MIRA INFORM REPORT
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Report Date : |
5th May 2006 |
IDENTIFICATION DETAILS
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Name : |
INOX LEISURE LIMITED |
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Registered Office : |
ABS
Towers, Old Padra Road, Vadodara 390007, 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 : |
09/11/1999 |
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CIN No.: |
U09211DL1999PLC102338 |
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Com. Reg. No.: |
55-102338 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
DELI03037G
/ BLRI01880E / MUMI04008E |
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PAN No.: (Permanent Account No.) |
AAACI6063J |
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Legal Form : |
Public
limited liability company. The
company’s shares are listed on stock exchanges. |
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Line of Business : |
Engaged in the business
of setting up and operating a national chain of world class multiplex cinema
theatres under the brand name INOX. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
ABS
Towers, Old Padra Road, Vadodara 390007, Gujarat, India |
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Tel. No.: |
91-265-2330057-9458 |
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Fax No.: |
91-265-2310312 |
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Corporate Office : |
Inox Leisure Ltd., 21/A Filmcenter, 68 Tardeo Road, Mumbai
34 Phone :02266627051 Email :contact@inox.co.in Elgin Road Address : INOX Leisure Ltd., Forum,
10/3 Elgin Road, Kolkata. 700020 Phone: 23584499 Email: kolkata@inox.co.in Vaishali Nagar Address : Inox Leisure Ltd., Vaibhav Cine Multiplex, C-1,
C-Block, Amrapali Circle, Vaishali Nagar, Jaipur 302021 Phone: 01415114483 Email: jaipur@inox.co.in Magrath Road Address : Inox
Leisure Ltd., 5th Floor, Euroamer Garuda Star Mall, Magarath Road, Bangalore-
560 025, Phone: 08041128888 Email: bangalore@inox.co.in Nariman Point Address : Inox Leisure Ltd., Cross Road
2, 2nd Floor, Opp. Bajaj Bhavan, Nariman Point, Mumbai - 400 021 Phone: 02256595959 Email: mumbai@inox.co.in Bund Garden Address : Inox Leisure Ltd., Plot No. D,
Near Hotel Central Park, Bund Garden Road, Pune - 411001 Phone: 26050101 Email: pune@inox.co.in Race Course Circle Address : Inox Leisure Ltd., Opp. Indraparastha Complex, Near Natubhai
Center, Race Course Gopal Baug, Ellora Park, Vadodara - 390 007 Phone: 2386600 Email: baroda@inox.co.in Salt Lake Address : INOX leisure Ltd., City
Centre, DC Block I, Sector 1, Kolkata 700020 Phone: 23584499 Email: kolkata@inox.co.in Sapna Sangeeta Address : Inox Leisure Ltd., Sapna Sangeeta Mall, IDA Scheme 47,
Sapna Sangeeta Road, Sneha Nagar, Indore - 452007 Phone: 07314214004 Email: indore@inox.co.in Rink Mall Address : Inox Leisure Ltd., Rink Mall, 19, Laden La Road, Darjeeling
(West Bengal), 734101 Email: darjeeling@inox.co.in Panjim Address : INOX Leisure Ltd., Behind old GMC Building, D.B. Road,
Campal Panaji. Goa. 403001 Phone: 2420999 Email: goa@inox.co.in |
DIRECTORS
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Name : |
Mr. Deepak Asher |
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Designation : |
Director |
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Name : |
Mr. P K Jain |
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Designation : |
Chairman |
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Name : |
Mr. S Bedi |
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Designation : |
Director |
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Name : |
Mr. V K Jain |
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Designation : |
Director |
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Name : |
Mr. Siddharth Jain |
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Designation : |
Additional Director |
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BUSINESS DETAILS
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Line of Business : |
Engaged in the business of setting up and
operating a national chain of world class multiplex cinema theatres under the
brand name INOX. |
GENERAL INFORMATION
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Bankers : |
Not
Divulged |
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Banking Relations : |
Satisfactory
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Sister Concern : |
Gujarat
Flurochemicals Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000000 |
Equity
Shares |
Rs. 10 |
Rs. 750.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity
Shares |
Rs. 10 each |
Rs. 450.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
450.000 |
450.000 |
450.000 |
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3] Reserves & Surplus |
107.800 |
25.700 |
0.900 |
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NETWORTH
|
557.800 |
475.700 |
450.900 |
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LOAN FUNDS |
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1] Secured Loans |
566.200 |
505.600 |
358.700 |
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2] Unsecured Loans |
401.400 |
339.700 |
100.000 |
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TOTAL
BORROWING
|
967.600 |
845.300 |
458.700 |
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DEFERRED TAX LIABILITIES |
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TOTAL
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1525.400 |
1321.000 |
909.600 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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1454.800 |
796.900 |
737.200 |
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Capital work-in-progress
|
48.400 |
496.700 |
112.900 |
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INVESTMENT
|
5.000 |
5.000 |
0.000 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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3.400
|
1.400 |
1.100 |
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Sundry Debtors
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18.400
|
6.900 |
3.600 |
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Cash & Bank Balances
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15.700
|
3.040 |
91.000 |
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Other Current Assets
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0.000
|
0.000 |
0.000 |
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Loans & Advances
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233.300
|
9.230 |
50.600 |
Total Current Assets
|
270.800
|
20.570 |
146.300 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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251.900
|
113.200 |
95.000 |
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Provisions
|
5.300
|
1.800 |
1.000 |
Total Current Liabilities
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257.200
|
115.000 |
96.000 |
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Net Current
Assets
|
13.600
|
16.000 |
50.300 |
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MISCELLANEOUS EXPENSES
|
3.600 |
6.400 |
9.200 |
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TOTAL
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1525.400 |
1321.000 |
909.600 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
637.700 |
310.300 |
163.500 |
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Profit/(Loss) Before Tax
|
140.900 |
46.200 |
2.300 |
Provision for Taxation
|
58.800 |
21.400 |
1.400 |
Profit/(Loss) After Tax
|
82.100 |
24.800 |
0.900 |
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Total Expenditure
|
408.500 |
201.400 |
114.600 |
SUMMARISED RESULTS
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PARTICULARS |
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30.09.2005 |
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Type |
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1st
Half |
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Sales Turnover |
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502.50 |
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Other Income |
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|
05.60 |
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Total Income |
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508.10 |
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Total Expenditure |
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300.30 |
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Operating Profit |
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|
207.80 |
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Interest |
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|
37.90 |
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Gross Profit |
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|
169.90 |
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Depreciation |
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|
23.60 |
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Tax |
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|
35.90 |
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Reported PAT |
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|
97.20 |
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Dividend (%) |
|
|
0.00 |
KEY RATIOS
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Debt-Equity Ratio |
1.75 |
1.41 |
0.83 |
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Long Term Debt-Equity Ratio |
1.04 |
0.93 |
0.70 |
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Current Ratio |
0.36 |
0.43 |
0.96 |
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TURNOVER RATIOS |
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Fixed Assets |
0.52 |
0.38 |
0.35 |
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Inventory |
256.17 |
239.84 |
291.82 |
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Debtors |
48.60 |
57.10 |
89.17 |
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Interest Cover Ratio |
3.62 |
2.12 |
1.04 |
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Operating Profit Margin(%) |
37.28 |
36.32 |
29.78 |
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Profit Before Interest And Tax Margin(%) |
31.65 |
29.15 |
21.43 |
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Cash Profit Margin(%) |
18.98 |
15.44 |
8.66 |
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Adjusted Net Profit Margin(%) |
13.35 |
8.27 |
0.31 |
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Return On Capital Employed(%) |
13.72 |
7.89 |
4.79 |
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Return On Net Worth(%) |
15.89 |
5.35 |
0.13 |
STOCK PRICES
|
Face
Value |
Rs.
10/- |
|
High |
Rs.
213.95 |
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Low |
Rs.
208.10 |
LOCAL AGENCY FURTHER INFORMATION
Inox Leisure Ltd (ILL) was incorporated in 1999. ILL
became a subsidiary of Gujarat Flurochemicals Ltd on March 31 2000. According
to a study undertaken by McKinsey & Co Inc the company decided to invest in
the entertainment business by setting up a national chain of world class
multiplex cinema theatres. Today the company is engaged in the business of
setting up and operating a national chain of world class multiplex cinema
theatres under the brand name INOX.
The company has established eight multiplexes across the country. Further
as a part of expansion the company has identified one property each at
Hyderabad, Chennai, Lucknow, Vishakapatnam, Raipur, Kolkata, Darjeeling, 2 in
Bangalore and 2 in Jaipur. In addition to this the company has properties at
Indore, Kharagpur, Bangalore and Jodhpur which is under construction. The
property in Indore will commence its operations by February 2006 and other by
2008.
The company has entered into a MoU with Pantaloon Group for preferential
access to multiplex areas in all real estate developments with which the
Pantaloon Group is associated.
In January 2006 the company made an Initial Public Offer of 16,500,000
equity shares of Rs.10 each at a price band of Rs.100 to Rs.120 per share. The
object of the issue is to setup new Multiplexes.
COMPANY
The Company is in the business of setting up and operating a national chain of
world class Multiplex Cinema Theatres. The business of the Company continues to
show robust growth. The Company has emerged as one of the country's
largest, best and most profitable chain of multiplex cinema theatres. The
company has six operating properties, and another three are slated to open in
the coming year.
Several other projects are in different stages of negotiations,
acquisition, approvals and implementation. The Company is continuously
evaluating further projects for acquisition and implementation.
During the year, the Company was awarded the Best Entertainment Retailer
of the Year Award at ICICI Retail Excellence Awards 2005.
AS PER WEBSITE
About company
Background
INOX
Leisure Limited is the diversification venture of the INOX group into
entertainment and is a wholly owned subsidiary of Gujarat Flurochemicals Ltd.
The other companies in the INOX Group are INOX Leasing and Finance Limited,
INOX Air Products, and Gujarat Fluorochemicals Ltd. The combined turnover of
the INOX Group is approximately Rs.750 crores.
INOX Leisure's mission is to be the leader in the
cinema industry, in every aspect right from the quality and choice of cinema to
the varied services offered and eventually the highest market share. Post its
success in exhibition, INOX made its foray into distribution in September 2005.
In Phase 1 INOX has invested close to 50 millions
to bring in titles like Garam Masala, Rang De Basanti, Family, Jaaneman,
Apharan and Kyonki, EK Khiladi, Ek Hasina and Shikar. In Phase 2 the company
will look at content from International markets (English & award winning
foreign language movies).
INOX is already successfully running its
multiplexes at Pune (Bund Garden Road), Vadodara (Racecourse Circuit Road),
Kolkata (FORUM, Elgin Road and at City Centre- Salt Lake City), Mumbai (CR2,
Nariman Point) and Goa (Panjim), Bangalore (Magrath Road) & Jaipur (Vaibhav
Nagar). With a further investment of Rs. 150 crores, INOX will continue its
expansion into Chennai, Hyderabad, Indore, Raipur, Darjeeling, Kolkata,
Bangalore and Vizag thus establishing a national presence.
All INOX complexes offer an option of 3-5
auditoriums, state of the art facilities in terms of modern projection and
acoustic systems, THX certified or compliant auditoriums, stadium style high
back seating with cup holder arm-rests, internationally designed interiors,
high levels of hygiene, varied theatre food, selection of Hindi, English and
regional movies, computerized ticketing and most importantly high service
standards upheld by a young and vibrant team.
Despite no prior background in the Indian film
industry, INOX has so far traversed its own path by bringing in a professional
and service oriented approach to the cinema sector. With strong financial
backing, impeccable track record and strong corporate ethos, INOX has
established a strong presence in short span of three years.
Initial investment of Rs. 1750 millions is spread
across nine properties slated to launch between 2002 - 2004. INOX is already
successfully running its multiplexes at Pune (Bund Garden Road), Vadodara
(Racecourse Circuit Road), Kolkata (FORUM, Elgin Road and at City Centre- Salt
Lake City), Mumbai (CR2, Nariman Point) and Goa (Panjim). With a further
investment of Rs. 1500 millions, INOX will continue its expansion into Chennai,
Hyderabad, Bangalore and Noida, thus establishing a national presence.
All
INOX complexes offer an option of 3-5 auditoriums, state of the art facilities
in terms of modern projection and acoustic systems, THX certified or compliant
auditoriums, stadium style high back seating with cup holder arm-rests,
internationally designed interiors, high levels of hygiene, varied theatre
food, selection of Hindi, English and regional movies, computerized ticketing
and most importantly high service standards upheld by a young and vibrant team.
EXISTING PROPERTIES
Pune
Bund Garden
Operational from May 10, 2002 Designed by Ted Knapp
and Associates, USA. Situated in the heart of the city at Bund Garden Road
Occupies an area of 1,00,000 sq.ft 4 state of the art auditoriums. Is the first
to install Christie projectors, the best in projection quality. It has Dolby
Digital EX Surround System, the best in sound quality Stadium Style High-Back
seating with cup-holder armrests. Programming mix of English, Hindi and
regional films. A unique food court "REFUEL" serving variety of
popcorn, cola, combo-meals etc Computerized ticketing and services like tele
booking available. Trained staff to ensure friendly service at every point of
customer contact. High Levels of sanitation and hygiene. Premium retail
partners like Barista, Pantaloon and McDonalds
Goa
Panaji
Developed in an area of 40,000 square feet, INOX has built the multiplex in
record time within 180 days from excavation to commissioning, to open its doors
for the International Film Festival! The four-screen multiplex has a total
capacity of 1272 seats. To provide the correct viewing angles, each auditorium
features wall-to-wall stadium-style seating with every row elevated higher than
the row in front. The auditoriums are also equipped with reclining seats and
cup-holder armrests for enhanced comfort. Each auditorium is equipped with the
best in projection and acoustic systems, using the world's finest equipment and
technology such as Christie's projection, Dolby Digital EX three-way surround
sound, DTS technology, Harkness Screens and automated masking. To the consumer
it signifies that the movie is seen and heard at optimum performance levels,
just as the filmmaker would have intended.
Jaipur
Vaibhav Nagar
Developed in an area of 24000 square feet, INOX Jaipur at the Vaibhav Mall in
Vaishali Nagar has 2 auditoriums - Hollywood and Bollywood, which have a total
capacity of 787 seats. Patrons have a wide variety of classes to choose from -
Dress Circle, Balcony, Royal Box and the Royal Club. Patrons watching a movie
in the Royal Club can enjoy the luxury of being served at their seats.
Mumbai
Nariman Point
INOX partners with Crossroads-2, the premium mall
built on international lines. Situated in the heart of the South Mumbai, INOX
Nariman Point. is the first multiplex in South Mumbai. Occupies an area of
28,000 sq.ft. with 5 state of the art auditoriums and a capacity of 1335 seats.
Inox Nariman Point has Dolby Digital EX Surround System, the best in sound
quality. Stadium Style High-Back seating and premium leather seats for the
Royale Class. Programming mix of English, Hindi and regional films.
Darjeeling
Rink Mall
Located at the Rink Mall, Laden La road, INOX Darjeeling is the 10th multiplex in
the INOX chain and has 3 screens with 811 seats.
Bangalore
Magrath Road
INOX, the National Multiplex Chain launches in the
heart of Bangalore at Magrath Road, developed in an area around 35,000 square
ft, on the fourth floor of the mall.
It has been designed by New Zealand-based Walker
Architects. With a hi-tech look and feel to the complex, with strong emphasis
on color and symmetry, INOX exudes a chic and understated elegance.
INOX has five auditoriums with a total capacity of
1103 seats. To provide the correct viewing angles, each auditorium features
wall-to-wall stadium-style seating and is also equipped with reclining seats
and cup-holder armrests for enhanced comfort.
Indore
Sapna Sangeeta
INOX Indore is the 9th multiplex in the INOX chain and was open to all
Indoreans on the 10th of February 2006. Located at Sapna Sangeeta Road in Sneha
Nagar, INOX Indore is developed in an area of 34000 square feet, and has 3
auditoriums with a total capacity of 1080 seats.
Kolkata
Elgin Road
Elgin Road - INOX partners with FORUM, the premium
mall built on international lines, conceptualized and established by Sunsam
Properties within the Saraf Group. FORUM, located in the heart of Kolkata at
Elgin Road has been developed in a total area of 1,80,000 sq.ft. The key retail
partner in this complex is SHOPPERS STOP who has occupied a space of
55,000sq.ft. The other retail tenants include big brands like Nike, Homestore,
Freelook, Ritu Kumar, Satya Paul, Music World, Lacoste, Cotton World Corp and
Catwalk amongst others.
INOX Forum is the first multiplex in Kolkata. INOX
occupies 30,000 sq. ft within FORUM to provide a unique cinema destination, by
operating 4 screens with a total capacity of around 1000 seats. This is the
first complex of its kind in Kolkata that is sure to revolutionize the concept
of retail and leisure entertainment.
Salt Lake
Salt Lake - Designed by Charles Correa, his first
signature project in Kolkata, this sprawling expanse covers over 550,000 square
feet, and will be a concourse of entertainment and enterprise. The complex
comprises a Shopping mall, multiplex, entertainment arena, food court, offices
and residencies. Situated right in the middle of Salt Lake, the most affluent
section of the city, the developers believe that as the city gradually migrates
eastwards, this location will emerge as the nucleus of tomorrow's metropolis.
INOX City Centre has a four-cinema multiplex with 1200 seats, designed by
Walker Architects (New Zealand). The City Center will be uniquely different
from whatever the city has seen.
UPCOMING PROPERTY
Vishakhapatnam
Beach Heights
City : Vishakhapatnam
Location : Beach Heights
No. of screens : 4
No. of seats : 1300
Expected date of operations : November 2006
Lucknow
Gomti Nagar
City : Lucknow
Location : Gomti Nagar
No. of screens : 4
No. of seats : 1000
Expected date of operations : October 2006
Jaipur
Crystal Palm
City : Jaipur
Location : Crystal Palm
No. of screens : 3
No. of seats : 750
Expected date of operations : December 2006
Benzer
City : Jaipur
Location : Benzer
No. of screens : 3
No. of seats : 750
Expected date of operations : Early 2008
Raipur
City Mall Developers
City : Raipur
Location : City Mall Developers
No. of screens : 4
No. of seats : 1250
Expected date of operations : September 2007
Darjeeling
The Rink Mall
City : Darjeeling
Location : The Rink Mall,
No. of screens : 3
No. of seats : 811
Expected date of operations : February 2006
Kharagpur
Puja Complex
City : Kharagpur
Location : Puja Complex
No. of screens : 4
No. of seats : 1200
Expected date of operations : 2008
Chennai
Citi Center
City : Chennai
Location : Citi Center
No. of screens : 5
No. of seats : 1156
Expected date of operations : June 2006
Bangalore
Jayanagar
City : Bangalore
Location : Jayanagar
No. of screens : 4
No. of seats : 1100
Expected date of operations : Early 2007
Koramangla
City : Bangalore
Location : Koramangla
No. of screens : 7
No. of seats : 1860
Expected date of operations : Early 2008
Malleshwaram
City : Bangalore
Location : Malleshwaram
No. of screens : 7
No. of seats : 1720
Expected date of operations : May 2008
Hyderabad
GVK
City : Hyderabad
Location : GVK 1
No. of screens : 6
No. of seats : 1470
Expected date of operations : September 2006
Kolkata
Diamond City
City : Kolkatta
Location : Diamond City
No. of screens : 5
No. of seats : 1042
Expected date of operations : 2008
SHAREHOLDING
PATTERN
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PRESS ROOM
Indian Idol is the greatest platform for budding
singers and the show is of international format. I have certainly gained
confidence after six months of Journey towards the crown of Indian Idol."
4/12/2006,HT Indore Live -
Indian Idol finalist Sandeep Acharya from Bikaner
(Rajasthan) said this in an interaction with press persons in the City today.
Sandeep was in the City to promote himself as the
contender of Indian Idol crown and perform live show in Inox Sapna Sangeeta
Indore.
Sandeep who hails from a traditional joint family
learned music from his aunt Saraswati and Ratandeep Hemraj for 10 years. He has
been based in Mumbai for last two years.
With complete family support to pursue playback
singing, Sandeep hopes that people would remember his voice too some day.
This 21-year-old believes that one need 90 per cent
singing talent and 10 per cent mix of looks, personality and presentation.
Sandeep has faith in his voice and says he cannot
part with his good voice. Having had appreciation from people due to good looks
Sandeep feels that being on track is a must for singers.
Sandeep recalls the proud face of his parents
Chanda and Vijay Acharya and mentions that being an Indian Idol finalist is a
matter of pride in itself.
When asked about this Indian Idol finalist's
favourite song the reply come with a pause, 'Ane wala pal, jane wala hai' sung
by Kishore Kumar.
Meanwhile, Sandeep sang many popular Bollywood
numbers in the live show at INOX and also performed at the request of audience.
He interacted with the people there and told them
about his journey to Indian Idol.
INOX hosted the show that was coordinated by Fusion
Events Private Limited.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No 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.44.88 |
|
UK
Pound |
1 |
Rs.83.07 |
|
Euro |
1 |
Rs.56.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |