MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PUNJ LLOYD LIMITED |
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Registered Office : |
Punj Lloyd House, 17-18, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.07.1988 |
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Com. Reg. No.: |
55-33314 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PLC033314 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP08758B |
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PAN No.: [Permanent
Account No.] |
AAACP0305Q |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Undertakes General
Construction, Accoustic Jobs, Slipforming and Crosscountry Piping and Gas
based Power Plants on Turnkey basis and laying of Optical Fibre Cables. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 : |
USD 42000000 |
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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 one of
the largest engineering company having satisfactory track. Financials
position is satisfactory. Trade relations are fair. Payments are correct and as
per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. It can be
regarded as a promising business partner in a medium to long – run. |
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LOCATIONS
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Registered Office / Corporate office: |
Punj Lloyd House, 17-18, |
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Tel. No.: |
91 11 2620
0123 |
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Fax No.: |
91 11 2620
0111 |
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E-Mail : |
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Website : |
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Overseas
Representative Offices: |
v
Punj
Lloyd ( #14-01 B, Tel. No. 65-22279130 Fax No. 65-22241078 v
PT
Punj Lloyd Indonesia Stadion
Lebak Bulus, Tribun Timur TS II B, JL. Raya Jagowari, Tel. No. 62-21-27666147 / 178 Fax No. 62-21-2766148 |
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Factory : |
v
Kalkaji,
v
Punj
House, Connaught Circus, v
Banmore
Industrial Area, Banmore, District Morena – 476 444, Madhya Pradesh Tel.: 91-7532-243644 Fax: 91-7532-243297 |
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Branches : |
Banmore Industrial Area, Banmore
25 Punj
Lloyd Kazakhstan LLP Punj
Lloyd – LIMAK JV Office
213, Business- center «M-Style Office» PO Box 28907, 1206 Al Gaith Tower
Jamel Ben Amor - Regional Director Maghreb and Africa
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DIRECTORS
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Name : |
Mr. Atul Prakash Punj |
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Designation : |
Chairman & Managing Director |
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Address : |
10, |
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Date of Birth/Age : |
1958 |
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Qualification : |
B. Com (Hons) |
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Experience : |
26 Years |
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Date of Appointment : |
01.07.1998 |
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Previous Employment |
Own Business |
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Name : |
Mr. Vimal Kishore Kaushik |
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Designation : |
Joint Managing Director & Chief Operating Officer |
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Address : |
S-27/1-D, DLF Qutab Enclave Phase – III, Gurgaon – 122 002, Haryana |
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Date of Birth/Age : |
22.11.1947 |
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Qualification : |
B. E. (Elec.) |
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Experience : |
35 years |
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Date of Appointment : |
01.11.1998 |
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Previous
Employment |
Punj Group |
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Name : |
Mr. Luv Chhabra |
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Designation : |
Wholetime Director |
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Address : |
H-16/4, DLF, Phase – 1, Gurgaon, Haryana |
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Date of Birth/Age : |
48 Years |
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Qualification : |
B. Tech., MBA |
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Experience : |
26 years |
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Date of Appointment : |
01.07.2001 |
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Previous
Employment |
KEC International
Limited |
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Name : |
Mr. Karamjit Singh Butalia |
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Designation : |
Non-executive Director |
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Name : |
Mr. Alain Aboudharam |
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Designation : |
Independent Director |
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Name : |
Mr. Keith Nicholas Henry |
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Designation : |
Independent Director |
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Name : |
Dr. Naresh Trehan |
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Designation : |
Independent Director |
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Name : |
Mr. Rajan Jetley |
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Designation : |
Independent Director |
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KEY EXECUTIVES
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Name : |
Mr. Dinesh Thairani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
28618899 |
54.80 |
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Mutual Funds
& UTI |
933927 |
1.79 |
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Banks, Financial
Institutions, Insurance Companies |
349067 |
0.67 |
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Foreign
Institutional Investors |
9786623 |
18.74 |
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Private
Corporate Bodies |
2038632 |
3.90 |
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Indian Public |
2799866 |
5.36 |
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NRIs/OCBs |
260872 |
0.50 |
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Others
(Including shares in transit) |
7431950 |
14.24 |
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Total |
52219836 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Undertakes
General Construction, Accoustic Jobs, Slipforming and Crosscountry Piping and
Gas based Power Plants on Turnkey basis and laying of Optical Fibre Cables. |
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Products : |
v
Construction
and Project Related Activities and Engineering Services v
Pressures
vessels silencing equipment |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Contract terms |
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Purchasing : |
Cash, Contract,
L/C and Credit (60 days) terms |
GENERAL INFORMATION
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Customers : |
v
Abu
Dhabi National Oil Company Limited v
Bharat
Petroleum Corporation Limited v
Botas v
BTC
Company v
British
Petroleum v
Chambal
Fertilizer & Chemical Limited, v
Engineers
India Limited v
Gas
Authority of India Limited v
Gas
Transmission Company Limited v
Gujarat
Gas Company Limited v
Hindustan
Petroleum Corporation Limited v
Petro
v
Hyundai v
ILF
Consulting Engineers v
Indian
Oil Corporation v
Indian
Petrochemicals Corporation Limited v
Kumpunan
Juri Teknik Sdn. Bhd. v
McConnell
Dowell v
Nichimem
Corporation v
NKK
Corporation v
Oil
and Natural Gas Commission v
PDIL v
Pertamina v
Petronet
MHB Limited v
Petrosea
Engineering and Construction Company v
PT
Bouygues Offshore v
PT
Trihasra Bimanusa Tunggal v
PT.
Perusahaan Gas Negara v
Reliance
Industries Limited v
Skoda
Export v
Snamprogetti v
Zuari
Agro Industries Limited, v
Bharat
Heavy Electricals Limited, |
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No. of Employees : |
1463 |
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Bankers : |
v
Allahabad
Bank v
Bank
of v
Bank
of v
Bank v
Canara
Bank, v
Central
Bank of v
Citibank
N.A. v
Exim
Bank of v
Federal
Bank Limited v
ICICI
Bank Limited v
IDBI
Bank v
ING
Vysya Bank Limited v
Indian
Overseas Bank v
Jammu
& Kashmir Bank Limited v
MashreqBank
psc v
Oriental
Bank of Commerce v
Punjab
National Bank v
Punjab
& Sind Bank v
Standard
Chartered Bank v
State
Bank of v
State
Bank of v
Syndicate
Bank v
The
Karur Vysya Bank Limited v
UCO
Bank v
United
Bank of v
Vijaya
Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi & Company Chartered Accountant |
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Memberships : |
Confederation of
Indian Industry |
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Associates/Subsidiaries : |
˜
PLN
Construction Private Limited Subject is a subsidiary of company, specialising in Horizontal
Directional Drilling. Active in the Indian market since 1997, PLN has
executed crossings totalling 23,027 metres. It has laid pipelines under
expressways, railways, rivers and canals. The company owns a 250 T rig
spread, which can handle crossings upto 56” dia. Significant
Projects :- The longest
HDD crossings in India i.e. 1700 and 1770 metres at the Krishna-Godavari
basin on the eastern coast of India for GAIL India Longest
crossings in India to pull 42” dia pipeline i.e. 1041 metres at Tapi River
near Surat for ONGC Has crossed almost all the perennial rivers of ˜
Rajahmundry
Expressway Limited ˜
Andhra
Expressway Limited ˜
Vadodara
Halol Toll Road Company Limited ˜
North
Karnataka Expressway Private Limited ˜
Bistro
Hospitality Limited ˜
Jacob
Ballas Capital India Private Limited ˜
Punj
Lloyd – Limak JV ˜
Punj Lloyd
– Progressive Constructions Limited ˜
Persys
– Punj Lloyd JV ˜
Punj
Lloyd – PT Punj Lloyd Indonesia JV ˜
D
& A Foods Private Limited, ˜
Indtech
Construction Private Limited, ˜
Jay
Agro Flora Private Limited, ˜
Gujarat
Toll Road Limited subsidieries
˜
Spectra
Punj Lloyd Limited Specialised company for renting the equipment to construction industry
was formed in the year 1985. This company helps the company’s operations by hiring
in at competitive rates when the captive asset base cannot meet the total
requirement and facilitates hiring out in case of certain assets being under
utilized ˜
Punj
Lloyd Insulations Limited, Over the years PLIL has completed a diverse range of prime insulation
projects. These industrial, hospitality and residential projects - executed
for leading international as well as Indian clients and consultants - have
varied in scale and complexity. Meticulous planning, precision engineering,
global materials’ sourcing, and comprehensive project management, backed by
an inherent regard for health, safety and environment are the main reasons
for this division’s exceptional achievements. A subsidiary of the Punj Lloyd Group specialising in insulation technologies.
Its areas of expertise extend from thermal insulation to waterproofing to
acoustic treatment to refractory and acid - resistant lining. v
Punj
Lloyd ( v
Punj
Lloyd Inc, v
Punj
Lloyd International Limited, v
Punj
Lloyd Kazakhstan Limited v
Spectra
Infrastructure Limited, v
Atna
Investment Limited, v
Spectranet
Limited, v
Spectra
Punjab Limited v
Pt.
Punj Llyod v
Indudyog
Company Limited v
Uppal
Hotels Limited, v
Spectranet
Holdings Limited v
Spectra
Net Limited v
Spectra
Net Holding Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60,000,00 |
Equity Shares |
Rs. 10/- Each |
Rs. 600.000
Millions |
|
20,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 200.000
Millions |
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Total |
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Rs.
800.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
52,219,836 |
Equity Shares |
Rs. 10/- Each |
Rs. 522.198
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
522.198 |
252.300 |
206.466 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10113.488 |
4434.900 |
2357.383 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10635.686 |
4687.200 |
2563.849 |
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LOAN FUNDS |
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1] Secured Loans |
3460.109 |
4529.800 |
5317.322 |
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2] Unsecured Loans |
629.355 |
1168.400 |
939.262 |
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TOTAL BORROWING |
4089.464 |
5698.200 |
6256.584 |
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DEFERRED TAX LIABILITIES |
558.192 |
0.000 |
578.143 |
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TOTAL |
15283.342 |
10385.400 |
9398.576 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4614.973 |
4202.100 |
4675.090 |
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Capital work-in-progress |
771.792 |
142.900 |
15.874 |
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Preoperative Expenditure |
47.847 |
0.000 |
0.000 |
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INVESTMENT |
1244.085 |
548.600 |
1146.514 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
6261.853
|
2319.174 |
3967.500
|
|
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Sundry Debtors |
3784.834
|
1572.491 |
3115.400
|
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Cash & Bank Balances |
732.759
|
302.356 |
303.400
|
|
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Other Current Assets |
109.903
|
0.000 |
0.000
|
|
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Loans & Advances |
1951.436
|
1786.127 |
1534.200
|
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Total
Current Assets |
12840.785
|
8920.500
|
5980.148 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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|
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Current Liabilities |
4030.117
|
2465.153 |
3353.200
|
|
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Provisions |
206.023
|
963.547 |
75.500
|
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Total
Current Liabilities |
4236.140
|
3428.700
|
2465.153 |
|
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Net Current Assets |
8604.645
|
5491.800
|
3514.995 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
46.103 |
|
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|
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TOTAL |
15283.342 |
10385.400 |
9398.576 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
13682.149 |
14294.286 |
11381.122 |
|
|
Other Income |
348.213 |
499.862 |
0.000 |
|
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Total Income |
14030.362 |
14794.148 |
11381.122 |
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Profit/(Loss) Before Tax |
562.919 |
114.943 |
523.782 |
|
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Provision for Taxation |
211.449 |
33.511 |
116.943 |
|
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Profit/(Loss) After Tax |
351.470 |
81.432 |
406.839 |
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Earnings in Foreign Currency : |
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|
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Total Earnings |
5127.058 |
6554.861 |
600.912 |
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Imports : |
|
|
|
|
|
|
Stores & Spares |
485.354 |
172.163 |
0.000 |
|
|
Capital Goods |
445.811 |
0.000 |
0.000 |
|
Total Imports |
931.165 |
172.163 |
186.658 |
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Expenditures : |
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Administrative Expenses |
7765.226 |
9208.692 |
0.000 |
|
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Raw Material Consumed |
4517.011 |
3775.000 |
0.000 |
|
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Other Expenditure |
593.306 |
1061.591 |
10570.544 |
|
Total Expenditure |
12875.543 |
14045.283 |
10570.544 |
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
2007 (Full Year) |
|
Sales Turnover |
|
|
22388.500 |
|
Other Income |
|
|
666.300 |
|
Total Income |
|
|
23054.800 |
|
Total Expenditure |
|
|
20544.500 |
|
Operating Profit |
|
|
2510.300 |
|
Interest |
|
|
692.400 |
|
Gross Profit |
|
|
1817.900 |
|
Depreciation |
|
|
844.600 |
|
Tax |
|
|
308.300 |
|
Reported PAT |
|
|
615.900 |
|
Dividend (%) |
|
|
15.00 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.64 |
1.68 |
2.69 |
|
Long Term Debt Equity Ratio |
0.43 |
1.49 |
2.69 |
|
Current Ratio |
1.91 |
1.90 |
2.11 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.95 |
2.31 |
2.57 |
|
Inventory |
2.76 |
4.76 |
7.25 |
|
Debtors |
4.05 |
6.29 |
7.57 |
|
Interest Cover Ratio |
1.85 |
1.03 |
1.73 |
|
Operating Profit Margin (%) |
11.97 |
12.09 |
18.17 |
|
Profit Before Interest and Tax Margin (%) |
7.78 |
7.29 |
14.19 |
|
Cash Profit Margin (%) |
6.42 |
4.98 |
8.63 |
|
Adjusted Net Profit Margin (%) |
2.23 |
0.18 |
4.65 |
|
Return on Capital Employed (%) |
8.76 |
11.46 |
23.83 |
|
Return on Net Worth (%) |
4.12 |
0.77 |
28.73 |
STOCK PRICES
|
Face Value |
Rs. 10/- |
|
High |
Rs.835.85/- |
|
Low |
Rs.821.15/- |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
Subject is engaged in the business of undertaking General Construction,
Accoustic Jobs, Slipforming and Crosscountry Piping and Gas based Power Plants
on Turnkey basis and laying of Optical Fibre Cables.
The company is engaged in engineering and construction activities,
projects related activities, pressure vessels and silencing equipments,
etc.
It is also engaged in a diverse range of project activities and has
executed projects in diverse sectors such as oil & gas, chemicals,
petrochemicals, fertilizers and other infrastructure civil projects.
Subject is a leading construction company.
The company has been accredited with ISO 9001 Certification for
engineering, designing, procurement, construction and commissioning of tankages
and ISO 9002 Certification for other activities.
The company is targeting major projects for EPC and construction work in
thrust sectors such as oil & gas, power, terminals, infrastructure for
telecommunication projects, roads and bridges, etc.
The company has restructured its activities into strategic business
units in the areas of pipelines, tankages, EPC, industrial civil and
telecom.
The company
undertakes the following projects :-
Pipeline
·
Baku-Tbilisi-Ceyhan
·
Tunu Field Development Phase 9
·
Dahej Vijaipur Gas
·
Panaran Pemping Gas
·
KAM
·
Mangalore Bangalore Pipelines
·
·
Effluent Outfall
·
Gas Rehabilitation and Expansion
·
Kandla Bhatinda
·
South Bvassein Hazira Trunkline
·
Tunu Field EPSC 4 & 5
·
Balongan,
·
Jarn Yaphour Field Development
·
Mumbai Pune Products
Tankage and Terminals
·
LNG Hazira
·
LNG Dabhol
·
Steel Storage Tanks,
·
LPG Terminal
Turnkey and Composite Construction
·
Gas Compressor Trains Peciko
·
Gas Field Development Dandewalan
·
Hydrocracker for
Civil Construction
·
·
Jaipur Bypass
·
Infrastructure Services
Telecom
·
OFC Laying of Gail in MP
·
Western Regions for Power Grid
·
OFC Laying for Bharati Telenet
The company is in trade terms with :
v
Berger Paints Limited
v
Wirtgen GmbH,
v
Parker Plant Limited,
v
Metso Minerals
v
MBW (
v
Stetter GmbH, Dr. Karl-Lenz-St. 70, D-87700
Memmingen,
v
Lincoln Electric Co.,
v
Metso Dynapac AB, P.O. Box 504, SE-37123,
v
Volvo East Asia Pte Limited, 31, Jurong Logistics
HUB,
v
Tyco Adhesives B.V.B.A, Nieuwlandlaan B15, B-3200
v
Ph : +32-16-553600, Fax : +32-16-553672
v
Pipeline Inspection Co.,
Ph :
+713-681-5837, Fax : +713-681-4838
v
CRC-Evans Pipeline International Inc.,
The
company has joint venture with :-
v
Koop International, The
v
Whessoe LGA Gas Technology Limited,
v Rajahmundry
Expressway Limited
v Andhra Expressway
Limited
v PLN Construction
Private Limited
v Vadodara Halol
Toll Road Company Limited
v North Karnataka
Expressway Private Limited
v Bistro Hospitality
Limited
v Jacob Ballas
Capital India Private Limited
v Punj Lloyd – Limak
JV
v Punj Lloyd –
Progressive Constructions Limited
v Persys – Punj
Lloyd JV
v Punj Lloyd – PT
Punj Lloyd Indonesia JV
OPERATIONS
REVIEW
Net sales of the Company fell by 4.28 per cent from Rs. 14294.29 million
in financial year (FY) 2004-05 to Rs. 13682.15 million in FY 2005-06. As a
consequence of delay in obtaining right of way in road projects in
During the year, Company carried out debt restructuring by repaying some of its
high cost debts and substituting some of high cost debts by low cost debts. The
total borrowing including short term loans declined from Rs. 5698.16 million in
FY 2004-05 to Rs. 4089.46 million in FY 2005-06. Interest charges for the year
declined from Rs. 737.98 million in FY 2004-05 to Rs. 467.99 million in FY
2005-06. The profit before tax (PBT) increased by 389.75 per cent from Rs.
114.94 million in FY 2004-05 to Rs. 562.92 million in FY 2005-06.
Profit after tax (PAT) grew by 331.62 per cent from Rs. 81.43 million in FY
2004-05 to Rs. 351.47 million in FY 2005-06.
SUBSIDIARY COMPANIES AND JOINT
VENTURES
Punj Lloyd Inc., a wholly owned subsidiary (WOS) in US and Punj Lloyd (
After the closure of current financial year, the Company has acquired
100% equity of Creighton Pte.
On an application by the Company under section 212(8), the Central
Government has vide its letter No. 47/52/2006-CL-III dated February 22, 2006
exempted the Company from attaching a copy of Balance Sheet, Profit and Loss
Account, and other documents in respect of its subsidiaries for the year ended
March 31, 2006.
A statement in respect of each of the subsidiary, giving the details of
capital, reserves, total assets and liabilities, details of investment,
turnover, profit before taxation, provision for taxation, profit after taxation
and proposed dividend is attached to the consolidated balance sheet.
Annual accounts of the subsidiary companies and the related detailed
information will be made available to the holding and subsidiary company
investors, seeking such information. Copies of the annual accounts of the
subsidiary companies are available for inspection by any investor at the
registered office of the Company between 11.00 AM to 13.00 PM on all working
days.
After the closure of the current financial year, the Company has entered
into a joint venture with His Royal Highness Prince Khalid Bin Bandar Bin
Sultan (KBS),
ACQUISITION OF SEMBCORP ENGINEERS
AND CONSTRUCTORS PTE. LIMITED. IN
After the closure of the current financial year, the Company has through
its wholly owned subsidiary in
SembE&C is a design-and-build engineering and construction service
provider with core capabilities encompassing process & plant engineering,
heavy civil engineering and building. SembE&C recorded revenue of over 1
billion
This acquisition is in line with the Company's strategic intent to expand
its geographical reach and portfolio enhancement in complementary sectors. Punj
Lloyd already has a formidable presence in South Asia, Middle East, Asia
Pacific, Caspian and
This is an important milestone in the Company's ability to offer a
complete portfolio of EPC solutions. With this acquisition, Punj Lloyd will add
engineering construction capabilities for airports, jetties, MRT/LRT,
tunneling, sewage amongst others, to its capabilities in the infrastructure
domain. In petrochemical sector, Punj Lloyd can leverage Simon-Carves's (a
wholly owned subsidiary of SembE&C) capabilities in engineering,
procurement and construction of LDPE, PVC, Styrene and refinery processes
domain. At present, Punj Lloyd provides engineering construction services in
the oil and gas sector for pipelines, tanks and terminals, process facilities,
and in the infrastructure sector for construction of highways and expressways,
power plants and high specification buildings besides value added engineering
and plant & facility maintenance.
This entity will contribute significantly to top-line of the Company and
will provide access to new geographies and enhance their competitive
positioning in existing markets. This acquisition will substantially enhance
their Group's capabilities to tap into complementary growth sectors like
infrastructure and petrochemicals. They will also greatly benefit from the
experienced and quality manpower, as this acquisition will add a very large
number of experienced and qualified engineers to their existing talent
pool.
As Per
Website Details
Profile
Punj Lloyd Limited is one of the largest
engineering construction companies in
Punj Lloyd Limited's operations are spread across the regions of the Middle
East, the Caspian, the Asia Pacific, Africa and
Punj Lloyd Limited's services include detailed engineering, field services,
material procurement and overall project and construction management. It
owns a large fleet of sophisticated construction equipment including pipelaying
equipment, amphibious equipment for offshore work, automatic welding machines,
horizontal directional drilling rigs, barges, swamp excavators, heavy
construction equipment, concrete pavers, piling rigs, and transportation and
camp equipment. As of September 30, 2005, Punj Lloyd Limited's
experienced multinational and multicultural work force consisted of
approximately 1,472 full time employees and more than 4,500 casual and
temporary contract employees based around the world. Punj Lloyd Limited is
strongly committed to health, safety and environment policies and practices in
the execution of its projects and has received several awards and
certifications for its operations and projects from the British Safety Council
as well as from its clients. Punj Lloyd Limited also enjoys various
accreditation such as the ISO 9001:2000 QMS, the ISO 14001:1996 EMS and the
OHSAS 18001:1999 OHSMS from Det Norske Veritas.
Punj Lloyd Limited has worked on projects
for international energy majors such as ADNOC, British Petroleum, Cairn Energy,
Pertamina, PetroKazhakstan, Petroleum Development Oman, Shell, Total and
TengizChevroil (a joint venture of Chevron) as well as energy majors in India
such as BHEL, BPCL, CPCL, Dabhol Power Company, Essar Refineries, GAIL, Gujarat
Gas, HPCL, IOC, Jindal Power, Kochi Refineries, Nuclear Power Corporation, OIL,
ONGC and RIL. Punj Lloyd Limited has also worked on projects for major
engineering construction companies including Bechtel, Parsons Fluor Daniel,
Petrofac, Saipem, Siirtech Nigi, Skanska, Skoda, Snamprogetti, Technip and Toyo
as well as Engineers India Limited and Lurgi. On infrastructure projects, Punj
Lloyd Limited has worked on various projects for NHAI and Delhi Metro.
In over 20 years of experience in
construction projects, Punj Lloyd Limited has constructed more than 5,300 km of
pipelines and 4 million m³ of tanks and terminals capacity and has executed 11
refinery modernisation and quality improvement projects. Punj Lloyd
Limited has also worked on or is working on 14 highway projects in the infrastructure
sector.
Punj Lloyd Limited
has received various awards in relation to its performance, including the
following:
- Export award for the year 2004-2005 for
second best performance in the category of maximum value of overseas contracts
secured from the Projects Exports Promotion Council of India;
- Export award for the year 2004-2005 for
second best performance in the category of maximum turnover from overseas
construction contracts from the Projects Exports Promotion Council of
India;
- Export award for the year 2003-2004 in
recognition of foreign works secured in new areas from the Projects
Exports Promotion Council of India;
- Export award for the year 2003-2004 in
recognition of second best performance in maximum overseas construction
contracts secured from the Projects Exports Promotion Council of India;
- Export award for the year 2002-2003 in
recognition of maximum foreign works secured in new areas from the
Overseas Construction Council of India; and
- Export award for the year 2002-2003 in
recognition of maximum overseas construction contracts secured from the
Overseas Construction Council of India.
Punj Lloyd Limited
has executed or is currently engaged in executing several landmark projects
within and outside India, including pipeline projects such as the Baku –
Tbilisi – Ceyhan crude oil pipeline for BP – Botas in Turkey, the KAM oil
pipeline project for PetroKazhakstan in Kazakhstan, the South Sumatra – West
Java pipeline project for PGN, Indonesia, the Kandla – Bhatinda oil pipeline
for IOC in India, the Dahej -Vijaipur gas pipeline project for GAIL, the Uran
Trombay oil pipeline project for ONGC, the Mangalya-Bijwasan pipeline project
for BPCL and the Pune-Sholapur pipeline project of HPCL. Punj Lloyd Limited
believes it is one of the few engineering construction companies to have laid
48 inches diameter gas pipelines and to have laid pipelines in shallow water
and swampy or marshy terrain.
Punj Lloyd Limited has also undertaken several significant tank and terminal projects
including the LNG storage and regasification terminal for the Dabhol project,
the LNG storage tank project for Shell at Hazira, tanks for the bulk liquid
products terminal for Horizon in Singapore, tank projects for PB Tankers in
Singapore, tank projects of GASCO for Bechtel in Abu Dhabi, water storage tanks
projects for Technip's Fujairah water and power project and the tank farm
project for the Jamnagar refineries for RIL. Punj Lloyd Limited believes it is
one of the few engineering construction companies internationally to have
in-house capability to provide comprehensive mechanical fabrication, erection,
pre-stressed wall construction and insulation works for LNG tanks.
Punj Lloyd Limited has also successfully completed or are working on EPC contracts
for various process facility projects including phase IV of the Peciiko
development project in Indonesia, the Vis-breaker unit and sulphur block at the
CPCL refineries for Petrofac, the MSQ upgradation project for IOC at Haldia in
India and the sulphur and utilities package for Siirtech Nigi at the IOC
refinery at Guwahati in India. Punj Lloyd Limited is also executing the
off-sites and utilities (piping and mechanical erection) project of GASCO for
Bechtel in Abu Dhabi and is working on two contracts for 2 X 250 MW thermal
power plant stations for Jindal Power Limited at Raigarh in India as well as a
contract for BHEL for 2 X 60 MW thermal power plant stations of PT Merak Energi
Indonesia.
In the infrastructure sector, Punj Lloyd Limited's assignments include the
six/four-lane approximately 77 km Belgaum - Maharashtra highway, the four–lane
approximately 62 km Rajasthan RJ-8 highway, the four-lane approximately 32 km
Vadodara – Halol toll road project as well as the Thiruvananthapuram city and road
improvement project.
Punj Lloyd Limited's key strengths as one of the largest engineering
construction companies in India with a strong international presence are its
significant experience and strong track record, ability to manage operations in
diverse industries and economies, long term relationships with world-class
clients, strong operational results and ability to mobilise financial resources
and its highly qualified and motivated employee base and proven management
team.
Manpower
Punj Lloyd is a people-driven enterprise. Delivering on their
mission requires people who are determined, dynamic, dedicated and share the
company’s core business values and its passion for quality.
Punj Lloyd’s innovative and diverse workforce has the will
not just to take on challenges but to see them through. Their approach to
excellence is focussed. Working in the scorching desert sun, fierce monsoons,
or at temperature extremes ranging from –45° Celsius to +45° Celsius are all in
a day’s work.
With diverse projects spread all over the world, the
company's engineers have generated multi-disciplinary skills and a wide range
of experience in project management and execution.
As of March, 2006 the Punj Lloyd team comprised about 1850
employees of which 31 per cent are engineers and 28 per cent hold engineering
diplomas. Their hunt for talent is however an unending quest.
Punj Lloyd wins contract for Dabhol -
Panvel Pipeline Project (DPPL) from GAIL
Order
Valued at Rs 1642.400 Millions
New Delhi
Punj Lloyd Limited has been awarded
the contract for Dabhol - Panvel Pipeline Project (DPPL) from GAIL. The value
of the contract is Rs 1642.400 Millions on EPC basis.
The scope of work broadly involves residual
engineering, procurement, installation, testing and commissioning of
Panvel-Dabhol 30 dia pipeline system from GAIL's station, installation at
Panvel to Dabhol terminal including terminal work, temporary and permanent
cathodic protection system, intermediate SV/IP/repeater/tap-off stations,
crossings by Horizontal Directional Drilling (H.D.D) and all associated
mechanical, civil, structural, electrical, instrumentation work and laying of
optical fibre cable, HDPE duct, etc excluding supply of line pipe, which shall
be supplied as free issue material by GAIL.
Comprising two parts, the project
involves the laying of the 30” dia pipeline in 113 km length from Panvel to
upstream of Savitri river crossing in 2 spreads and a length of 74 km from
upstream of Savitri river crossing to Dabhol terminal. This pipeline will pass
through some of the steepest slopes in the country.
Other facilities include a receipt
cum despatch terminal at Dabhol, sectionalising valve stations and intermediate
pigging station with a tap-off facility.
fast track project, the scheduled
time for completion is within 10 and half months from the date of contract, it
is worth mentioning that PLL in the past had bagged part of the Dahej-Uran
Pipeline Project from GAIL.
About Punj Lloyd
Punj Lloyd is amongst the largest
engineering and construction companies in
Punj Lloyd
announces Annual Results
Engineering and construction major,
Punj Lloyd Limited (PLL) has recorded consolidated income of Rs 17165.900
Millions and net profit of Rs 554.600 Millions for the financial year 2005-06.
This is against consolidated income of Rs 19203.200 Millions and net profit of
Rs 1006.000 Millions in the previous fiscal.
The EBIDTA (Earnings before interest,
depreciation, taxes and amortisitation) for the fiscal was Rs 2228.000 Millions
as against Rs 336.7 crore in the previous fiscal. The EBITDA margin in FY06 was
12.98%.
On the expanded equity of Rs 522.100
Millions, the basic EPS works out to Rs 12.74 while diluted EPS works out to Rs
12.06. The board of directors have recommended a dividend of 10% for FY06,
subject to the approval of shareholders.
The management expects that in the
current fiscal, PLL (other than SembCorp Engineers & Constructors) would be
able to generate income between Rs 35000.000 Millions to Rs 37500.000 Millions
with similar EBITDA margins.
The lower turnover in FY06 was on
account of slow progress in obtaining Right of Way (RoW) for road orders worth
Rs 12000.000 Millions in Rajasthan and
During the year, PLL had a cautious
bidding approach and consciously avoided BOT and annuity projects. This has
been reflected in the improved quality of the order book, which would translate
into increased revenue in the current fiscal.
“The stakeholders would be pleased to
note that they started the last fiscal with an order backlog of Rs 12270.000 Millions
and they have ended the fiscal with an order book of Rs 42820.000 Millions . As
of this date, they are holding unexecuted orders worth Rs 55020.000 Millions.
They have a geographically and segment-wise diversified order backlog, which
reduces overall business risk. Over 37% of their order backlog is now
represented from projects based outside
The last financial year was marked by
several landmarks. PLL successfully raised Rs 5848.600 Millions through an IPO and US $ 125 million through
FCCBs (Foreign Currency Convertible Bonds), reflecting confidence of international
institutional investors and domestic investors in us.
Two notable events in the recent past
have been acquisition of SembCorp Engineers & Constructors, a
SembCorp ( in which PLL has 88%
stake) would be complementing PLL in offering complete portfolio of EPC
solutions which now include airports, jetties, MRT/LRT, tunneling, sewerage,
water treatment, land reclamation, high spec buildings, process facilities for
petrochemicals and refineries, pharmaceutical, nuclear and power. SembCorp
Engineers has been primarily in engineering and procurement services while PLL
is primarily a construction company. With the acquisition, PLL group will be
able to provide single point EPC solutions for all business segments in which
the group is present. There would be lot of offshoring opportunities from
SembCorp as it shifts its high cost activities to
Dayim- Punj Lloyd would focus on
urban infrastructure, township development etc. apart from onshore and offshore
EPC contracts in
“With the increased
bandwidth coupled with immense opportunities in the construction space, I am
confident that PLL will become amongst the largest EPC companies in the world.
They are grateful to all their stakeholders, who have increased their
confidence by reposing their faith in us”, said Mr Atul Punj, CMD, PLL.
Forward
-
Looking Statements:- This report contains forward –looking
statements, which may be identified by their use of words like ‘plans',
‘expects', ‘will', ‘anticipates', ‘believes', ‘intends', ‘projects',
‘estimates' or other words of similar meaning. All statements that address
expectations or projections about the future, including but not limited to
statements about the company's strategy for growth, market position,
expenditures, and financial results, are forward –looking statements. Forward
-looking statements are based on certain assumptions and expectations of future
events. The company cannot guarantee that these assumptions and expectations
are accurate or will be realized. The company's actual results, performance or
achievements could thus differ materially from those projected in any such
forward - looking statements. The company assumes no responsibility to publicly
amend, modify or revise any forward looking statements, on the basis of any
subsequent developments, information or events.
About Punj Lloyd
Punj Lloyd is amongst the largest
engineering and construction companies in
Punj Lloyd JV bags
Rs 1420.000 Millions order from
Punj Lloyd Limited., along with its
joint venture partner, Persys, has bagged a Rs 1420.000 Millions project from
Delhi Metro Rail Corporation (DMRC) for the Inderlok – Mundka Corridor of
Phase-II.
Persys is a Malaysian construction
company with whom Punj Lloyd had successfully completed the DMRC project
earlier as well. This project involves design and construction of elevated
via-duct of 4.784 km length including structural work of four elevated stations
- Nangloi, Nangloi Railway station,
Punj Lloyd had earlier completed a 6.3 km long Flyover
between Kirti Nagar and Tilak Nagar as a part of CP-Dwarka Corridor in Phase-I
of DMRC. It involved construction of a Metro Corridor over the existing
About Punj Lloyd
Punj Lloyd is amongst the largest
engineering and construction companies in
Punj
Lloyd wins contract for Dabhol - Panvel Pipeline Project (DPPL) from GAIL
Punj Lloyd announces Annual Results
Punj Lloyd JV bags Rs 1420.000 Millions order from Delhi
Metro
Punj Lloyd on order acquisition spree
Bags another order from RIDCOR valued at Rs 3020.000
Millions
Punj Lloyd takes over
SembCorp
Punj Lloyd bags contract worth Rs
1380.000 Millions
Construction of Spread 1 of Dahej-Uran Pipeline Project
from GAIL
Punj
Lloyd joins hands with
New jointly-owned company - "Dayim-Punj Lloyd
Engineering Limited"
Punj
Lloyd Limited. to raise US$ 125 million through Foreign Currency Convertible
Bonds
Punj
Lloyd announces award of Rs 860 million multi-speciality hospital building
structure project and updates financial information.
PLN Construction
PLN Construction Limited. is a subsidiary of Punj Lloyd
Limited., specialising in Horizontal Directional Drilling. Active in the Indian
market since 1997, PLN has executed crossings totalling 25,700 mtrs. It has
laid pipelines under expressways, railways, rivers and canals. The company owns
2 x 250 T rigs, which can handle crossings upto 56” dia.
Significant Projects
- The
longest HDD crossings in India i.e. 1700 and 1770 metres at the
Krishna-Godavari basin on the eastern coast of India for GAIL India
- Longest
crossings in India to pull 42” dia pipeline i.e. 1041 metres at Tapi River
near Surat for ONGC
- Have crossed almost all the perennial
rivers of
PUNJ LLOYD
INSULATIONS
Over the years PLIL has completed a diverse range of prime
insulation projects. These industrial, hospitality and residential projects -
executed for leading international as well as Indian clients and consultants -
have varied in scale and complexity. Meticulous planning, precision
engineering, global materials’ sourcing, and comprehensive project management,
backed by an inherent regard for health, safety and environment are the main
reasons for this division’s exceptional achievements.
A subsidiary of the Punj Lloyd Group specialising in
insulation technologies, it's areas of expertise extend from thermal insulation
to waterproofing to acoustic treatment to refractory and acid - resistant
lining.
Some of PLIL’s key assignments include complex insulation
projects for the hydrocarbon processing, cryogenic (ammonia, PP/LPG, LNG
terminals), pharmaceutical, metallurgical, power and other continuous process
industries, hotels/resorts and residential buildings.
SPECTRA PUNJ LLOYD
Specialised company for renting the equipment to construction
industry was formed in the year 1985. This company helps the Punj Lloyd
operations by hiring in at competitive rates when the captive asset base cannot
meet the total requirement and facilitates hiring out in case of certain assets
being under utilised.
Punj Lloyd to
build Expanded Capacity Fuel System of NDIA
Order valued at
Rs 258.000 Millions
Punj Lloyd Limited (PLL), a global EPC services provider in energy and infrastructure domains, has received approval of extension of their existing contract with New Doha International Airport (NDIA). The extension will enhance the capacity of the fuel system to take care of phase II expansion of the new airport. The extension order is valued at Rs 258.000 Millions. With this approval, the contract value for the extended scope becomes Rs 618.000 Millions.
The new contract with extension involves the engineering, procurement and construction of fuel farm, fuel receiving station, jet fuel hydrant system, ground service equipment fuel system, ground service equipment washing system, portable water station and operation office, parking facility for hydrant dispenser vehicles, triturator facility, special fuel system equipment, special systems in building / facilities (BMS/CCTV) etc. The project would be completed by December 2008.
Punj Lloyd is at an advanced stage of completing engineering phase for the fuel system and Client’s approval of extension of the contract reinforces the confidence of project management consultant, Overseas Bechtel Inc. in Punj Lloyd.
About Punj Lloyd Limited
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD), is the second largest engineering and construction companies in India providing integrated design, engineering, procurement, construction and project management services for energy and infrastructure sector projects with operations spread across many regions in the Middle East, Caspian, Asia Pacific, Africa and South Asia.
About New
Punj
Lloyd 9M FY2007 revenue Rs. 34,861 million
Revenue more than double as compared to full FY 2006
Editor’s
Synopsis
Consolidated Net Income of Rs 34,861 million for 9MFY07
Consolidated EBITDA of Rs 2,667 million for 9MFY07
Profit after Tax of Rs 1,080 million for 9MFY07
Punj Lloyd Group order backlog of Rs 143,579 million as on 31/12/06.
Sembawang E&C becomes 100% subsidiary of Punj Lloyd
Punj Lloyd Limited (PLL), a global EPC services provider in
oil, gas and infrastructure domains, has recorded consolidated income of Rs
34,861 million and net profit of Rs 1,080 million for the first nine months of
FY 07. This is as against consolidated income of Rs 17,166 million and net
profit of Rs 540 million for FY 2005-06. The sharp growth in revenues has been
driven by increased order book and by revenue contribution from Sembawang
Engineers and Constructors,
For Q3FY07 Punj Lloyd has recorded consolidated income of Rs 14,635 million and net profit of Rs 483 million. On a consolidated basis, EBITDA for Q3FY2007 stood at Rs 1,133 million. The basic earnings per share (EPS) (not annualized) for Q3FY2007 stood at Rs 9.25.
Commenting on the Company’s performance for 9M & Q3FY07, Mr Atul
Punj, Chairman, Punj Lloyd Limited., said, " The
benefits of Sembawang acquisition have started flowing in with the group
winning a prestigious US$290 million order from ONGC. The acquisition helped us
meet ONGC’s stringent pre-qualification criteria. A whole new gamut of
opportunities have opened for the Group, which were hitherto not coming their
way due to prequalification criteria. A complete portfolio of EPC solutions
with airports, jetties, MRT/LRT, tunneling, sewerage amongst others as their
capabilities in infrastructure domain would help us improve their order book
and improve their profitability. The average ticket size of the orders is on
the rise, implying sufficient execution capability with available
resources.
Order book
update
As on December 31, 2006, Punj Lloyd Group had an order backlog of Rs 143,579 million compared to Rs 46,268 million as on December 31, 2005. This is the total value of unexecuted orders as on the corresponding date. The expansion in order book has been led by multiple contracts won by the Group over the past few months.
The average ticket size of the orders now stands at Rs 2,565 million as against Rs 1,521 million a year ago.
In terms of geographical contribution, the Company’s current
order backlog comprises of 45% domestic contracts and 55% international
contracts, with 68% of the backlog being related to projects to be executed in
South/ South East Asia, 26% in the Middle East and
From the application perspective, of the Company’s total backlog on 31 December
2006, 15% represents petrochemicals; 54% represents oil and gas and 31%
represents civil, infrastructure and power.
During Q3FY2007, the Company procured several new
contracts including Heera Redevelopment Project on an EPC basis from Oil &
Natural Gas Corporation Limited (ONGC) for an approx consideration of Rs 12,887
million, contract by Horizon Terminals Limited, U.A.E., a large contract for
construction of a LDPE plant in Thailand, an EPC order worth Rs 8,030 million
for the Doha Urban Pipeline Relocations Projects (DUPRP) from Qatar Petroleum
and contracts for IOC's Refinery project valued at Rs 13,432 million.
About Punj
Lloyd Limited
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD), is amongst the largest engineering and construction companies in India providing integrated design, engineering, procurement, construction and project management services for energy and infrastructure sector projects with operations spread across many regions in the Middle East, Caspian, Asia Pacific, Africa and South Asia. Sembawang E&C became a wholly owned subsidiary of Punj Lloyd in Q3FY07. Following this, the group also unveiled its new corporate identity.
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. 40.71 |
|
|
1 |
Rs. 81.24 |
|
Euro |
1 |
Rs. 54.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|