MIRA
INFORM REPORT
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Report Date : |
20.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
CONTINENTAL ENGINEERING CORPORATION. |
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Registered Office : |
Race Course Metro Station, Tughlak Crescent park, Tughlak Road, New
Delhi – 110 001. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.05.1978 |
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FCRN: |
F02631 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC086538 |
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PAN No.: [Permanent
Account No.] |
AACCC6948C |
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Legal Form : |
Liaison office of a Foreign Registered Company |
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Line of Business : |
Undertaking Civil Engineering,
Construction, Roadways, Bridges, Harbors and Dredging Projects. |
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 5601610 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a prominent company of Taiwan, engaged in development and
construction. In India, it acts as a liaison office. Trade relations are
fair. Payments are usually correct and as per commitment. Nothing adverse
reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Race Course Metro Station, Tughlak Crescent park, Tughlak Road, New
Delhi – 110 001, India. |
MANAGEMENT
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Name : |
Mr. He Gung Wu |
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Designation : |
Project Director |
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Name: |
Mr. Glyn T.H. Ing |
BUSINESS DETAILS
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Line of Business : |
Undertaking Civil Engineering,
Construction, Roadways, Bridges, Harbors and Dredging Projects. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Associates/Subsidiaries : |
CEC International Corporation India Private Limited (100 % for.sub.) CIN : U45201DL2005PTC144284 Registration No: 144284 Authorised Capital: Rs.1000.000 millions Paid up capital : Rs.302.642 millions Date of Incorporation: 30.12.2005 |
CAPITAL STRUCTURE
NOT AVAILABLE
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Head office Account |
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1120.322 |
5.628 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1120.322 |
5.628 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.058 |
0.058 |
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TOTAL |
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1120.380 |
5.686 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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79.225 |
1.362 |
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Capital work-in-progress |
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1.970 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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91.884 |
0.513 |
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Cash & Bank Balances |
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1105.495 |
3.625 |
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Other Current Assets |
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185.218 |
0.983 |
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Loans & Advances |
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162.089 |
1.216 |
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Total
Current Assets |
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1544.686 |
6.337 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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484.225 |
1.968 |
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Provisions |
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21.276 |
0.045 |
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Total
Current Liabilities |
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505.501 |
2.013 |
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Net Current Assets |
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1039.185 |
4.324 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1120.380 |
5.686 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Construction – Income |
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448.356 |
0.664 |
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Other Income |
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11.198 |
0.010 |
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Total Income |
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459.554 |
0.674 |
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Profit/(Loss) Before Tax |
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5.241 |
(7.608) |
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Provision for Taxation |
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3.680 |
15.319 |
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Profit/(Loss) After Tax |
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1.561 |
(7.711) |
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Total Expenditure |
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454.313 |
(6.934) |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.33 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.16 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.34 |
(1.21) |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
(1.35) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.45 |
0.36 |
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Current Ratio (Current Asset/Current Liability) |
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3.06 |
3.14 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED
ASSETS
- Plant and
Machinery
- Computer
System and Software
- Vehicle
- Office
Equipment
- Furniture and
Fixtures
- Temporary
Construction
History:
Continental Engineering Corporation is widely
recognized as one of Taiwan’s prominent contractor and develop sector construction
as well as long-term land and community development CEC is one of only a
handful of both construction and development.
Founded in 1945 in Chongqing, China by Mr.
Glyn T.H. Ing, CEC has from its beginning participated in project rebuild a
country ravaged by eight years of war and unrest. With relocation to Taiwan in
1948, CEC engaged engineering projects. Over the course of the last half
century, CEC has built military installations, factories, power and
mass-transit systems. In this way, CEC has played an important role in Taiwan’s
economic growth.
Press Release:
CEC awarded its first rapid transit project in
New Delhi
Date: 2006-12-19
CEC announced today was awarded its first
rapid transit system project in New Delhi, India.
This project is part of Delhi Metro Rail
Corporation Limited. (DMRC) Mass Rapid Transport Sysytem – Phase II Contract.
CEC plays the lead Member and responsible for
all major works and join venture with SOMA India.
The type of work in this project includes
Design and Construction of Tunnels by Shield TBM (Tunnel Boring Method) and
station by cut and cover method between Udyog Bhawan and Green Park Stations
(not excluding) for underground works on central Secretarial – Qutub Minar
Corridor of phase II of Delhi MRTS.
Business:
The Project Office Company’s main business is
undertaking of construction contracts and all the other activities of the
Company revolve around the main business and as such there are no separate
reportable segments as per the Accounting Standard (AS-17) on “Segment
Reporting” issued by the institute of Chartered Accountants of India.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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