MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANTELEC LIMITED |
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Formerly Known As : |
ANTELEC PRIVATE LIMITED |
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Registered Office : |
73, Jolly, Maker Chambers, No. 2, Nariman Point, Mumbai – 400 021,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.09.1981 |
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Com. Reg. No.: |
11-25198 |
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CIN No.: [Company
Identification No.] |
U31200MH1981PLC025198 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19932D |
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PAN No.: [Permanent
Account No.] |
AAACA3287A |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Provider of Telecommunication Services |
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 950000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Financial position is good. Payments are correct and as per
commitments. Nothing adverse reported. It can be considered good for normal business dealings at usual trade
terms and conditions. The company can be regarded as a promising business partner in a
medium to long – run. |
LOCATIONS
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Registered Office : |
73, Jolly, Maker Chambers, No. 2, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Tel. No.: |
91-22-22850383 - 84 / 22020563 / 22021067 / |
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Fax No.: |
91-22-22021040 |
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E-Mail : |
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Website : |
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Branch Offices : |
Delhi Pune |
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Factory : |
CTS No. 78-A/8, Shakti
Wire Compound, Rajendra Nagar, Village Magathane,,
Dattapada Road, Borivali (East), Mumbai
-400 066, Maharashtra, India |
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Tel. No.: |
91-22-28700775 / 28705036 |
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Fax No.: |
91-22-28703017 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Nariosang Hormasji Antia |
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Designation : |
Director |
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Address : |
H/4, Palacimo , Silver Oaks Estate, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
18.03.1941 |
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Date of Appointment : |
11.09.1981 |
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Name : |
Mr. Kainaz Antia |
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Designation : |
Director |
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Address : |
H/4, Palacimo, Silver Oaks Estate, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
29.05.1979 |
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Date of Appointment : |
08.08.2006 |
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Tel No.: |
91-22-22021067 |
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Fax No.: |
91-22-22021040 |
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E-Mail: |
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Pan No.: |
ABQPA3045C |
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Name : |
Mr. Shernaz Nariosang Antia |
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Designation : |
Director |
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Address : |
H/4, Palacimo , Silver Oaks Estate, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
15.12.1950 |
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Date of Appointment : |
11.09.1981 |
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Name : |
Mr. Surendra Girdharlal Sheth |
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Designation : |
Director |
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Address : |
Sardar Patel Society, Flat F 4, Nehru Road, Vile Parle (East), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
05.09.1941 |
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Date of Appointment : |
02.01.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Nariosang Hormusji Antia |
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3060 |
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Mr. Shernaz Nariosang Antia |
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3060 |
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Antia Holdings Private Limited |
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33659 |
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Mr. Ashish Nariosang Antia |
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3060 |
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Mr. Kainaz Nariosang Antia |
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3060 |
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Mr. Hutoxi Nariosang Antia |
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3060 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Bodies Corporate |
68.75 |
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Directors or relative of directors |
31.25 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of Telecommunication Services |
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Products : |
·
Power Distribution
Centres- Fully drawout and fixed type ·
Motor Control Centres -
Fully drawout and fixed type ·
Stainless Steel PCC and
MCC - Fixed Type ·
Lighting Distribution
boards ·
Busducts - Indoors and
outdoor type ·
Rising Mains ·
Feeder Pillars ·
Relay Control Panels ·
Control Console Desks ·
Annunciator Panels |
GENERAL
INFORMATION
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Customers : |
· Air Freight Limited, Mumbai. · Aurther Andersen and Company Mumbai · Aseptic Packaging Limited (Tetrapak Limited), Lonavala. · Averina International Hotel, Goa. · American Express Limited - New Delhi · Mirc Electronics Limited - Noida · ABN AMRO Central Services - Mumbai · Alembic Limited - Baddi (Himachal Pradesh) · Abhishek Industries Limited - Barnala, Punjab |
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No. of Employees : |
700 |
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Bankers : |
Central Bank of India, Mumbai Main Office, Documentation Cell, Central Bank Building, 2nd
Floor, M G Road, Fort, Mumbai – 400 001, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountants |
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Address : |
Ravindra Annexe, 194 Churchgate Reclamation, Dinshaw Vachha Road, Mumbai – 400 020, Maharashtra, India |
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Associates/Subsidiaries : |
Name : Anita Holdings Limited CIN : U65990MH1981PTC025199 |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
48960 |
Equity Shares |
Rs. 100/-
each |
Rs. 4.896
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 |
4.896 |
4.896 |
4.896 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
181.757 |
130.038 |
90.505 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
186.653 |
134.934 |
95.401 |
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LOAN FUNDS |
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1] Secured Loans |
1.564 |
0.000 |
0.000 |
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2] Unsecured Loans |
1.542 |
1.434 |
1.359 |
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TOTAL BORROWING |
3.106 |
1.434 |
1.359 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.320 |
0.046 |
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TOTAL |
189.759 |
136.688 |
96.806 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.914 |
28.118 |
8.344 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
13.543 |
9.167 |
6.870 |
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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 |
22.392
|
12.428 |
6.047 |
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Sundry Debtors |
221.236
|
191.777 |
102.386 |
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Cash & Bank Balances |
41.008
|
48.059 |
38.177 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
102.584
|
58.627 |
31.755 |
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Total
Current Assets |
387.220
|
310.891 |
178.365 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
166.049
|
163.259 |
72.056 |
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Provisions |
76.089
|
48.229 |
24.717 |
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Total
Current Liabilities |
242.138
|
211.488 |
96.773 |
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Net Current Assets |
145.082
|
99.403 |
81.592 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Deferred Tax Asset |
0.220 |
0.000 |
0.000 |
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TOTAL |
189.759 |
136.688 |
96.806 |
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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 |
759.961 |
576.225 |
494.337 |
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Other Income |
5.998 |
4.325 |
4.730 |
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Total Income |
765.959 |
580.550 |
499.067 |
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Profit/(Loss) Before Tax |
78.385 |
62.906 |
42.710 |
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Provision for Taxation |
26.665 |
23.374 |
16.706 |
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Profit/(Loss) After Tax |
51.720 |
39.532 |
26.004 |
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Expenditures : |
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Raw Material Consumed |
507.987 |
370.636 |
300.147 |
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Purchases made for re-sale |
41.056 |
30.188 |
48.831 |
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Increase/(Decrease) in Finished Goods |
[9.964] |
[6.382] |
NA |
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Salaries, Wages, Bonus, etc. |
57.060 |
36.978 |
37.042 |
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Managerial Remuneration |
2.638 |
1.808 |
1.527 |
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Payment to Auditors |
0.283 |
0.445 |
0.261 |
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Interest |
0.201 |
0.167 |
0.186 |
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Insurance Expenses |
5.467 |
3.502 |
3.128 |
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Power & Fuel |
1.130 |
0.443 |
0.392 |
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Depreciation & Amortization |
4.328 |
3.169 |
2.105 |
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Other Expenditure |
77.389 |
76.689 |
62.738 |
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Total Expenditure |
687.575 |
517.643 |
456.357 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.75
|
6.81 |
5.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.31
|
116.00 |
8.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.16
|
18.07 |
22.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.47 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
1.58 |
1.03 |
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Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.47 |
1.84 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the company |
ANTELEC Private
LIMITED |
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Presented By |
ANTELEC Private
LIMITED |
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1) Date and description of instrument creating the change |
Dated :
29.09.1993 Agreement of
hypothecation to secure Demand Cash credit against goods. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All tangible movable property such as products, stock in trade, and goods of the borrowers which now or hereafter from
time to time during the security shall brought in stored or be in or
about the premises, warehouses or any where else or Godown of the borrowers in Bombay
inclusive of hypothecation of
stocks of raw materials, work in progress and finished goods. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Compound interest @ 10.75% over the bank the subject to a minimum of 22.765% p.a or at such other rate as may from time to time be fixed by the bank. Margin: 50% |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India, Documentation cell, Bombay Main Office, M G Road, Fort, Mumbai – 400 023, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
Dated 29.12.1995 No instrument but
Equitable mortgage was created / extended by redeposit of title deeds in
respect of the immovable properties of the company to secure the repayment of
various facilities aggregating Rs. 65.500 millions. The original
charge created on 29.09.1993 for Rs. 1.000 millions was modified on
09.10.1993 by creating Equitable mortgage
to secure various facilities aggregating Rs. 20.000 millions |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Company has
created Equitable mortgage by way redeposit
of title deeds in respect of
its immovable properties situated at 73, Jolly Maker Chambers II,
Nariman Point, Mumbai - 400
021, and property at village Golred,
Taluka Dahanu, District Thane as security for the repayment
of following credit facilities
: Cash Credit
(Hypothecation) : Rs. 1.000 millions Overdraft Book
debts, Rs. 4.500 millions Bank guarantee : Rs. 50.000 millions and
Inland Letter of Credit aggregating Rs. 65.500 millions other with
interest, costs, charges, etc. |
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Corporate identity
number of the company |
U321200MH1981PLC025198 |
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Name of the
company |
ANTELEC LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
73, Jolly, Maker Chambers, No. 2, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
· Book Debts · Movable property |
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Particular of
charge holder |
Central Bank of
India Address : Mumbai
Main Office, Documentation Cell, 2nd
Floor, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: agrawal_yatendra@rediffmail.com
|
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Nature of
instrument creating charge |
Agreement of
Hypothecation |
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Date of
instrument Creating the charge |
30.03.2007 |
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Amount secured by
the charge |
Rs. 80.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : At such rates as
would be fixed by the bank from to
time at monthly rests. Terms of Repayment : On Demand Margin : As required by
Bank from time to time. Extent and Operation of the charge : The security is
for repayment of various facilities and all other monies at any time payable by company/ies
to bank under or in respect of all or
some or any of the aforesaid facilities granted to the company and
also as security fro the payment and
discharge of all indebtedness whatsoever or liabilities of the company in respect of any liabilities undertaken
by bank together with all interest, discount, commission, charges,
costs, and expenses payable to or incurred
by bank. Others : Facility and
Limits to Antelec Limited CC Hyp Rs. 1.000 millions, O/D B/D Rs. 4.500 millions
(Sub Limit LBD Rs. 2.500 millions and OCD Rs. 2.000 millions Total Rs. 4.500
millions) Bk. Gtee Rs. 60.000 millions
Da/LC Rs. 10.000
millions Total Rs. 75.500 millions.
Facility and Limits to antia Electrical Private Limited Guarantee Rs. 5.000
millions Total Rs. 80.500 millions. Central Bank of
India’s this charge shall pari-passu
with ; (1) ICICI Bank Limited, Non fund based
facility of Rs. 50.000 (2) HDFC Bank’s
Non fund based facility of Rs. 60.000 millions (sub limit fund
based facility Rs. 10.000 millions) |
|
Short Particulars
of the property charged |
1) Stocks of RM
stocks in process and finished goods etc. both present and future wheresoever
2) All
present and future book debts, etc 3) Current
assets, movable properties both present
and future at Lower Parel and Nariman
Point, Mumbai and Borivali (West), Mumbai, Maharashtra, India |
WEBSITE DETAILS:-
Antia Group of Companies
The company was formerly Antia Electricals - an electrical engineering
and contracting concern of Mr. N H Antia was established in 1969 .
With its policy of quality, safety, reliability and timely completion of
projects, Subject has successfully managed to carve its niche in the field of
electrical engineering and contracting in India.
Company Profile
Electrical
Engineers and Contractors:
The Company executes
projects in accordance with Indian, British or International standards and
undertakes the supply, installation, testing and commissioning of interior and
exterior lighting systems, high voltage indoor and outdoor substations, power
generating stations, public address, CCTV, fire alarm, access control and
lightning protection systems.
Antia
Electricals Private Limited .
Manufacturers
of all types of L.V. Panel Boards:
The Company has an in-house
state-of-the-art facility to manufacture all types of L.V. panel boards,
distribution boards, rising mains, bus ducts etc. and has supplied to various
Five Star Hotels, industries/factories, commercial and non-commercial
institutions, sea ports and airports and also exported abroad.
International Electro-Mechanical Services Company L.L.C.,
International
Electro-Mechanical Services Company L.L.C., (IEMSC) a pioneer
mechanical-electrical-plumbing (MEP) company in the U.A.E. commenced its
operations with the Palace of the Sultan of Oman and the Dubai Municipal
Building in 1970. An ISO certified
organization, IEMSC executes prestigious projects in the region.
Corporate Profile
The company was formerly Antia
Electricals, an electrical engineering and contracting concern of Mr. N. H.
Antia was established in 1969. With its policy of quality, safety, reliability
and timely completion of projects, Subject has successfully managed to carve
its niche in the field of electrical engineering and contracting in India and
continues to maintain the premier position after three and a half decades. In
the span of 39 years, Subjectand its associated companies, Antia Electricals
Private Limited and International
Electro-Mechanical Services Company L.L.C. (‘IEMSC’), Dubai have executed
prominent projects in India, Jordan, Libya, Yemen Arab Republic, Iraq, Nepal,
Sri Lanka, Mauritius, Oman and the UAE.
Quality Standards
They strive to maintain their quality standards by utilizing specified
and approved quality materials, employing skilled and experienced manpower,
combining modern management skills with state-of-the-art technology and continually
improve the effectiveness of their Quality Management System.
Quality Management System
Subject executes its projects in adherence with the requirements of its
QMS effecting quality control in accordance with the provisions of its standard
operating procedures and process plans. All personnel are constantly trained to
ensure that quality is controlled at all stages of the operations through the
established procedures and practices. The
ISO 9001:2000 accredition from ISOQAR, is proof of its commitment
towards quality control. Quarterly internal ISO audits are performed in strict
compliance with the stated objectives of the quality policy and procedures.
The Policy
At the company, they consider the electrical system to be an asset built
to last a lifetime. Their policy is to ensure customer satisfaction as they do
not compromise on the quality of material, workmanship, service and time. This
is evidenced from their clients who have repeatedly awarded them with time
bound projects of intricate nature.
Unique Infrastructure
They have a unique infrastructure and are the only electrical
contracting company with their very own dedicated team of qualified staff and
experienced engineers and technicians. They believe in training and motivating their
staff to provide value added services with the use of state of the art
technology. Their work is conducted to ensure the health, safety and welfare of
their employees, their families and their clients.
Social Responsibility
The employees are periodically trained and provided with educational
benefits for their children. The welfare of each employee is ensured and the
company’s attrition rate is low.
Health and Safety
Subject is committed to ensure the health and safety of its employees
and others in the working environment and has developed safety procedures and
practices. Safety training and safety equipment is also provided to all
employees to improve their capabilities to mitigate and manage the risks
associated in the work environment.
Environment Policy
Subject is an environment conscious company and abides by the
environmental laws of the country. The employees are made aware of
environmental concerns covering a wide variety of issues concerning air, water,
soil, noise pollution and human health affecting work sites and their daily
activities.
Subject has diverse
experience having completed a variety of projects including factories,
substations, ports, steel forging plants, textile mills, naval radar stations,
chemical and pharmaceutical industries, railway projects, research centers,
stadiums, Five-Star hotels, townships, commercial and non-commercial
institutions and telecommunication centres. The company has also earned
distinction from internationally renowned consultants and architects.
Substations:
Work
executed includes substations upto 66 KV in India and upto 220KV in Libya.
Hotels:
Five-star
hotels : Work executed includes substations, internal and external lighting,
power distribution system, CCTV / MATV, fire alarm, music, PA, data and voice
system, BMS, lightning protection etc.
Hospitals:
Hospital
projects (upto 520 beds): Work executed includes major operation theatres, MRI
centres, nurse call system, substation, internal and external lighting, power
distribution, fire alarm, data and voice system, BMS, lightning protection etc.
Commercial
complexes:
Commercial complexes
including IT Parks, banks, Government Vidhan Sabha building, high commissions,
call centres, BPO’s, software projects, corporate office buildings, etc. Work
executed includes substations, internal and external lighting, power
distribution, fire alarm, music, PA, access control, data and voice
(structured) system, BMS, lightning protection etc.
Industries:
Pharmaceutical,
Food processing Industry Iron and Steel, Automobile factories , Ceramic tiles,
Textile mills, etc.: Work executed includes substations, internal and external
lighting(and its various ancillaries) , power distribution, fire alarm, P.A.,
door interlocking, and data and voice system, BMS, lightning protection etc.
Stadiums:
Indraprastha
Indoor Stadium for the Ninth Asian Games, New Delhi and Thane Stadium. Work
executed includes 15MVA main substations, 6.6 KV HT substations with ring main
unit, 315KVA generating sets, power and lighting distribution and complete
lighting system.
Container
terminals at ports:
3 Container Terminals: Work
executed includes 66 KV switchyard, 3.3 KV distribution system for Quay Cranes,
15 kms of HT cabling, 40-60 mtr. high mast floodlighting, low voltage
distribution system for refrigeration container yard, 2000 KVA 11 KV diesel
generators, internal electrification works of workshop and administrative
offices and external services.
Overseas
projects:
In 1978 they established
their selves in Libya where they executed the electrification of housing
complexes, an airport complex, air force camp, hospitals, schools and
200/66/30/11 KV substations and transmitter stations.
Incorporated
in Iraq in 1981, they executed gigantic railway projects, such as Acquain -
Akashat railway projects, the Aqaba railway workshop extension project in
Jordan, five star hotels in Yemen and Sri Lanka and a textile mill in Nepal.
Their
associate company International Electro-Mechanical Services Company L.L.C.
(‘IEMSC’) undertakes MEP projects in Dubai, UAE since the last three decades.
Antia Electricals Private
Limited (‘AEPL’)
In 1986 Mr. Antia decided to
capitalize on his extensive experience in electrical engineering and
contracting by establishing a state-of-the-art facility in Mumbai for
manufacturing Low Tension Panel Boards. AEPL manufactures various types of
panel boards conforming to the highest standards of quality which are also
exported. To ensure that these standards are maintained, the company’s
manufacturing facility is equipped with superior production machinery,
including a modern paint shop complete with 8–tank pre-treatment process, large
oven, liquid and powder coating paint booths, assembly and wiring shops which
ranks as one of the best in the industry.
·
Fabrication
·
Pre-treatment
·
Powder Coating
·
Painting
·
Assembly
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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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 |
|