MIRA
INFORM REPORT
|
Report Date : |
02.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
C AND C CONSTRUCTIONS LIMITED |
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Registered Office : |
G – 11, Hemkunt Chamber, Nehru Place, New Delhi – 110019 |
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Country : |
India |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
16.07.1996 |
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Com. Reg. No.: |
080401 |
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CIN No.: [Company
Identification No.] |
L45201DL1996PLC080401 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC05175C |
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PAN No.: [Permanent
Account No.] |
AAACC4543R |
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Legal Form : |
Public Limited Liability Company. Company's Shares are listed on the
Stock Exchanges Against its offer price of Rs. 290, it is quoted at Rs. 135,
Presently |
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Line of Business : |
Company is engaged in Infrastructure Project Development |
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 13000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established construction company having moderate track. Trade relations are satisfactory. There are several legal cases pending against promoters company and TV
Companies The company’s payments are reported as slow. However, the company can be considered for normal business dealings at
usual trade terms and conditions with slight caution. |
LOCATIONS
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Registered Office : |
G – 11, Hemkunt Chamber, Nehru Place, New Delhi – 110019 |
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Website : |
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Corporate Office : |
Plot no. 70, Sector 32, Gurgapn-122001, Haryana |
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Tel. No.: |
91-124-4536666 |
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Fax No.: |
91-124-4536799 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Gurjeet Singh Johor |
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Designation : |
Chairman |
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Address : |
362, Kailash Tower – I, East of Kailash, New Delhi – 110065 |
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Date of Birth/Age : |
59 Years |
|
Other Director Ship: |
v Case Cold Roll
Forming Private Limited v S J Leasing and
Investment Private Limited v Case Components
Limited v Case Components
Industries Limited v Frontline
Innovation Private Limited v Sonar Infosys
Limited |
|
Profile : |
Mr. Gurjeet Singh Johor ,59 years, is the Chairman of their Company. He holds a bachelor’s degree in commerce from Meerut University. He is a chartered accountant registered with the Institute of Chartered Accountants of India and has over 33 years of professional experience. He is a member on the Working Committee of Projects Exports Promotion Council of India. Prior to joining their Company, Mr. Johar worked for DCM Limited and thereafter established G. S. Johar & Co., a firm of Chartered Accountants in 1978. Mr. Johar joined their Company as a Director on March 6, 1997 and was appointed as the Chairman of their Company on April 1, 1997. He is also Chairman on the Board of Trustees of the Dhyan Foundation, an NGO dedicated to the spiritual development of mankind through ancient Indian sciences. His leadership abilities and expertise in the area of finance have been instrumental in the growth and success of their Company. He oversees the finance function in their Company, is responsible for strategic planning and conceptualisation of all new project initiatives and also looks after their human resource department |
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Name : |
Mr. Charanbir Singh Sethi |
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Designation : |
Managing Director |
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Address : |
1136, Sector 8-C, Chandigarh – 160018 |
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Date of Birth/Age : |
48 Years |
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Other Director Ship: |
v Case Cold Roll
Forming Private Limited v Case Components
Limited v Case Components Industries
Limited v Frontline
Innovation Private Limited v Jeet Properties
Private Limited v Kims Wardak
Diagnostic Centre Private Limited v Frontier
Services LLC |
|
Profile : |
Mr. Charanbir Singh Sethi 49 years, is their Managing Director. He holds a bachelor’s degree in commerce from Punjab University. Mr. Sethi has more than 28 years of experience in the infrastructure sector and has successfully handled execution of many airport runway and road projects in India and in Afghanistan. He is a member of the Sub Group on Public Participation in the road sector for the formulation of the Eleventh Five Year Plan (2007-2012). He joined their Company as an Additional Director on June 1, 2001 and became their Managing Director on December 20, 2001. Prior to joining their Company, he was working with Oriental Structural Engineers Limited. He oversees all the construction activities of their Company and also is in-charge of their operations in Afghanistan. |
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Name : |
Mr. Rajbir Singh |
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Designation : |
Director |
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Address : |
1136, Sector 8-C, Chandigarh – 160018 |
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Date of Birth/Age : |
50 Years |
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Other Director Ship: |
v Case Cold Roll
Forming Private Limited v Case Components
Limited v Case Components
Industries Limited v Frontline
Innovation Private Limited v Jeet Properties
Private Limited |
|
Profile : |
Mr. Rajbir Singh 51 years, is a Director in their Company. He holds a bachelor’s degree in economics from Punjab University. He has over 12 years of experience in the infrastructure industry, He served in the Indian army for a period of nine years from 1978 to 1987 after which he was involved in handling his family business of petroleum retailing. He joined their Board on March 6, 1997. He is in-charge of the quarrying initiative of their Company and also handles all administrative aspects in their Company |
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Name : |
Mr. Sanjay Gupta |
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Designation : |
Director |
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Address : |
004, Siddartha Apartments, Civil Court Compound, P O Civil Lines, New
Agra – 282002, Uttar Pradesh |
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Date of Birth/Age : |
46 Years |
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Other Director Ship: |
v Case Cold Roll
Forming Private Limited v Case Components
Limited v Case Components
Industries Limited v Frontline
Innovation Private Limited v BAGS Registry
Sevices Private Limited v Grace Developers
LLC |
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Profile : |
Mr. Sanjay Gupta, 49 years, is a Director in their Company. He holds a bachelor’s degree in civil engineering from Regional Engineering College, Rourkela and has over 23 years of experience in the infrastructure industry. Prior to joining their Company on August 4, 2003, he was working with Oriental Structural Engineers Limited. He is currently in-charge of implementation of the high capacity bus system road project in Delhi and the Afghanistan projects |
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Name : |
Mr. Amrit Pal Singh |
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Designation : |
Director |
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Address : |
4410, DLF Qutab Enclave, Phase – IV, Gurgaon – 122001, Haryana |
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Age: |
43 Years |
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Other Director Ship: |
v Case Cold Roll
Forming Private Limited v Case Components
Limited v Case Components
Industries Limited v Frontline Innovation
Private Limited v BSC – C & C
JV Private Limited |
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Profile : |
Mr. Amrit Pal Singh Chadha, 45 years, is a Director in their Company. He holds a bachelor’s degree in commerce from Punjab University and a master’s degree in commerce from Shimla University. He has over 23 years of experience in the infrastructure sector and has been instrumental in execution of a number of road and airport linked infrastructure projects in their Company. Mr. Chadha has been a Director in their Company since incorporation. Prior to joining their Company on July 16, 1996, he was working with Oriental Structural Engineers Limited. He is currently in-charge of execution of all their infrastructure projects in Bihar |
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Name : |
Mr. Rajender Mohan Aggarwal |
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Designation : |
Director |
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Address : |
571-D, Sector – 15, Part – I, Gurgaon –
122001 |
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Age: |
61 Years |
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Profile : |
Mr. Rajendra Mohan Aggarwal,
64 years, is a Director in their Company. He holds a bachelor's degree in civil
engineering from Thapar Engineering College, Patiala and a post graduate
diploma for Management from the Indira Gandhi National Open University. He
has about four decades of experience in the construction sector, in India and
abroad and has worked for both the private as well as public sector. He has
been associated with the ONGC Limited, NPCC Limited, Central Public Works
Department, RITES Limited, Government of Libya and Oriental Structural
Engineers Limited previously. He joined their Company on June 1, 2001. He is
in-charge of overseeing all activities in relation to the tendering process
and also handles technical support in their Company |
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Name : |
Mr. Deepak Dasgupta |
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Designation : |
Director |
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Address : |
C – 604, Central Park – 1, Sector – 42,
Gurgaon – 122002, Haryana |
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Age: |
64 Years |
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Other Director Ship: |
v
Second
Vivekanand Bridge Tollway Company Private Limited v
Road
Infrastructure v
Development
Company of Rajasthan Limited v
IJM India
Limited |
|
Profile : |
Mr. Deepak Dasgupta, 66
years, is an independent Director in their Company. He holds a bachelor’s and
a master’s degree in science from the Delhi University. He is a retired
Indian Administrative Services Officer. He has over 38 years of professional
experience and has held senior positions in the government. He has also
served as the Chairman of the National Highway Authority of India. He has
also served as a full time member on the Task Force for interlinking rivers.
He has also worked as an advisor to the Asian Development Bank on a
consulting assignment on an intermittent basis for disseminating the national
highways experience in South Asia region. He joined their Board on October 6,
2006. |
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Name : |
Mr. Anand Bordia |
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Designation : |
Director |
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Address : |
B – 4, Sector – 27, Noida – 201301 |
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Age: |
62 Years |
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Other Director Ship: |
Birla Housing Finance Limited |
|
Profile : |
Mr. Anand Bordia, 63 years, is an Independent Director in their Company. He holds a bachelor's
degree and a master's degree in arts from St. Stephens College. He has over
38 years of work experience in policy formulation, programme implementation
and organisational development with the Government of India and has also
worked for various international organisations such as the World Customs
Organisation, Harvard Institute for International Development and the UNDCP.
He has been with the Indian Customs and Excise Department and has held the
post of Collector of Customs, Delhi. He was also appointed as the First
Secretary, Trade High Commission of India in London. He has also worked in
the Secretariat of World Customs Organisation, Brussels for seven years. He
has conducted technical assistance programmes in Asian, African and South
American countries for the Harvard Institute for International Development,
UNDCP and the World Customs Organisation. Most recently, he was appointed as
a Member (Finance), National Highway Authority of India and has been
instrumental in taking a number of initiatives in innovative financing,
resource mobilisation, public-private partnership and expenditure control in
implementation of the national highway development project, an ambitious
highway development project for the Government of India. He joined their Board
on October 6, 2006. |
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Name : |
Mr. Ramesh Chandra Rekhi |
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Designation : |
Director |
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Address : |
M – 18, Vikas Puri, New Delhi – 110018 |
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Age: |
69 Years |
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Profile : |
Mr. Ramesh Chandra Rekhi, 70 years, is an independent
Director in their Company. He holds a bachelor's degree in civil engineering
from the Delhi College of Engineering and a post graduate diploma in
construction management from the Indian Institute of Technology, New Delhi.
He has over 43 years of experience in the aviation and construction industry
and has been involved in the design, development and implementation of major
engineering installations at airports since 1963. He has been a Chief
Engineer with New Delhi Muncipal Corporation, Chief Engineer with the
International Airports Authority of India and has also held the post of
Airport Director, Delhi Airport. He has also been a Director of the
International Airports Authority of India. He has also served the United
Nations Development Programme/International Civil Aviation Organization
(ICAO) on a number of assignments relating to planning, design development
and implementation of airport projects in various countries such as Kenya,
Laos, Vietnam, Nigeria, Uganda, Afghanistan, Nepal and Australia. He is on
the ICAO panel of consultants for airport planning and development works.
Currently, he is the head of the Aviation Division of EMA Unihorn Private
Limited. He joined their Board on October 6, 2006. |
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Name : |
Lt. Gen Harbans Singh |
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Designation : |
Independent Director |
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Address : |
House No. 666, Sector – 21, Gurgaon –
122001, Harayana |
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Age: |
62 Years |
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Profile : |
Lt. General Harbans Singh Kanwar (Retd.), 64
years, is an independent Director in their Company. He is a retired official
of the Defence Services. He holds a master's degree in Defence Studies. He
attended the Defence Services Staff College, Intelligence Staff Officer
Course, Royal College of Defence Studies (U.K.). He was in the Indian Army
for 40 years and has commanded various divisions of the armed forces. He has
been awarded the Param Vishisht Seva Medal, Ati Vishisht Seva Medal and the
Vishisht Seva Medal for consistent and distinguished service, spanning four
decades to the nation. He has also served as the Director General of the
Assam Rifles wherein he commanded over 70,000 personnel and was responsible
to plan and expend budgets of nearly Rs. 10,000 million in each financial
year. He joined their Board on October 6, 2006. |
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Name : |
Mr. Kanwal Monga |
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Designation : |
Independent Director |
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Address : |
18, Chelmsford Country Club, Ghitorni,
New Delhi – 110030 |
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Age: |
61 Years |
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Other Director Ship: |
v
Virgo Marketing
Private Limited v
Virgo
Consultant Private Limited v
Monga
Holdings Private Limited v
M & M
Estate Private Limited v
Virgo
Components Limited v
Telecom
Finance India Limited v
Rico Auto
Industries Limited |
|
Profile : |
Mr. Kanwal Monga, 63 years, is an
independent Director in their Company. He holds a bachelor's degree in
science from Punjab University. He has promoted the Virgo Group of Companies
which assist high technology companies primarily from Europe and Japan in
transfer of technology for the telecommunication sector. He has been
instrumental in introducing fibre optic cables into India and CNG into Delhi.
He joined their Board on October 6, 2006. |
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Name : |
Mr. Tarlochan Singh |
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Designation : |
Director |
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Address : |
B – 5, Dr. Zakir Hussain Marg, New
Delhi – 110001 |
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Age: |
73 Years |
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Profile : |
Mr. Tarlochan Singh, 75 years, is an
independent Director in their Company. He holds a master's degree in economics
from Punjab University. He is currently a sitting member of the Rajya Sabha,
the Parliamentary Advisory Committee of the Ministry of Civil Aviation,
Parliamentary Standing Committee of the Ministry of Social Justice and
Empowerment. Previously, he has been the Chairman of the National Minority
Commission, Government of India, Delhi Tourism and Transportation Development
Corporation. He has been a member of the National Human Rights Commission. He
joined their Board on October 6, 2006 |
KEY EXECUTIVES
|
Name : |
Mr. Amaresh Pradhan |
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Designation : |
Company Secretary |
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Address : |
Jay Plaza Clearview Building, C-1/B, Old DLF Colony, Gurgaon – 122001 |
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Tel. No.: |
91-124-4080661 |
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Fax. No.: |
91-124-4080663 |
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E. Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.06.2007
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Indian |
|
|
|
Individuals/ Hindu Undivided Family |
7208476 |
39.48 |
|
Bodies Corporate |
5417160 |
29.67 |
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Public shareholding |
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|
Institutions |
|
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Mutual Funds/ UTI |
60620 |
0.33 |
|
Financial Institutions 'Banks |
159108 |
0.87 |
|
Foreign Institutional Investors |
2185510 |
11.97 |
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|
|
|
Non-institutions |
|
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Bodies Corporate |
825500 |
4.52 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs 0.100
Millions |
1712870 |
9.38 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 Millions. |
148045 |
0.81 |
|
Individual Directors |
186975 |
1.02 |
|
NRI |
16054 |
0.09 |
|
Trust |
140 |
0.00 |
|
Clearming members |
339518 |
1.86 |
|
Total |
18259976 |
100.00 |
Shareholding Pattern of IPO
|
Name of Shareholder |
Number of Equity Shares held prior to the Issue |
Pre-Issue percentage of Equity Share Capital (%) |
Number of Equity Shares held post Issue |
Post-Issue percentage of Equity Share Capital (%) |
|
Promoters |
|
|
|
|
|
Mr. Amrit Pal Singh Chadha |
2141286 |
16.75 |
2141286 |
11.73 |
|
Mr. Rajbir Singh |
2517900 |
19.70 |
2517900 |
13.79 |
|
Mr. Charanbir Singh Sethi* |
2218800 |
17.36 |
2218800 |
12.15 |
|
S.J Leasing & Investment |
3150000 |
24.65 |
3150000 |
17.25 |
|
Bags Registry Services |
2267160 |
17.74 |
2267160 |
12.42 |
|
Promoter Group |
|
|
|
|
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Ms. Suneeta Singh Sethi |
299100 |
2.34 |
299.100 |
1.64 |
|
Others |
|
|
|
|
|
Mr. Rajendra Mohan Aggarwal |
186900 |
1.46 |
186900 |
1.02 |
|
Blackstone Asia Advisors L.L.C. |
676365 |
4.83 |
676365 |
3.70 |
|
Minivet Limited |
327273 |
2.34 |
327273 |
1.79 |
|
Cross Border Investments |
40909 |
0.29 |
40909 |
0.22 |
|
Galleon nternational Master Fund, SPC Limited |
163636 |
1.17 |
163.636 |
0.90 |
|
Public |
NIL |
NIL |
4269 |
23.38 |
|
Total Non- Promoter Group Holding |
1395083 |
9.97 |
5664534 |
31.02 |
|
Total |
13989329 |
100 |
18258780 |
100 |
Mr. Amrit Pal Singh Chadha, Mr. Rajbir Singh
and Mr. Charanbir Singh Sethi are on the Board of Director
BUSINESS DETAILS
|
Line of Business : |
Company is engaged in Infrastructure Project Development |
GENERAL
INFORMATION
|
No. of Employees : |
1800 |
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Bankers : |
v State Bank of
India, Industrial Finance Branch, Jawahar Vyapar Bhawan, 14-15, Floor – 1,
Tolstoy Marg, New Delhi – 110001 Tel. No. 91-11-23713591 Fax. No. 91-11-23714882 E. Mail.: Deepak.kumar@sbi.co.in Contact Person – Mr. Deepak Kumar v State Bank of
Patiala, New Delhi v Standard
Chartered Bank, New Delhi |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
ASG and Associates Chartered Accountants, |
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Address : |
74, Hemkunt Colony, Opp. Nehru Place, New Delhi-110048 |
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Tel. No.: |
91-11-23357878 |
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Fax. No.: |
91-11-26418183 |
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E. Mail.: |
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Contact Person: |
Mr. Suresh Seth |
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|
Associates : |
v Jeet Properties
(Private) Limited v Bags Registry
Services (Private) Limited v Case Cold Roll
Forming (Private) Limited v Case Components
Limited v Case Component
Industries Limited v S.J. Leasing
& Investment (Private) Limited v International
Trenching (Private) Limited v Frontline
Innovation (Private) Limited v Kims Wardak
Diagnostic Centre Private Limited. v Mudit Cement
Limited. v BSC-C&C-Kurali
Toll Road Limited, v BSC-C&C-JV
Nepal (Private) Limited |
|
|
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Subsidiaries : |
v C&C Projects
Limited |
CAPITAL STRUCTURE
AS ON 30.06.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19,800,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 198.000
Millions |
|
2,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.000
Millions |
|
Total |
|
|
Rs.
200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18,259,976 |
Equity Shares |
Rs. 10/- Each |
Rs. 182.599 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2007 |
30.06.2006 |
30.06.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
182.599 |
127.811 |
42.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2533.361 |
927.849 |
752.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2715.960 |
1055.660 |
795.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1931.526 |
981.973 |
325.200 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1931.526 |
981.973 |
325.200 |
|
|
DEFERRED TAX LIABILITIES |
39.764 |
17.281 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4687.250 |
2054.914 |
1120.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1006.632 |
683.669 |
462.300 |
|
|
Capital work-in-progress |
547.945 |
200.223 |
102.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
926.926 |
0.133 |
0.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
764.723
|
470.573 |
198.100 |
|
|
Sundry Debtors |
1255.946
|
745.531 |
512.100 |
|
|
Cash & Bank Balances |
296.557
|
216.558 |
163.300 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1208.896
|
571.238 |
247.400 |
|
Total
Current Assets |
3526.122
|
2003.900 |
1120.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1242.477
|
797.851 |
523.500 |
|
|
Provisions |
77.898
|
35.160 |
41.900 |
|
Total
Current Liabilities |
1320.375
|
833.011 |
565.400 |
|
|
Net Current Assets |
2205.747
|
1170.889 |
555.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4687.250 |
2054.914 |
1120.400 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.06.2007 |
30.06.2006 |
30.06.2005 |
|
|
Sales Turnover |
3304.180 |
2117.322 |
1719.700 |
|
|
Other Income |
58.040 |
20.584 |
8.900 |
|
|
Total Income |
3362.220 |
2096.738 |
1728.600 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
417.589 |
401.981 |
328.300 |
|
|
Provision for Taxation |
85.859 |
92.953 |
40.100 |
|
|
Profit/(Loss) After Tax |
331.730 |
309.028 |
288.200 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
1202.586 |
1475.645 |
NA |
|
|
Commission Earnings |
0.000 |
306.511 |
NA |
|
Total Earnings |
1202.586 |
1782.156 |
NA |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
140.081 |
671.744 |
NA |
|
|
Stores & Spares |
11.210 |
63.033 |
NA |
|
|
Capital Goods |
110.592 |
2.341 |
NA |
|
|
Others |
28.594 |
184.009 |
NA |
|
Total Imports |
290.477 |
921.127 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
170.017 |
98.397 |
663.400 |
|
|
Decreases in works |
(172.955) |
(207.895) |
0.000 |
|
|
Consumption of stores and spares parts |
2285.954 |
1390.608 |
102.300 |
|
|
Salaries, Wages, Bonus, etc. |
304.833 |
193.700 |
313.500 |
|
|
Interest |
196.544 |
71.141 |
92.200 |
|
|
Depreciation & Amortization |
160.238 |
148.806 |
189.900 |
|
|
Other Expenditure |
0.000 |
0.000 |
39.000 |
|
Total Expenditure |
2944.631 |
1694.667 |
1400.300 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.09.2007 |
31.12.2007 |
31.03.2008 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
492.300 |
861.800 |
1659.800 |
|
Other Income |
12.100 |
24.800 |
135.000 |
|
Total Income |
504.400 |
886.600 |
1794.800 |
|
Total Expenditure |
385.400 |
688.000 |
1394.900 |
|
Operating Profit |
119.000 |
198.600 |
399.900 |
|
Interest |
23.400 |
44.800 |
134.000 |
|
Gross Profit |
95.600 |
153.800 |
265.900 |
|
Depreciation |
40.900 |
49.100 |
71.400 |
|
Tax |
10.300 |
35.600 |
74.900 |
|
Reported PAT |
49.300 |
73.600 |
124.700 |
KEY RATIOS
|
PARTICULARS |
30.06.2007 |
30.06.2006 |
30.06.2005 |
|
Debt-Equity
Ratio |
0.77 |
0.71 |
0.34 |
|
Long
Term Debt-Equity Ratio |
0.68 |
0.53 |
0.21 |
|
Current
Ratio |
2.15 |
1.80 |
1.57 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
2.69 |
2.55 |
3.11 |
|
Inventory |
5.35 |
6.33 |
10.24 |
|
Debtors |
3.30 |
3.37 |
4.08 |
|
Interest
Cover Ratio |
2.98 |
6.12 |
8.78 |
|
Operating
Profit Margin(%) |
23.85 |
29.72 |
26.75 |
|
Profit
Before Interest And Tax Margin(%) |
19.01 |
22.69 |
21.54 |
|
Cash
Profit Margin(%) |
14.89 |
21.62 |
21.96 |
|
Adjusted
Net Profit Margin(%) |
10.04 |
14.59 |
16.76 |
|
Return
On Capital Employed(%) |
18.79 |
30.43 |
41.98 |
|
Return
On Net Worth(%) |
17.59 |
33.39 |
43.76 |
LOCAL AGENCY
FURTHER INFORMATION
Operation
The Company has consistently demonstrated a high degree of competence in executing projects in a wide range of geographies and terrain amidst adverse security and weather conditions.
The Company achieved the best ever turnover and profits during the year
under review. The Company achieved a gross turnover of Rs. 3304.180 Millions as
against Rs. 2117.322 Millions in the previous year registering an increase of
56.05%. The turnover in the current year comprised of 35.92% of sales from
international operations and 64.08% from domestic operations as compared to
34.43% from international operations and 65.57% from domestic operations in
previous year, thereby marking a significant shift in the geographical mix in
the gross turnover of the Company. This shift in the sales mix is a strategic
move to de-risk the Company. The Afghanistan operations offered more than
normal profits. However it also entailed above average risks. Going forward the
Company will endeavor to maintain the absolute level of revenue from Afghanistan
while reducing its share in the total revenues. Profit after tax in the current
year is Rs. 331.730 Millions versus Rs. 309.029 Millions in the previous
year.
The Company individually and along
with other joint venture members has secured the following projects:
- Construction works related to widening / Upgrading of Roads to convert
the existing carriageway to multilane facility for the High Capacity Bus System
in Delhi including street lighting and drainage works section Ambedkar Nagar to
Delhi gate (Appx. length 14.5 Km) (Transport Commission National Capital
Territory of Delhi).
- Design, Engineering, Finance, Construction, Operation and Maintenance of
Kurali - Kiratpur section from Km 28.600 to 73.200 on NH-21 under NHDP Phase
IIIA on Build, Operate and Transfer (BOT) basis (NHAI).
- Package No. PSRSP/WB/UG/3/NCB: Up gradation of Tarn Taran-Chabal - Attari
Road (Punjab Roads & Bridges Development Board).
- Development of State Highways in the state of Bihar under Rashtriya Sam Vikas
Yojana (RSVY) scheme Pack No. 17 : Nawada & Jamui Dist Nawada: Gaya-Nawada
Road SH-8, Nawada-Pakribarawan Road SH-8 Jamui: Pakribarawan-Sikandra Road SH-8
(CPWD, Consultancy Services Organisation).
- Improvement / Up-gradation of State Highways in Vaishali, Samastipur,
Darbhanga & Madhubani Districts ;under Rastriya Sam Vikas Yojana (RSVY)
Scheme Pack ID (ii) Benipatti (Ch 14.72Km) - Rahika (Ch 0.00 Km) - Madhubani
(Thana Chauk), Madhubani (Thana Chauk) - Saurath - Pokhraini Road (2.89 Km) and
Madhubani to Ranti (4.00 Km) (IRCON International).
- Construction of integrated Check post at Chitarkoti Rajauli (Dist. Nawada on NH-31) (Road Construction Department, Government of Bihar).
- Package No. PSRSP/WB/RH/4/ICB Rehabilitation of Kapurthala - Taran Taran Road (Punjab Roads & Bridges Development Board)
- Water and sewerage work in Jabalpur as Sub-contractor to Ramky Infrastructure Ltd. In addition to the road construction vertical (which is currently over 90% of order book), the Company has diversified into water/sewerage, transmission tower and niche commercial building construction segments.
More recently, the Company has ventured into the water/ sewerage sector
by accepting a Rs. 730.000 Millions subcontracting order in Jabalpur, Madhya
Pradesh from Ramky Infrastructure Ltd. The Company's share in this project will
be Rs. 400.000 Millions. The Company is also the lowest tenderor in a
transmission tower project tendered by Power Grid Corporation of India Limited
worth Rs. 400.000 Millions. Also the Company has building construction projects
in hand total worth Rs. 250.000 Millions.
INCREASE IN THE CAPITAL
During the financial year 2006-07, the company made an allotment of
12,08,183 equity shares of Rs. 10/- each for cash at a premium of Rs. 265/- per
equity share aggregating to Rs. 332.250 Millions to various prestigious
institutional investors such as "The India Fund Inc.", "Minivet
Limited", "Galleon International Master Fund SPC Ltd." and
"Cross Border Investments Private Ltd.". During the year, the Company
also came up with an Initial Public Issue of 42,70,647 equity shares of Rs.
10/- each for cash at a premium of Rs. 281/- per equity share aggregating Rs.
1242.758 Millions. The Public Issue was oversubscribed by more than 19 times. After
the allotment of shares on 21st day of February, 2007, the paid-up equity
capital of the Company increased up to 1,82,59,976 equity shares of Rs. 10 each
amounting to Rs. 18,25,99,760/-. On February 26, 2007, the equity shares of the
Company were listed on The National Stock Exchange of India Limited and Bombay
Stock Exchange Limited.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Industry Structure and
Development
Indian Economy
India's economy witnessed robust growth in FY 2006-07. There were many
positive indicators such as a stable 8-9 per cent annual growth, rising foreign
exchange reserves of over US$ 222 billion, a booming capital market with the
popular "Sensex" index topping the 20,000 mark and the Government
estimating FDI flow of US$ 15.5 billion in this year.
- The growth rate has been spurred by the industrial and services
sectors, which have logged a 10.9 and 11 per cent rise in 2006-07 respectively,
against 9.6 per and 9.8 cent in 2005-06.
- Some of the propellers of GDP growth for 2006-07 have been
manufacturing, which grew by 12.3 per cent (against 9.1 per cent in 2005-06),
trade, hotels, transport and communications sector, which grew by 13 per cent
(against 10.4 per cent in 2005-06), and construction, which grew by 10.7 per
cent.
- Electricity, gas and water supply also grew by 7.4 per cent in 2006-07
against 5.4 per cent in 2005-06.
- There has been an exceptional growth rate in some specific industries,
like commercial vehicles at 17.9 per cent, telephone equipment sector by 43.5
per cent, passenger growth in civil aviation by 32.2 per cent and
information technology by 31 per cent (in revenue terms).
- Overall balance of payments recorded a surplus of US$ 36.6 billion during
2006-07, as against US$ 15.1 billion in 2005-06.
Infrastructure Sector
Infrastructure sector is the most important component for sustained economic
development. Massive transaction costs arising from inadequate and poor
infrastructure can deter the economic growth and keep the growth momentum below
the potential. Physical infrastructure covering transportation, power and
communication through its backward and forward linkages facilitate growth.
According to the Economic Survey published by the Government of India, there
has been considerable progress in the last ten years in attracting private
investment in to the infrastructure sectors; first in telecommunications, then
in ports and roads and in individual projects in other sectors. As per Economic
Survey 06-07, an investment of Rs.14500000.000 Millions or about US$320 billion
would be required in the infrastructure sector during the Eleventh Five Year
Plan. The Committee on Infrastructure headed by the Prime Minister, has
estimated the investment requirement at Rs.2200000.000 Millions for
modernization and upgradation of highways; Rs.400000.000 Millions for civil
aviation; Rs.500000.000 Millions for ports; and Rs.3000000.000 Millions for the
Railways.
According to the estimates published by the Economic Survey-2006-07, the
infrastructure sector experienced a robust growth. The overall index of six
core industries having a direct bearing on infrastructure and accounting for 27
per cent weight in the Index of Industrial Production (IIP), registered a
growth of 8.3 per cent during April-December, 2006, which was higher than the
5.5 per cent registered during April-December, 2005.
Opportunities and Threats
Their key strength is their ability to see opportunity in adversity. They
are able to function efficiently and ensure the timely execution of projects
amidst favorable and unfavorable operating conditions. These include climatic/
weather conditions, political/security conditions, geographic conditions and
access to resources such as personnel, machinery and raw materials. In the
growing economy of India, where infrastructure, a basic requirement, has become
priority of Central Government and every State Government, the Company expects
to do well in future on the basis of its excellent past performance.
Participation with other leaders in the industry has also been explored where
the Company feels that either getting a job is not possible individually
because of the magnitude or that the other company provides value added
services. Further the Government's initiatives on the public private
partnerships in the sector has opened doors of opportunities. The explosion of
global capital markets and the associated expansion of private capital flows to
emerging market economies like India provide new opportunities to finance
infrastructure projects in the countries. Further the Company intends to expand
wings in the other sectors like transmission towers, telecom, water and
sanitation, commercial property development which have immense potential.
The Government's initiative on the public private partnerships has also
led to foray of new players from unrelated businesses into the industry, who
are building up their strengths in Construction / Operations & Maintenance,
by engaging reputed Project Management consultants and strategic tie ups /
alliances with global companies. Mobilization of skilled manpower and
experienced Engineers for execution of the projects is also posing a major
challenge. The company is fully geared to meet these threats by properly
capitalizing its efficient manpower and proven project management skills &
rich experience in the industry.
Segment-Wise Performance
The Company has divided its activities into two segments viz. Indian and
Overseas, considering the return and risk of the operations, their organization
structure and the management reporting system. The revenue from the Indian
segment for the current year stood at Rs. 2117.426 Millions as compared to Rs.
728.960 Millions in the previous year. Whereas the revenue from the Overseas
segment is Rs. 1186.754 Millions as against Rs. 1388.362 Millions in the
previous year. This inter-segment shift is in pursuant to the strategic policy
of the Company to mitigate the risk from overseas segment.
Industry Outlook
Driven by the continued growth in developing and emerging economies,
growth in the sectors likely to remain robust. The Industry especially the road
sector has huge potential. Road development is recognized as essential to
sustain India's economic growth. Over $50-60 billion investment is required
over the next 5 years to improve road infrastructure.
Historically, investments in infrastructure, particularly in the
highways, were being made by the Government mainly because of the large volume
of resources required, long gestation period, uncertain return and associated
externalities. The galloping resource requirements and the concern for
managerial efficiency and consumer responsiveness in recent times have led to
an active involvement by the private sector also. To encourage participation of
the private sector, the Department of Road Transport and Highways has laid down
comprehensive policy guidelines for private sector participation in the highway
sector. Government has also announced several incentives such as tax exemptions
and duty free import of road building equipments and machinery to encourage
private sector participation. It has been decided that all the subprojects in
National Highway Development Programme (NHDP) would be taken up on the basis of
Public- Private Partnership (PPP) on Build Operate and Transfer (BOT) mode. The
private sector participation envisaged in Phase-II of NHDP has also been
increased.
Further An investment of Rs.14500000.000 Millions or about US$320 billion
would be required in the infrastructure sector during the Eleventh Five Year
Plan. These investments are to be achieved through a combination of public
investment, public-private-partnerships (PPPs) and exclusive private
investments, wherever feasible. Government is actively pursuing PPPs to bridge
the infrastructure deficit in the country. Several initiatives have been taken
during the last three years to promote PPPs in sectors like power, ports,
highways, airports, tourism and urban infrastructure. Under the overall
guidance of the Committee of Infrastructure headed by the Prime Minister, the
PPP programme has been finalized and the implementation of the various schemes
is being closely monitored by the constituent Ministries/Departments under this
programme. Private sector participation in infrastructure will not only ensure
a larger flow of resources but also to introduce greater efficiency in the
supply of services.
Fixed Assets
- Land
- Building
- Temporary Sheds
- Plant & Machinery
- Tippers and Tractors
- Office Equipments
- Computer
- Furniture and Fixture
- Vehicles
Group Company
S.J. Leasing & Investment
Private Limited
Corporate Information
S.J. Leasing and Investment Private Limited was incorporated under the Companies Act on October 6, 1986 in New Delhi. Its registered office is located at 74, Hemkunt Colony, Opposite Nehru Place, New Delhi 110 048. It is primarily engaged in finance, investment and trading, hire-purchase leasing, chartering, renting, repairing and financing lease operations. It also provides investment advisory and counselling services to other entities.
Summary
They are an infrastructure
project development company that provides engineering, procurement and
construction services for infrastructure projects in India and Afghanistan.
Their project expertise is primarily in transportation engineering projects
including roads, bridges flyovers and airport runways.
They were incorporated in July
1996 by professionals having experience in the field of infrastructure
development. Since their incorporation about a decade ago, they have acquired
expertise in EPC contracts, and have also recently forayed into urban
infrastructure projects.
They have executed
infrastructure projects in the past independently and in joint ventures. Currently,
all projects under execution are with their joint venture partner, BSCPL
Hyderabad. They have been working with BSCPL for the past five years.
As part of their international
operations, they have been present in Afghanistan since 2003. After years of
civil strife, various multilateral agencies such as USAID, World Bank, ADB,
etc. took upon themselves the reconstruction of Afghanistan.
They have since 2003 executed
projects funded by such agencies. A highlight of their operations is that they
have throughout
functioned under inclement operating and adverse security conditions.
Their major clients include:
_ National Highways Authority of
India;
_ Airports Authority of India;
_ Public Works Department of
various State Governments;
_ Punjab Infrastructure
Development Board;
_ Public Works Department,
Afghanistan;
_ The Louis Berger Group, Inc;
_ RITES Limited; and
_ UNOPS.
Their existing projects include:
Three projects on the East West
Corridor in Bihar involving widening and strengthening of the existing single/
intermediate lane into a 4 lane
road under NHDP, Phase II
Two projects in Afghanistan
involving construction, rehabilitation and upgradation of various road
stretches
including construction of
culverts, bridges and drainage works
Widening and upgrading the
existing carriageways to multilane carriageway for a High Capacity Bus System
in
Delhi.
Design, Engineering, Finance,
Construction, Operation and Maintenance of Kurali-Kiratpur Section from km
28.600 to km 73.200 of NH-21 under NHDP Phase IIIA on Build, Operate and
Transfer basis.
Limitations
There is one income tax
litigation pending against their Company. The amount claimed againstthem is
approximately Rs. 4.549 Millions.
There are three sales tax cases
that have been initiated by the Trade Tax Department, Noida that are pending
against their Company. The
aggregate amount of sales tax duty claimed from their Company in these cases is
approximately Rs. 1.171
Millions.
There is one labour dispute pending
against their Company under the Workmen's Compensation Act, 1923.
The aggregate amount claimed
againstthem is approximately Rs. 0.754 Millions.
Additionally, their Company has also filed a case against the Union of India, Military Engineer Services and another wherein they have prayed for an injunction restraining the defendants from cancelling a runway project awarded tothem. Their business and financial condition may be adversely affected in the event this case is decided againstthem.
There is one show cause notice
from the Labour Department pending against BSC-C&C 'JV', in relation to
certain violations pertaining to
industrial safety and health. No monetary claims have been made against them
in this case.
There is one civil case that has
been filed against BSC-C&C 'JV', in which an amount of Rs. 0.232 Millions
along
with interest has been claimed
on account of non-payment of certain purchases made by their joint venture.
There are six motor accidents
claims that have been filed against BSC-C&C 'JV', in which the aggregate
claim
amount is Rs. 18.657 Millions
approximately.
Additionally, their joint venture, BSC-C&C 'JV' has also filed a criminal complaint under section 138 of the Negotiable Instruments Act, 1881 against Dutta & Dutta Construction Company on account of dishonour of a cheque of Rs. 0.259 Millions.
In addition to the criminal complaint filed against Mr. Gurjeet Singh Johar, as mentioned above, the State Bank of Mysore has also initiated a complaint against him before the Institute of Chartered Accountants of India in relation to certain discrepancies found in the accounts of Pertech Computers Limited, which were prepared by the Chartered Accountancy firm, where he was a partner formerly.
Further, Mr. Surinder Singh Bhatia has filed a suit against their Directors, Mr. Gurjeet Singh Johar Mr. Charanbir Singh Sethi and Mr. Rajbir Singh praying for a mandatory injunction and a permanent injunction, on the grounds that they were not duly enrolled on the Management Committee of the Khalsa College.
Akhilesh Prasad has filed a criminal complaint against their Director, Mr. Rajbir Singh and others on the grounds
of wrongful termination of employment and withholding of his wages.
Kiran Choudhury has filed an election petition against their Independent Director, Mr. Tarlochan Singh and another, for directions that their election to the Council of States from the State of Haryana be held as void.
Kentech Construction Private Limited has filed a criminal case against their Promoter Group Company, Case Cold Roll Forming Private Limited and their Directors, Mr. Gurjeet Singh Johar and Mr. Rajbir Singh in relation to works contract tax liability for work done by Case Cold Roll Forming Private Limited.
Kunwar Singh has also filed a suit for recovery of Rs. 0.231 Millions against Case Cold Roll Forming Private Limited in relation to recovery of dues on account of work done by him in the capacity of a sub-contractor.
Additionally, Case Cold Roll Forming has filed a claim of Rs. 3,352,758 approximately before an arbitration tribunal against the Kentech Constructions Private Limited on account of certain disputes arisen out of a sub-contract awarded to the respondent by Case Cold Roll Forming Private Limited. The respondents have also filed a counter claim against the claimant wherein they have claimed an amount of Rs. 2.969 Millions approximately.
They require
certain regulatory approvals in the ordinary course of their business, and the
failure to obtain them in a timely manner
or at all may adversely affect their operations.
They require certain regulatory approvals, sanctions, licences, registrations and permissions for operating their businesses. In connection with their business, they may require such approvals or their renewal from time to time.
They may not receive such approvals or renewals in the time frames anticipated bythem or at all, which could adversely affect their business.
Their joint
ventures have yet to receive consents/renewals of certain statutory approvals
required in the ordinary course of their businesses, and if they are unable to
obtain these approvals, their business could be adversely affected.
Their joint venture, BSC-C&C 'JV' has applied for an approval from the Protector General of Emigrants for deployment of certain personnel in relation to their Jalalabad to Asmar road project in Afghanistan. Further, their joint venture BSC-C&C 'JV' has also applied to the Bihar State Pollution Control Board, Patna for the grant of no-objection certificates for consent for emission/construction of emission under the Air (Prevention and Control of Pollution) Act, 1981, and the Water (Prevention and Control of Pollution) Act, 1974 in relation to its hot mix plants and a stone crusher plant in Bihar. Additionally, their joint venture, BSC-C&C 'JV' has also applied for contract labour registrations, a license to use explosives in its a crusher unit at Rajasthan and permission to operate a crusher unit under section 21 of the Air (Prevention and Control of Pollution) Act, 1981. Furthermore an application for registration of establishments employing building workers under the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996 has also been made by their joint venture, BSCC& C 'JV'Additionally ,certain renewal applications have been filed by BSC-C&C 'JV'in relation to the hot mix plant in Bihar. If they are unable to obtain the requisite licenses in a timely manner, or at all, their operations may be affected.
AS PER WEBSITE DETAILS
C & C Constructions Ltd. has a unique business model, with proven expertise in innovative thinking, project and cost management. They are focused on delivering high quality work within budgeted time and costs, as evident in the various accolades and repeat business. A key objective has also been to continuously broad base the operating portfolio and enhance the order book, thus opening new avenues to growth and profitability. They have also developed an appropriate blend of entrepreneurs and hands on professionals, constantly thinking & executing innovative and cost effective solutions to clients' requirements.
The company was incorporated in July 1996 by professionals having experience in the field of infrastructure development. Since their incorporation, they have acquired expertise in EPC contracts, and have also recently forayed into urban infrastructure projects. They commenced their construction projects by undertaking two contracts of Rs. 0.3 million each in 1996 and presently have a prequalification capacity to quote for contracts over Rs. 18 billion.
Joint Ventures and Strategic Alliances
They have executed infrastructure
projects in the past independently and in joint ventures. Their joint venture
partners include M/S BSCPL with whom they have been working for over eight
years. Recently they have entered another joint venture with M/S Sukhmani
Engineers to address the water sewerage and sanitation segment in the
infrastructure space.
This has enabled them to obtain
larger projects that require resources beyond those that they may have
individually, such as financial strength, capital equipment, technical
expertise and local content resources.
In a project-specific joint
venture, each member of the joint venture shares the risks and revenues of the
project according to a predetermined agreement. The profits and losses of the
joint venture are shared among the members according to a predetermined ratio.
The fixed assets that are acquired by the joint venture are generally transferred
to the respective joint venture members upon completion of the joint venture
project. The construction contracts that the joint ventures enter into,
typically impose joint and several liability on the members. Thus, should the
other member(s) of their joint ventures default on its or their duties to
perform, they would remain liable for the completion of the project. The
project-specific joint venture typically terminates at the completion of the
defect liability period, at which point the project-specific joint venture
liquidates and dissolves.
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.43.27 |
|
UK Pound |
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.24 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
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
|
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. |
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 |
|