
Status
of Project:
The company is in the final stages of implementing the project and is yet to commence the commercial production.
Capital Structure
The paid – up capital of the company remained at Rs. 909.000 millions (including application money of Rs. 32.700 millions) as on 31st March 2005 as against the Authorized share capital of Rs. 1500.000 millions
History:
To produce world-class
quality of Electrolytic Tin Plate (ETP), Tin Free Steel (TFS), Tin Mill Black
Plate (TMBP) and Cold Products.
Voest
Alpine Inter Tradign AG, Austria
Sakzgutter
Mannesman International, Germany
Arcelor
Consultants, Luxemburg- have provided Technology and marketing support.
The
production is schedules to commence in October 2005.
They
have already secured a 3-year order book and would become the largest producer
of Tin plates in Indian by 2008.
Performance:
Subject is a new company the project is yet to be commenced and hence no financial performance is available/possible to mention at present.
Website
Details:
The purpose of GPT is to invest in
existing and new production units for manufacturing of various industrial
products as well as in infrastructural projects.
The
Indian steel industry needs to move to the next stage of development quickly as
demand for steel is now growing rapidly and will outstrip supply soon
A
detailed observation was made of the Indian steel industry and its situation.
Even after so many years of existence, despite having a huge domestic market
and low cost inputs, hundreds of well established producers as well as many new
projects have closed down. Hence, it was decided to introduce a fresh approach
to the industry and bring in valuable experience of individuals, gained during
working with many large successful steel companies across the globe.
GPT
is a professionally managed enterprise, with several veterans of the steel
industry as advisors on the governing board. In addition, the company has
professionals from the Steel Industry, International Trading Organizations,
Indian Steel Marketing companies and other financial and technical
institutions. Moreover, GPT has many professionals who have experience in
turning around and reviving sick units internationally.
GPT
is confident of establishing itself as a leader in this field in a few years'
time.
Overview
The Company is
committed towards all its ventures in India as they see a very high potential
in the country and along with China foresees a fast growth potential in Indian
economy as well as the Steel Industry.
Over and above the
projects in India, the company is also prospecting for ventures in other Asian
countries like Bangladesh, Philippines and China
Business Plan
To identify sick steel units and take them over with a target to turn them around in the shortest possible time.
To identify growth
areas in the steel industry and set up new units to cater to the growing
demands in the home market as well as the export market.
To cater to the needs
of various infrastructure projects which have been identified by the government
and which are receiving priority
To invest in any
production facilities which would result in import substitution and thus saving
of foreign exchange and reduce dependence on imports
Strategy
Identification of
industry based on growth potential & competitiveness
Detailed due diligence
& market survey
Working capital at low
cost
100% utilization of
capacity
Low cost operation by
cutting cost & improving efficiency
Increase in revenues by
contribution oriented marketing
People
The basic policy of
employment of the group has been decided to be based on merit only and all
employees must have relevant professional education and experience. The
remuneration and facilities will be worked out in such a way so as to attract
and retain the best talents in the field. Schemes of employing fresh graduates
and training them for future management role are also envisaged.
A core professional
team following all principles of good corporate governance will therefore run
the Company.
The Company will
maintain a trim but capable man power which will yield the best return per
employee in the Core Sectors of the country
The
Project is free from child labour, environment friendly, biodegradable
recyclable.
Subject will have
Quality Certificate, will maintain International Quality Standards, and have
obtained Export Certificate, will maintain better commercial term, and GMP
Standard.
GPT Steel Industries
Private Limited
GPT Steel
Industries Pvt. Ltd. (GPT) is setting up a Tinplate and allied products
manufacturing facility at GIDC’s Mithi Rohar Industrial Estate in Kutch
district of Gujarat state (13 kms from Kandla Port and 8 kms from Gandhidham).
Our Registered office is in Vadodara and Corporate office is in Mumbai.
The main products of GPT and their end uses are as follows:
• Electrolytic Tinplate (ETP), for use in high-end packaging, aerosol cans,
food processing, household items, engineering items, etc.
• Tin Mill Black Plate (TMBP), for use in the low-end packaging industry, as a
cheap replacement of tin free steel and as input raw material for ETP.
• Cold Rolled Close Annealed (CRCA) in coils, for production of drums, barrels,
automobile components and as input raw material for ETP and TMBP.
• Cold Rolled Full Hard (CRFH) coils, for annealing, tinning, galvanizing,
which are required by the construction industry.
Contact
Information ,
Contact
Person:,
Anil Bhambhani
- Company Secretary
Sumit Seth - Manager Finance
Address:,
205 Shiv
Shakti Complex, Alkapuri, Vadodara - 390 007, Gujarat, India
Tel No.:,
0265-3096091
Cell No.:,
Fax No.:,
0265-5523584
E-mail:,
anil.bhambhani@gptindia.com
Financial Information ,
, (Amount in Rs / $)
Authorized
Capital: 35 Crore
Paid-up
Capital :
10 Crore
Turnover
(2003-04) :
0
Turnover
(2004-05) :
0
Turnover
from Exports (2003-04) :
0
Turnover
from Exports (2004-05) :
0
Office Information ,
Year
of Establishment:
2003
Details
of Offices in Gujarat: 503 A Alkapuri Arcade Vadodara
Details
of Head Office: 503 A Alkapuri Arcade Vadodara
Details
of Offices Outside India:
Manufacturing Details ,
Free
From Child Labour
Environment
Friendly
Bio-degradable
Recyclable
Other Details
Quality
Certificate
Quality
Standards
Export
Certificate
Commercial
Terms
GMP
Standard
TWM contract from GPT Steel Industries Ltd.
A total water management contract from GPT Steel Industries Ltd., for their
project at Mithirohar, near Gandhidham in Kutch, Gujarat. The water treatment
and waste water recycle was awarded to IEI, and the waste water treatment order
to Ion Exchange Waterleau.
The water treatment plant treats a mixture of Narmada river water
and borewell water for process use and boiler & cooling water make up.
Chemical dosing systems, high rate solids contact clarification, multigrade filtration
and ultrafiltration form treatment to the reverse osmosis plant (200 m3/h
permeate capacity). A part of the RO permeate will be treated by
demineralisation (2 x`45 m3/h) , part by base exchange softening (75
m3/h) and the balance potable and other purposes.
Effluent treatment comprising physico-chemical and biological systems will
treat the acid and alkali waste apart from chrome waste generated in the plant.
This treated effluent along with the reject from the water treatment RO plant
and the regeneration effluent of the DM plant will then be treated by a
physico-chemical process for silica reduction and further treated by
ultrafiltration and reverse osmosis (100 m3/h). The treated water
will be recycled thus reducing the fresh water intake to the plant.
The boiler water treatment programme and side stream filtration with auto
valveless gravity filters for cooling towers are being supplied by Ion Exchange
India Ltd
The plant is slated for commissioning by end May 2006.
|
Name of the company |
GPT STEEL INDUSTRIES LIMITED |
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Presented By |
Mr. Anil Bhambhani |
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1) Date and description of
instrument creating the change |
Indenture of mortgage dated
10th March 2005, executed by GPT steel industries Limited in
favour of : State Bank of India (Lead bank) Andhra Bank Bank of India Jammu and Kashmir Bank
Limited Punjab National Bank State Bank of Bikaner and
Jaipur State Bank of Indore State Bank of Saurashtra State Bank of Tranvencore Syndicate Bank UCO Bank Union Bank of India Hereafter referred t as “as
SBI consortium Banks” with the
charges to rank pari passu. |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Fund based and Non-fund
Based facility of Rs. 3275.000 millions granted by the SBI consortium Banks
as per details given below.
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3) Short particular of the
property charged. If the property acquired is subject to charge, date of the
acquired of the property should be given |
All the piece or parcel of
land being the property bearing NO. 301 at Mithirohar Industrial Estate
consisting of Revenue Sy No. 537/p more particularly described in First
schedule The whole of the Moveable
properties of the company attributable to
the project whether affixed to the earth or nor and other properties
present or future both tangible and intangible assets including its movable
plant and machinery and which is more particularly described in Third
schedule of indenture or mortgage. |
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4) Gist of the terms and
conditions and extent and operation of the charge. |
The security as described
in series No. 3 above are hypothecated as First Charges on Parpassu basis to
all the Banks in SBI facility and Bank Guarantee aggregating Rs. 3275.000
millions granted to the company by afore mentioned Banks Interest commission shall
be charged on the outstanding in the account maintained by the company with
each Banks at such rates as applicable form
time to time as per RBI / FEDAI Banks instrument. |
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5) Name and Address and
description of the person entitled to the charge. |
State Bank of India (Lead bank) CAG Brach , 58 Shirimali
Society, Navrangpura , Ahmedabad Andhra Bank No 33 III Floor, Atlanta
Nariman Point Branch, Mumbai Bank of India MDI Building , 1st
Floor S V Road Andheri West Mumbai – 58 Jammu and Kashmir Bank
Limited Block – D 1st
Floor North Side, Shiv Sagar Estate, Dr. A B Road , Mumbai Punjab National Bank NSIC Bhavan, Okhla
Industrial Estate New Delhi – 110020 State Bank of Bikaner and
Jaipur CG Road (10-11) Empire
Tower, Panchvati, Navrangpura , Ahmedabad State Bank of Indore Ashram Road Branch,
Ahmedabad State Bank of Saurashtra IFC Branch, Gujarat Chamber
of Commence Building, Ashram Road
Branch, Ahmedabad State Bank of Tranvencore PB No. 11 Ground Floor,
Kaivanna, Ambawadi, Ahmedabad – 380006 Syndicate Bank 26 A Sir P M Road,
Syndicate Bank Building, Fort, Mumbai – 400001 UCO Bank YMCA International Guest
House, 18 Madam Cama Road, Mumbai – 400039 Union Bank of India Union
Bank of Bhavan 239 Bidhan Bhavan Marg, Nariman Point, Mumbai |
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6) Date and brief description of instrument
modifying the charge |
NA |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
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Name of the company |
GPT STEEL INDUSTRIES LIMITED |
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Presented By |
Punjab National Bank, Manager |
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1) Date and description of
instrument creating the change |
Deed of hypothecation to
secure I C and DA basis dated 05.02.2005 |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs. 2400.000 millions |
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3) Short particular of the
property charged. If the property acquired is subject to charge, date of the
acquired of the property should be given |
Hypothecation of assets
described in general terms in the schedule hereto i.e. shipping documents
including bills of lading / covering imported raw materials / stores / spares
along with insurance and other usual documents, belonging to the borrower
both present and future with now or
hereafter form time to time during the continuance of this agreement shall be
brought in stored or to be in or about their premises or Godown at GIDC,
Mithi Rohar, Gandihdham (Kutch) Including in transit. |
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4) Gist of the terms and
conditions and extent and operation of the charge. |
Above is to secure FLC (DA)
Limit of Rs. 2400.000 millions Margin 10 % Commission @ 50 % of normal
charges. |
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5) Name and Address and
description of the person entitled to the charge. |
Punjab National Bank NSIC Bhavan, Okhla
Industrial Estate New
Delhi – 110020 |
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6) Date and brief description of instrument
modifying the charge |
NA |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
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|
|
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Name of the company |
GPT STEEL INDUSTRIES LIMITED |
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Presented By |
Punjab National Bank, Manager |
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1) Date and description of
instrument creating the change |
Deed of hypothecation to
secure I C and DA basis dated 05.02.2005 |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs. 2400.000 millions |
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|
3) Short particular of the
property charged. If the property acquired is subject to charge, date of the
acquired of the property should be given |
Hypothecation of assets
described in general terms in the schedule hereto i.e. shipping documents
including bills of lading / covering imported raw materials / stores / spares
along with insurance and other usual documents, belonging to the borrower
both present and future with now or
hereafter form time to time during the continuance of this agreement shall be
brought in stored or to be in or about their premises or Godown at GIDC,
Mithi Rohar, Gandihdham (Kutch) Including in transit. |
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4) Gist of the terms and
conditions and extent and operation of the charge. |
Above is to secure FLC (DA)
Limit of Rs. 2400.000 millions Margin 10 % Commission @ 50 % of normal
charges. |
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5) Name and Address and
description of the person entitled to the charge. |
Punjab National Bank NSIC Bhavan, Okhla
Industrial Estate New
Delhi – 110020 |
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6) Date and brief description of instrument
modifying the charge |
Agreement of Hypothecation
of movable assets forming part of Fixed / Block assets dated 05.02.2005 |
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|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The said FLC (DA) Limit of
Rs. 2400.000 millions is additionally / collaterally secured by first pari
passu charges on all fixed / block assets, both present and future described
in general terms in the schedule including to borrower which now or hereafter
form time to time during the continuance of this agreement shall be brought
in stored or to be in or about their premises or Godown at GIDC, Mithi Rohar,
Gandihdham (Kutch) Including in transit. |
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.45.91 |
|
UK
Pound |
1 |
Rs.84.63 |
|
Euro |
1 |
Rs.57.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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
|
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/normal. |
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 |