MIRA
INFORM REPORT
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Report Date : |
12.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
JINDAL DRILLING AND INDUSTRIES LIMTED |
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Registered Office : |
Plot No.30, Institutional Sector-44, Gurgaon-122002, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.10.1983 |
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Com. Reg. No.: |
05-16777 |
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CIN No.: [Company
Identification No.] |
U27106DL1983PLC016777 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ04577G |
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PAN No.: [Permanent
Account No.] |
AAACJ0797L |
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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 : |
Offshore Drilling Contractor. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 2000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company and a part of Jindal
Group. The company is progressing well. 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. Fundamentals are strong and healthy. The company can be regarded as a promising business partner in a
medium to long-run. |
LOCATIONS
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Registered Office : |
Plot No.-30 , Institutional
Sector-44, Gurgaon-122001, India |
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Tel. No.: |
91-124-2574325,26 |
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Fax No.: |
91-124-2574327 |
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E-Mail : |
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Website : |
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Head Office : |
70/B-39, Shivaji Marg, New Delhi-110015, India |
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Corporate Office : |
Suite No.101, 70/B-39, Shivaji
Marg, New Delhi-110 015, India |
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Tel. No.: |
91-11-4253 1111, 3051 1100 |
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Fax No.: |
91-11-30511111 |
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E-Mail : |
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Factory 2 : |
120, Vikram Tower, 16, Rajendra Place, New Delhi-110008, Delhi, India |
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Branches : |
MUMBAI
OPERATIONAL OFFICE Keshava Building, 3rd Floor,
Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, India |
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Tel. No.: |
91-22-26592889 / 26592892 |
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Fax No.: |
91-22-26542881 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. D. P. Jindal |
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Designation : |
Chairman |
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Name : |
Mr. Naresh Kumar |
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Designation : |
Managing Director |
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Name : |
Mr. Raghav Jindal |
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Designation : |
Director |
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Name : |
Mr. K.K. Khandelwal |
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Designation : |
Director |
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Name : |
Mr. R. K. Kanodia |
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Designation : |
Director |
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Name : |
Mr. H. K. Khanna |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ashok Kucheria |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2006 :
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
5674891 |
63.00 |
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Financial Institutions, Mutual Funds, Banks |
50664 |
0.56 |
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Foreign institutional Investors |
50000 |
0.56 |
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Private Body Corporates |
998979 |
11.09 |
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Indian Public |
2192947 |
24.35 |
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NRI/OCBs |
39819 |
0.44 |
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Total |
9007300 |
100.00 |
As on 30.09.2006 after reconstitution of capital :
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
8569331 |
83.48 |
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Financial Institutions, Mutual Funds, Banks |
332 |
0.00 |
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Foreign institutional Investors |
10135 |
0.10 |
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Private Body Corporates |
407376 |
3.97 |
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Indian Public |
1236303 |
12.04 |
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NRI/OCBs |
42075 |
0.41 |
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Total
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10265552 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Offshore Drilling Contractor. |
GENERAL
INFORMATION
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No. of Employees : |
2000 |
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Bankers : |
v State Bank of
Patiala v State Bank of
Mysore v Standard
Chartered Bank v ICICI Bank
Limited |
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Facilities : |
Secured Loans
(Rs. In millions) :
Unsecured Loans
: From body corporates : Rs.85.583 millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S.S. Kothari Mehta & Company Chartered Accountants |
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Address : |
New Delhi |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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23250000 |
Equity Shares |
Rs.10/- each |
Rs.232.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10265500 |
Equity Shares |
Rs.10/- each |
Rs.102.655
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
102.655 |
90.072 |
90.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
426.500 |
451.764 |
386.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
529.155 |
541.836 |
476.800 |
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LOAN FUNDS |
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1] Secured Loans |
626.491 |
23.909 |
67.400 |
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2] Unsecured Loans |
85.583 |
27.692 |
29.600 |
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TOTAL BORROWING |
712.074 |
51.601 |
97.000 |
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DEFERRED TAX LIABILITIES |
42.564 |
26.990 |
0.000 |
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TOTAL |
1283.793 |
620.427 |
573.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
300.233 |
144.358 |
165.300 |
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Capital work-in-progress |
784.467 |
14.966 |
10.400 |
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INVESTMENT |
1.698 |
195.950 |
285.000 |
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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 |
37.268
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3.088 |
6.100 |
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Sundry Debtors |
439.765
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146.945 |
121.100 |
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Cash & Bank Balances |
23.145
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59.136 |
7.400 |
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Other Current Assets |
22.056
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0.034 |
0.000 |
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Loans & Advances |
110.301
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249.364 |
252.300 |
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Total
Current Assets |
632.535
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458.567 |
386.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
405.498
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167.738 |
248.400 |
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Provisions |
29.667
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25.676 |
25.400 |
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Total
Current Liabilities |
435.165
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193.414 |
273.800 |
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Net Current Assets |
197.370
|
265.153 |
113.100 |
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MISCELLANEOUS EXPENSES |
0.025 |
0.000 |
0.000 |
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TOTAL |
1283.793 |
620.427 |
573.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
2238.347 |
1007.914 |
1252.100 |
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Other Income |
51.168 |
78.991 |
22.700 |
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Total Income |
2289.515 |
1086.905 |
1274.800 |
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Profit/(Loss) Before Tax |
84.437 |
108.847 |
103.700 |
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Provision for Taxation |
14.682 |
18.111 |
30.300 |
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Profit/(Loss) After Tax |
69.755 |
90.736 |
73.400 |
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Total Earnings |
2219.351 |
966.722 |
NA |
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Imports : |
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Raw Materials |
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Stores & Spares |
82.801 |
1.202 |
NA |
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Capital Goods |
166.856 |
2.300 |
NA |
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Total Imports |
249.657 |
3.502 |
NA |
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Expenditures : |
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Materials and Operations Charges |
1922.280 |
890.975 |
NA |
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Manufacturing Expenses |
NA |
NA |
1090.500 |
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Administrative Expenses |
63.234 |
42.739 |
20.400 |
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Miscellaneous Expenses |
NA |
NA |
14.200 |
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Salaries, Wages, Bonus, etc. |
44.514 |
19.960 |
17.300 |
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Interest |
13.897 |
2.822 |
4.700 |
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Depreciation & Amortization |
112.625 |
21.561 |
23.100 |
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Total Expenditure |
2156.550 |
978.057 |
1170.200 |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
30.06.2006 (1st
Qtr.) |
30.09.2006 (2nd
Qtr.) |
31.12.2006 (3rd
Qtr.) |
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Sales
Turnover |
430.600 |
870.500 |
461.700 |
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Other Income |
9.300 |
3.400 |
2.300 |
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Total Income |
439.900 |
873.900 |
464.000 |
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Total
Expenditure |
416.800 |
749.600 |
365.200 |
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Operating
Profit |
23.100 |
124.300 |
98.800 |
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Interest |
1.900 |
8.300 |
8.600 |
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Gross Profit |
21.200 |
116.000 |
90.200 |
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Depreciation |
1.500 |
32.700 |
9.500 |
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Tax |
7.000 |
28.900 |
29.700 |
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Reported PAT |
12.900 |
55.100 |
49.800 |
200606 Quarter 1
Notes.
EPS is Basic & Diluted 1. The above Financial Results have been reviewed and recommended by the Audit Committee and taken on by the Board of Directors at its meeting held on 21.07.2006 2. As a part of business restructuring, the Casing pipe division of the company was sold by way of slump sale. Therefore the current quarterly and figures are not comparable with the last corresponding figures. Which includes Causing pipe figures also 3.The Company has filed 2 separate Schemes of Arrangement before the Hon'ble high court for the states of Punjab and Haryana in Chandigarh for approval of: a) the merger of Newsco Newtech Private Limited & Discovery Hydrocarbons Private Limited with the Company. b) The demerger of Casinvest Division into Haryana Engineering Limited The said Schemes, subject to requisite approvals, will be effective from the appointed date, i, e. 01.04.2005. Pending aprovals, the financial results of the demerged company and two merging companies have not been included in the current quarterly and yearly results. 5. Number of complaints for the quarter ended 30.06.2006: Beginning - Nil, Received-5, Disposed off-5 and Pending-Nil. 6. The figures have been re-grouped, wherever considered necessary.
200609 Quarter 2
Notes:
1. The above financial results which are subject to 'Limited Review' by the Auditors of the company, have been reviewed by the Audit Committee and taken on record by the Board of Directors on 30th October2006. 2. The Hon'ble High Court of Punjab and Haryana have approved the Scheme of Arrangement for a) the merger of Newsco Newtech Private. Limited & Discovery Hydrocarbons Private Limited (DHPL) with the company; and b) the demerger of Casinvest Division into Haryana Capfin Limited in the hearing held on 27th July 2006. On 14th August, 2006, the said High court order had been filed with ROC, making the Scheme effective. 3. As a result of merger, the Singapore subsidiary by the name of Discovery Drilling Pte. Limited (DDPL) of erstwhile DHPL, has become the subsidiary of the company. 4. The rights and obligations of Vessal Construction Agreement along with its associated costs and expenditure have been novated by the company to DDPL. DDPL is now getting newly built rig constructed at an estimated cost of USD 171 million, which is secheduled to be delivered around October, 2008. 5. Both Schemes have been operational from the Appointed Date, i.e. April 1, 2005. Hence, the financial results for the Quarter & Half year ended 30.09.2006 and last year audited figures had been prepared accordingly. Consequently the results for the current period are not comparable with the previous period. 6. Pursuant to the approval of Schemes of Merger and Demerger by the Honorable High Court of Punjab & Haryana the company has cancelled the existing equity share capital and alloted new 1 share for 2 shares of Rs. 10/- each to the existing shareholders of the Company. Further, by virtue of merger of NNPL and DHPL, the Company has also alloted 5,761,902 equity shares of Rs.10/- each to the shareholders of these two amalgamating companies. 7. Since the Company is engaged only in ' Drilling & Related Services' segment, there is no requirement of segment wise information as perAS-17 issued by the Institute of Chartered Accountants of India. 8. Status of Investor Complaints for the quarter ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 06 Complaints disposed off during the quarter 06 Complaints unresolved at the end of the quarter Nil 9. The figures have been re-grouped, wherever considered necessary.
200612 Quarter 3
Notes:
I. The above financial results which are subject to 'Limited
Review' by the Auditors of the company, have been reviewed by the Audit
Committee and taken on record by the Board of Directors on 29th January 2007.
2. The Schemes of Restructuring have been operational from the Appointed Date,
i.e. April 1, 2005. Hence, the financial results for the 3rd Quarter & Nine
months ended 31.12.2006 and last year audited figures had been prepared
accordingly. Consequently the results for the current period are not comparable
with the previous period. 3. One of the rig contracted with ONGC was under dry
docking for most of the time during the 3rd quarter. However, it is currently
now under operation. 4. The long term contract for the other rig has been
renewed with ONGC at higher day rates & will become operational in the
fourth quarter. 5. Since the Company is engaged only in 'Drilling & Related
Services' segment, there is no requirement of segment wise information as per
AS - 17 issued by the Institute of Chartered Accountants of India. 6. Number of
complaints for the quarter ended 31.12.2006 : Beginning - Nil, Received - 3
,Disposed off- 3 and Pending-Nil. 7. The figures have been re-grouped, wherever
considered necessary.
KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
0.71 |
0.15 |
0.22 |
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Long Term Debt-Equity Ratio |
0.63 |
0.07 |
0.13 |
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Current Ratio |
1.37 |
1.49 |
1.23 |
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TURNOVER RATIOS |
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Fixed Assets |
4.62 |
1.96 |
2.42 |
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Inventory |
110.81 |
219.11 |
114.87 |
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Debtors |
7.63 |
7.52 |
8.97 |
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Interest Cover Ratio |
8.68 |
20.79 |
23.06 |
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Operating Profit Margin(%) |
10.42 |
7.92 |
10.50 |
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Profit Before Interest And Tax Margin(%) |
5.39 |
5.77 |
8.66 |
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Cash Profit Margin(%) |
8.93 |
6.91 |
7.71 |
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Adjusted Net Profit Margin(%) |
3.90 |
4.76 |
5.86 |
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Return On Capital Employed(%) |
13.16 |
9.97 |
19.63 |
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Return On Net Worth(%) |
16.50 |
9.42 |
16.21 |
STOCK PRICES
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Face Value |
Rs.10.00/- |
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High |
Rs.433.95/- |
|
Low |
Rs.426.50/- |
LOCAL AGENCY
FURTHER INFORMATION
Company’s fixed assets include Leasehold Land, Freehoold Land, Building,
Plant and Machinery, Office Equipments, Furniture and Fixtures and Vehicles.
RESTRUCTURING
During the year under review the Company had filed 2 separate
Schemes of Arrangement before the Hon'ble high court for the states
of Punjab and Haryana at Chandigarh for the approval of:
the demerger of Casinvest Division into Haryana Capfm
Limited.
the merger of Newsco Newtech Private. Limited &
Discovery Hydrocarbons Private Limited with the Company
By orders of Hon'ble High Court dated 27.07.2006 the said
schemes have been approved and accordingly Newsco Newtech Private. Limited
& Discovery Hydrocarbons Private. Limited have been amalgamated with the Company
and Casinvest Division has been demerged into Haryana Capfm Limited with effect
from the appointed date i.e.lst April, 2005.
Further, during the year Casing Pipe Division of the Company
was also sold.
OPERATIONS
The financial results of the Company for the year ended
31/3/2006 also includes financial results of Newsco Newtech Private. Limited
and Discovery Hydrocarbons Private Limited for the period 1/4/2005 to 31/3/2006
pursuant to the aforesaid restructuring schemes.
The turnover of the Company during the year was Rs. 2289.5
millions as against Rs. 1086.9 millions in the previous year before
restructuring.
The profit before tax and exceptional item during the year
was Rs. 133.0 millions as against Rs 108.9 millions in the previous year. The
profit
after tax was Rs. 69.8 millions as against Rs. 90.7 millions
in the previous year.
Promoted by the Jindal group (B
C Jindal) as Jindal Leasing in 1983, Jindal Drilling & Industries got its
present name in 1989. The company undertakes drilling operations for ONGC on
leased jack-up drilling rigs, as also mud-logging operations. It re-threads
casing pipe on a job-work basis for ONGC and OIL and trades in steel pipes; it
also heat-treats, cold processes, threads and finishes seamless pipes.
The company came out with a rights issue in Jan.1994 to part-finance finishing
facilities for seamless pipes, which are used by its sister concern Maharashtra
Seamless -- and a small part by ONGC and OIL. Seamless pipes find applications
in the oil sector, the automobile, fertiliser, chemical and process industries
and in the manufacture of bearings.
The installed capacity of Threading,end finishing & upsetting of Seamless
Pipes was 75000 MT till March 2002. The company is planning to change its
Registered ofice from Delhi to Maharashtra and the same is subject to approval.
Website
Details :
In the year 1988, they ventured into Offshore Drilling.
Today, they are a major Offshore drilling contractor in india having operated
upto 4 Off-shore Jack-up rigs.
Their commitment towards
un-compromised Quality, Efficiency, Safety and Concern for Enviroment speak for
themseleves, having won them prestigious international awards including
'Safety'.
Mr. Naresh Kumar, MD, JDIL ,
(second from left) alongwith Mr. Ram Naik, Union Minister of India for
Petroliam & Natural Gas, ONGC directors & other experts during the
launch of Mumbai High Redevelopment programme on january 12, 2001 at JDIL
operated Jack-up Rig.
Noble drilling Corporation, USA, one of the world's largest drilling
contractor that owns a large fleet of Rigs, are amongst their major overseas
associates in india.
Their 12 integrated, on-line Mud-Logging units are operating
in the toughest terrains such as the dense mountains, forest regions of
North-East, KG and Cauvery basins in Southern India as well as the precarious
Western Offshore region.
A highly experienced team of professional steer their project management,
operations and maintenance with dexterity and reletless commitment to satisfy
their customers need.
They are listed on Indian Stock Exchanges including
v NSE-
National Stock Exchange
v BSE-
Bombay Stock Exchange
Values
Jindal Drilling considers its values as integrity, transparency and passion for
excellence.
Strategic Orientation
v Gain
recognition as an integrated drilling and well services contractor worldwide
v Obtain
long term contracts and strategic clients.
v Secure
contracts that will provide their employees with stimulating and innovative
work.
v Create
partnerships with other drilling and service companies, as well as with
operators.
Quality,Health,Safety & Environment:
Quality, Safety and Environmentally responsible operations are a hallmark of
Jindal's global business practices. Meeting the challenges posed by geography,
climate, geopolitical and cultural differences is a vital aspect of
services.Jindal's Total Quality Management program, which includes a safety
monitoring system, enhances the company's quality performance with an emphasis
on safe operations.
Reliability
They provide their customers with the most reliable services available in the
field of onshore & offshore drilling. The customer enjoys the benefit of
close and reliable information on day to day progress about the operations.
Jindal Drilling's office, rigs and field personnel are interrelated by 24 x 7
state of art telecommunication system.
Main
Affiliates :
International Association of Drilling Contractors (IADC),
Huston, USA
Founder Member of IADC- South Central Asia Chapter, Mumbai,
India
Founder Memebr and SCM pf Petrotech, one of the largest
international in India
Indo American Chambers of Commerce
Confederation of Indian Industries (CII) - Oil and Gas
Division
Federation of Indian Industries
They are a force to reckon with in the drilling business.
JDIL entered the high technology area of offshore drilling in the year 1988 by
winning long term contract for 2 offshore jackup rigs from ONGC Limited the
largest oil & gas exploration & production company in India.
Over the years the company has continuously operated 2-4 rigs and grown from
strength winning prestigious contracts and awards for both safety and exellence
in service.
Jindal Drilling specialize in working along with alliance partner who are
Market leaders in their own services.
"Committed to provide world class services and products
to E & P companies operating in India in alliance with International
service Majors."
Their line of business includes:
v Offshore
Drilling for Oil & Gas
v Directional
Drilling and MWD Services
v Mud
logging Services
v Consultancy
for Deepwater Drilling
In addition, JDIL wants to foray into the following areas:
v International
/ Domestic Oprations in Onshor Drilling using fast moving ultra modern Land
Rigs capable of Drilling Cluster wells.
v Directional
Drilling Technologies and enhancements including Rotary Steerable Tools.
v Marine
Services including, Platform Supply Vessel (PSV) / Multi Support Vessel (MSV) /
Offshore Support Vessel (OSV)
v Other
Allied Services
News :
Mr. Naresh Kumar, Delivering speech in Vigyan Bhawan during
Petrotech,2005
PETROTECH - 2005, 6th International Petroleum Conference
& Exhibition, was organized
at Pragati Maidan,New Delhi from 16th - 19th January 2005, based on the
theme-Value
from Hydrocarbons-Advances in Science & Technology. This International
Exhibition was inaugurated by the Minister of Petroleum, Mr. Mani Shankar
Aiyar.
This Exhibition was organized by the PETROTECH Society,
found by imminent members & Professionals representing the entire spectrum
of Hydrocarbon Industry,with prime focus
on Providing Forum to National & International Oil & Gas
Industry to exchange views & share knowledge, expertise &
experience and Meet Challenges of Energy requirements by maximizing hydrocarbon
resources for Energy Sector.
Mr. Naresh Kumar, MD, Jindal Drilling & Industries
Limited, is the President of this Society, that boasts of possessing
leading entrepreneurs in its Governing Council.
The conference was attended by
4000+ delegates from 132 countries from all over the world.
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.44.22 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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 |
|