MIRA
INFORM REPORT
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Report Date : |
25.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
AFCONS INFRASTRUCTURE LIMITED |
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Formerly Known As : |
ASIA FOUNDATIONS AND CONSTRUCTIONS LIMITED |
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Registered Office : |
“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar P. O. No. 11978, Andheri (West), Mumbai – 400 053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.11.1976 |
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Com. Reg. No.: |
11-19335 |
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CIN No.: [Company
Identification No.] |
U45200MH1976PLC019335 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA09981G / MUMA19369A / MUMA20959B |
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PAN No.: [Permanent
Account No.] |
AAACA9067G |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Engaged in the business of all kinds of Construction Jobs. It undertakes work of Jetty, Wharves, Dry Dock, Tunnels, Highways, Bridges, Foundations, Pipelines, Dredging and Turnkey Projects. |
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 9600000 |
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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 an established company and undertakes large construction projects. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Profit margin is under severe pressure. Payments are reported as slow but correct. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar P. O. No. 11978, Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Tel. No.: |
91-22-26731107 / 26367091 / 7093 / 6677 3100 Ext 138 / 56773100 |
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Fax No.: |
91-22-26730047 / 26369052 / 26315910 / 2673 1031 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Cyrus Pallonji Mistry |
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Designation : |
Chairman cum Company Director |
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Name : |
Mr. Pallonji Shapoorji Mistry |
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Designation : |
Director cum Industrialist |
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Name : |
Mr. S. R. Mistry |
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Designation : |
Director |
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Name : |
Mr. Shapoor Pallonji Mistry |
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Designation : |
Company Director |
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Name : |
Mr. Narendra Jamnadas Jhaveri |
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Designation : |
Director cum Consultants |
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Name : |
Mr. K. C. Mehra |
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Designation : |
Director |
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Name : |
Mr. R. Sampath |
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Designation : |
Director |
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Name : |
Mr. H. J. Divanji |
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Designation : |
Director |
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Name : |
Mr. Abhimanyu H. Divanji |
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Designation : |
Director |
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Name : |
Mr. K. Subrahmanian |
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Designation : |
Managing Director |
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Name : |
Mr. S. Paramasivan |
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Designation : |
Executive Director [Finance and Commercial] |
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Name : |
Mr. A. H. Jangle |
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Designation : |
Executive Director [Business Development] |
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Name : |
Mr. N D Khurody |
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Designation : |
Company Director |
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Name : |
Mr. Jimmy Jehangir Parakh |
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Designation : |
Company Executive and Director |
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Name : |
Mr. K Subramaniam |
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Designation : |
Managing Director |
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Name : |
Mr. P N Kapadia |
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Designation : |
Director |
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Name : |
Mr. S P Mistry |
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Designation : |
Director |
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AUDIT COMMITTEE MEMBERS |
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Mr. N. J. Jhaveri |
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Mr. J. J. Parakh |
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Mr. H. J. Tavaria |
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Mr. K. Subramanian |
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KEY EXECUTIVES
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Name : |
Mr. R M Premkumar |
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Designation : |
IAS (Retired) |
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Name : |
Mr. B D Narang |
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Designation : |
Consultants |
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Name : |
Mr. Pradip Narotam Kapadia |
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Designation : |
Advocate and Solicitor |
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Name : |
Mr. P. R. Rajendra |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Engaged in the business of all kinds of Construction Jobs. It undertakes work of Jetty, Wharves, Dry Dock, Tunnels, Highways, Bridges, Foundations, Pipelines, Dredging and Turnkey Projects. |
GENERAL
INFORMATION
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Customers : |
· Konkan Railway Corporation Limited · India First Global Corporation · Mazagon Dock Limited · Chennai Port Trust · Reliance Infocomm · Pradip Port Trust · Kandla Port Trust · East Central Railway · PWD Delhi · DTTDC · Saipem · DSI · BARC · ESSAR · GHCL, Gujarat · Cochin Port Trust · Tata power · Qatar Petroleum · Shell |
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No. of Employees : |
6,800 |
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Bankers : |
Ø State Bank of India Ø UCO Bank Ø Oriental Bank of Commerce Ø UTI Bank Limited Ø Bank of India Ø Bank of Baroda Ø Andhra Bank Ø Dena Bank Ø BMP Paribas Ø ING Vysya Bank Limited Ø Bank of Bahrain and Kuwait, B.S.C. Ø Calyon Bank Ø Centurion Bank Limited |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
> C. C. Chokshi and Company Chartered Accountants > J. C. Bhatt Chartered
Accountants |
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Holding Companies : |
> Cyrus Investments Limited [Directly] > Shapoorji Pallonji and Company Limited [Indirectly] |
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Subsidiaries : |
Ø
Afcons Pauling (India) Limited Ø
Afcons BOT Constructions Private Limited Ø
Tensacciai [India] Private Limited Ø
Kier Afcons (India) Private Limited [since liquidated] Under Members
Voluntary Winding Up Ø
Afcons (Overseas) Constructions and Investments Private Limited Ø
Hazarat and Company Private Limited Ø
SSS Electricals (India) Private Limited Ø
Afcons Dredging and Marine Services Limited Ø
Afcons Arethusa Offshore Services Limited |
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Associates : |
Ø
Afcons [Mideast] Construction and Investments Private Limited |
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Partners : |
Ø
Afcons Pauling Joint Venture |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000000 |
Equity Shares |
Rs. 10/- each |
Rs.10000.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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171525000 |
Equity Shares |
Rs. 10/- each |
Rs.1715.250
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1715.300 |
1715.300 |
1214.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
661.500 |
525.100 |
698.800 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2376.800 |
2240.400 |
1912.800 |
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LOAN FUNDS |
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1] Secured Loans |
1951.700 |
1054.300 |
563.600 |
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2] Unsecured Loans |
3762.700 |
2429.400 |
2233.900 |
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TOTAL BORROWING |
5714.400 |
3483.700 |
2797.500 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8091.200 |
5724.100 |
4710.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2012.400 |
1167.800 |
1034.100 |
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Capital work-in-progress |
240.000 |
51.100 |
18.300 |
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INVESTMENT |
68.300 |
65.900 |
105.100 |
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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 |
781.700
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515.600 |
387.100 |
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Sundry Debtors |
2330.100
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1887.200 |
1732.500 |
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Cash & Bank Balances |
430.900
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216.200 |
169.300 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
7609.500
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4450.700 |
2878.600 |
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Total
Current Assets |
11152.200
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7069.700 |
5167.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5331.000
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2587.500 |
1660.100 |
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Provisions |
104.900
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109.000 |
32.500 |
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Total
Current Liabilities |
5435.900
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2696.500 |
1692.600 |
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Net Current Assets |
5716.300
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4373.200 |
3474.900 |
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MISCELLANEOUS EXPENSES |
54.200 |
66.100 |
77.900 |
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TOTAL |
8091.200 |
5724.100 |
4710.300 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
10405.100 |
6490.400 |
5425.200 |
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Other Income |
336.000 |
372.500 |
113.900 |
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Total Income |
10741.100 |
6862.900 |
5539.100 |
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Profit/(Loss) Before Tax |
251.500 |
149.000 |
34.100 |
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Provision for Taxation |
106.000 |
90.900 |
13.900 |
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Profit/(Loss) After Tax |
145.500 |
58.100 |
20.200 |
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Export Value |
751.087 |
0.000 |
0.000 |
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Import Value |
869.244 |
0.000 |
0.000 |
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Expenditures : |
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Other Manufacturing Expenses |
7466.400 |
4190.300 |
4008.200 |
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Employee Cost |
773.700 |
603.800 |
484.000 |
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Selling & Administration Expenses |
865.600 |
684.500 |
49.300 |
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Miscellaneous Expenses |
157.600 |
328.200 |
496.800 |
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Interest & Financials Charges |
519.500 |
381.300 |
334.900 |
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Power & Fuel |
526.000 |
376.700 |
0.000 |
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Depreciation & Amortization |
180.800 |
149.100 |
131.800 |
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Total Expenditure |
10489.600 |
6713.900 |
5505.000 |
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KEY RATIOS
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Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity
Ratio |
2.04 |
1.54 |
1.48 |
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Long
Term Debt-Equity Ratio |
0.96 |
1.17 |
1.48 |
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Current
Ratio |
1.40 |
2.07 |
2.30 |
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TURNOVER
RATIOS |
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Fixed
Assets |
3.35 |
2.73 |
2.62 |
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Inventory |
16.04 |
14.38 |
4.33 |
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Debtors |
4.93 |
3.59 |
3.16 |
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Interest
Cover Ratio |
1.48 |
1.39 |
1.10 |
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Operating
Profit Margin(%) |
9.15 |
10.47 |
9.23 |
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Profit
Before Interest And Tax Margin(%) |
7.41 |
8.17 |
6.80 |
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Cash
Profit Margin(%) |
3.14 |
3.19 |
2.80 |
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Adjusted
Net Profit Margin(%) |
1.40 |
0.90 |
0.37 |
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Return
On Capital Employed(%) |
11.36 |
10.38 |
9.26 |
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Return
On Net Worth(%) |
12.68 |
5.87 |
2.03 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
The company, which began its operation
as a civil construction firm in 1959 has now grown into a leader in
Infrastructure Development with the capability to execute large and complicated
Civil Engineering Projects in India and abroad, with emphasis on jetties,
docks, harbours, Roads, bridges and special foundations.
The company has promoted five JV companies in association with each of the
companies i.e Pauling Plc. UK; Ing. Giovanni Rodia SpA, Italy; Tensacciai SpA,
Italy; Kier International Plc., UK; Starkstoem-und-Sognal-Baugessessschaft
GmbH, Germany. But the company Rodio-Afcons (India) Limited, which was a JV
company promoted with Giovanni Rodia, Italy has gone into voluntary liquidation
and the liquidation process is underway with effect from July 29 1999. Another
subsidiary of AIL, Nakojo Engineering Works (India) Limited is also went into
voluntary liquidation with effect from July 29, 1999.
The company has entered into a co-operation agreement(subcontractor
relationship) with the Germany based M/s Dyckerhoff and Widmann Aktingesellschaft(DYWIDAG)
for the execution of the Worli-Bandra Outfalls project.
During 2001-02,the company has received Certification for ISO 9001-2000 for
Design and Construction of Marine Works,Bridges,Roads,Heavy Civil Engineering
Structures like Power Plant Buildings,LNG Containment Tanks, etc., and
Specialised Foundation Engineering Works in concrete and steel, from
BVQI(Bureau Veritas Quality International).
DIRECTORS
REPORTS:
OPERATIONS
The total income for the year under review has increased from
Rs.6862.900 millions to Rs.10741.100 millions, which represent 57% increase
over the previous year. The net profit for the year under review has increased
from Rs.58.100 millions to Rs.145.500 millions.
During the year, Company has finalized a strategic plan whereby the Company
would like to be a 'Billion Dollar' company in the year 2011-2012. The Company
would also like to have 25% of its turnover coming from overseas markets.
Infact with a view to strengthen the overseas presence, the Company has
appointed Mr. Jim Sample, a British National with extensive experience in
overseas job. The Company has been accorded the status of Two Star Export House
by the Ministry of Commerce and Industry, Director General of Foreign
Trade.
During the year under review, the Company could complete most of the projects
on or ahead of schedule. One of the projects Moolchand underpass was completed
ahead of schedule thereby entitling the Company to earn a bonus.
The Company's project at Mauritius which was progressing atleast 3 months ahead
of schedule got affected due to cyclone 'Gamede'.
There was loss to the property and equipment but fortunately no loss to human
being. The loss is fully covered under various insurance policies. Now the
project is back on rail.
Operational challenges will continue to remain with the kind of galloping
growth projections the Company has made. The Company is confident of achieving
the same.
During the year under review, the following major works were completed:
1. Additional Alteration and Special repairs to existing sea wall at Fort,
Kochi for Naval Base Kochi.
2. Construction of underpass at Moolchand intersection on Ring Road, New Delhi
for Delhi Tourism and Transport Development Corporation (DTDC), New
Delhi.
During the year under review, the Company has secured the following major
contracts:
1. Civil and Structural Construction of Green Field Cement Plant for Rs.
812.200 millions for M/s. National Cement Company at Wadi, Faltah, Yemen in
Joint Venture with AI Saeed Company of Yemen.
2. Construction of New Mooring facility in Shannah, AI WUSTA Region for
Rs.1135.100 millions for Ministry of Transport and Communication, Sultanate of
Oman in Joint Venture with Oman Shapoorji Construction Company L.L.C.
3. Construction of Jetty for Rs.400.000 millions at Kakinada in Gujarat for
Reliance Industries Limited
4. Design and Construction of Viaduct of length 4.682 km including structural
work of three elevated stations Laxmi Nagar, Scope Tower and Preet Vihar on
Yamuna Bank - Anand Vihar Corridor of Phase - II of Delhi MRTS for Rs.1409.500
millions for Delhi Metro Railways Corporation (DMRC).
5. Construction of Four lane road between Ulundurpet to Padalur section, Tamil
Nadu for Rs.3145.000 millions for Trichy
Tollyways Private Limited
6. Design and Construction of Flyover Interchange at the Junction of NH-7 and
ROB across Central Railway Track in MIHAN Project area, Nagpur, Maharashtra for
Rs. 686.400 millions for Maharashtra Airport Development Company.Limited
7. Construction of Grade Separator at Mukarba Chowk at G T Karnal
Road-Outer Ring Road Junction New Delhi for Rs.1706.200 millions for PWD, New
Delhi.
8. Construction of Jetty Modifications-Zero Point to New Riser Platform
pertaining to Export Refinery Project for Rs. 1270.000 millions for Reliance
Ports and Terminals Limited at Jamnagar, Gujarat.
9. Design and Construction of 4 Lane Bridge at Usgaon - Pale, Goa, Maharashtra
for Rs. 222.000 millions for Goa Infrastructural Development Company Private
Limited
10. Construction of Break Water and Associated Work for Rs. 1250.000 millions
for Finolex Industries Limited, Ratanagiri, Maharashtra.
11. Design and Construction of a Marine Terminal Facility for PVC project at Cuddalore,
Tamil Nadu for Rs.660.000 millions for Chemplast Sanmar Limited.
12. Construction of Rail Connectivity from Idapalli to ICTT Vallarpadam
for works of Elevated Structures, Major Minor Bridges and Earth Works for
Rs.1678.100 millions for RVNL.
13. Construction of Oil Jetty at Louis Harbour, Mauritius for Rs.822.800
millions for Mauritius Port Authority.
14. Operation and Maintenance of Dewatering System Phase II for Rs.22.800
millions for Qatar Petroleum
15. Protection works to the slope on the right hand side of the outlet of
diversion tunnels for Rs.13.500 millions
for NTPC, Koldam.
16. Construction of Grade Separator at Rajaram Kohli Marg and Shastri Nagar
Intersection for Rs.2148.900 millions for PWD New Delhi.
FUTURE ACTION PLAN
· Introduction of Bentonite regeneration plants at all Piling sites.
· Introduction of fully automated CMC controlled fabrications shop equipments.
OTHER INFORMATION:
The company acts as General Civil Engineering Works for Large Projects, Harbour Works, Bridges and Aqueducts, Dams, Tunnels, Roads, Air Ports, Caisson, Pile Foundations, Diapharagm Walls, Industrial Structures/Factories, Pipe Laying, Cathodic Protection, Ground Consolidation, Slope Stabilisation, Jet Grouting, Prestressed Rock and Soil Anchors, Structural Steel Fabrication, Power Projects.
The company has joint venture with the following :
Ø Afcons Pauling (India) Limited - (Pauling plc.,UK)
Ø Rodio-Afcons (India) Limited (Ing. Giovanni Rodio CspA, Italy)
Ø Tensacciai (India) Limited (Tensacciai SpA, Italy)
Ø Kier Afcons (India) Limited (Kier International pls, UK)
Ø SSS Electricals (India) Limited (Starkstoem-und-Sognal-Baugessessschaft GmbH, Germany)
WEBSITE DETAILS:
History
1959 - Born as Rodio Hazarat Company, a partnership between
Rodio Foundation, Switzerland and Hazarat and Company., India
1976 - Consequent to the exit of Rodio
Foundation Engineers and Hazarat and Company, renamed as Asia Foundations and
Construction Limited wherein from a partnership it became a closely held
private limited Company with equity shares distributed to the employees
1977 - Became a deemed public limited Company
1993 - Shipping Credit and Investment
Corporation of India (SCICI) became a 20% shareholder, which shareholding was
transferred to ICICI pursuant to the merger of SCICI with ICICI
1997 - Became a full-fledged public limited
Company by the name of “Afcons Infrastructure Limited”. In 1998 ICICI
subscribed to further shares in the Company, which made ICICI the single
largest shareholder with 47.37% equity stake in their Company.
2000 - Shapoorji Pallonji Group acquired 53.96%
shareholding in their Company in 2000 where 47.37% was acquired from ICICI
Limited and 6.59% was acquired from the Hazarat family.
Alliances
Afcons has business alliances with many multinational organisation like :
- Ishikawajima-harima Heavy Inds. Limited, Japan
- Bechtel Inc., USA
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Diamond Offshore,USA
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Ultra, Korea
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Kajima Corporation,Japan
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Oman Shapoorji, Oman
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FCC Constructions, Spain
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Al Saeed,Yemen
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DAELIM Industrial Company. Limited, Korea
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Walter Mining PTY Limited, Australia
Press Releases :
Indian
Railways makes history Awards largest bridge contract in JandK (Magazine Project Monitor 01-15 Dec, 2004
edition)
For the first time in
the history of the Indian Railways, the Chenab bridge in Jammu and Kashmir is
the single largest
|
Total Length |
Main Arch Span |
Approach # 1 |
Approach # 2 |
Deck Width |
|
1,315 m |
480m |
650m |
185m |
13.5m |
value bridge work ever awarded by the railways to any
company. The bridge, worth Rs 5127.400 millions, is being constructed by Afcons
Infrastructure Limited This lump-sum turnkey project is a part of J and K
rail connectivity programme being implemented by the Northern Zone of the
Indian Railways for which the Konkan
Railway Corporation Ltd is the principal contractor. Afcons is in the JV
with Ultra Construction and Engineering Ltd of South Korea as construction
associate and VSK India Pvt. Ltd as design associate.
The job-site is located in the Katra Laole section of Jammu-Udhampur-Baramullah
Rail Link project which is of prime national importance in view of the role
that it would play in integrating socio-economic life in the Kashmir Valley
with the national mainstream. The bridge will put the valley on the rail-map of
India and provide multimodal transportation facilities to the people of the
region.
This upcoming lifeline for the strife-torn state is due to
be fully operational by mid-2007, and therefore Afcons will have to leave no
stone unturned to build this bridge within the stipulated timeframe of 30
months. Constructing this state-of-the-art bridge is a techno-logistical
challenge, with very demanding benchmarks of schedule-compliance, technical
excellence and logistical management. Afcons would use all its organisational
strength of doing fast-track and composite bridge works under aggressive
time-limit to meet the deadline.
Shri
K Subrahmanian,Managing Director, Afcons Infrastrcuture Ltd Mumbai and ISO 9001
:2000 Construction Company has been conferred with BHARAT
SHIROMANI AWARD –2004 for his outstanding contributions in the field
of Construction and Infrastructure Industry and commitment to National Progress
and Human Welfare by Shiromani Institute, New Delhi. The Hon’ble Ex-Prime
Minister of India, Shri I K Gujral, presented the award in a colorful
cerememony at Delhi on 27 th April 2005. This is the first time the Institute
has honoured a person in the field of construction Industry Bharat
Shiromani Awards were instituted in the year 1977 with the purpose to
honour men and women of Indian origin from all over the world as a gesture of
popular recognition of their outstanding achievements in their chosen fields.
The deserving personalities are chosen on the basis of their comparative merit,
high caliber and commitment to National progress and human welfare.
CMT REPORT
(Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.47 |
|
UK Pound |
1 |
Rs.77.98 |
|
Euro |
1 |
Rs.57.92 |
SCORE and RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
68 |
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 and 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 and 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 |
|