"Majority of our orders come from the European markets, which is currently facing challenging times. However, we are in the process of delivering five vessels in the next six months," managing director PC Kapoor said.
Bharati Shipyard said its board has approved a Rs2,854-crore corporate debt restructuring (CDR) programme as part of efforts to optimise costs.
“The debt restructuring will help us to optimise costs and resources in the time to come,” company’s managing director PC Kapoor said in a statement.
Bharati Shipyard’s total debt currently stands at Rs3,250 crore. The restructuring pertains to “term/working capital debt”. The company, which is in advanced stages of completion of its two greenfield shipyards at Dabhol and Mangalore, said it has Rs6,800 crore order book which would be executed by 2014.
“Majority of our orders come from the European markets, which is currently facing challenging times. However, we are in the process of delivering five vessels in the next six months,” Mr Kapoor said. He said the company would undertake various initiatives to optimise the current resources in view of the overall sectoral slowdown and the challenging economic scenario. “The overall shipping industry in India is under tremendous pressures. However, Bharati Shipyard is confident of its business model and successfully weathering the current business challenges,” he said.
In the forenoon, Bharati Shipyard was trading at around Rs72.15 per share on the Bombay Stock Exchange, 5.41% up from the previous close.
Takeout financing is a procedure under which loans given by banks to infrastructure firms are sold to other institutions. This is to enable banks recover their much-needed funds ahead of the payment schedule under the loan agreement.
India Infrastructure Finance Company (IIFCL) has said it proposes to operationalise its project advisory subsidiary by the end of March next year.
“We hope the new subsidiary begins its operations by the end of the current fiscal,” said IIFCL chairman and managing director SK Goel. The board has approved setting up a separate subsidiary of IIFCL for project development advisory services, he said. This subsidiary would provide advisory services for infrastructure development, he said, adding that this would greatly help in timely development of projects.
On the recent changes on ‘Takeout’ financing by the government, Mr Goel said the modifications have been carried out to make the scheme more attractive to both infrastructure project developers and banks. Takeout financing is a procedure under which loans given by banks to infrastructure firms are sold to other institutions. This is to enable banks recover their much-needed funds ahead of the payment schedule under the loan agreement. This is done to address the asset-liability mismatch.
Transparent and a competitive pricing for Takeout Finance Scheme have been put in place, Mr Goel said.
The pricing of Takeout shall range from 0.25% to 1.5% over the benchmark rate of lending of IIFCL which is currently 9.65% depending upon the post commercial operation date (CoD) credit rating of the project, he said.
Major concession in pricing has been announced for PPP projects and the current rate of Takeout would range from 9.90% to 10.85% depending on the ratings of the project, he said. As part of the modification, he said the government has allowed receiving of proposals for Takeout from borrowers also, he said.
Existing lenders would be incentivised by way of passing on the Takeout fee to the extent of 0.3% of the takeout loan to the borrowers. In case of road sector projects, Takeout can occur at any time after actual CoD, he added.
A number of them denied their liability either by saying the information the department has obtained from foreign shores has no legal sanctity or simply that they are not the one.
Faced with a number of cases of denial of secret foreign bank account holdings, the Income Tax (I-T) department has decided to re-open past tax returns of such individuals in Mumbai and Delhi among others, in order to unearth black money stashed abroad.
The Central Board of Direct Taxes (CBDT) has decided to send the names of those taxpayers to the I-T assessment wing who have refused holding accounts in Swiss or Liechtenstein banks after India recently obtained their names during its fight to unearth illegal funds hidden in foreign shores. The I-T department (in Mumbai, Delhi, Bangalore and Ahmedabad) issued notices to those people, whose names appeared on the classified list obtained from foreign countries. But a number of them denied their liability either by saying the information the department has obtained from foreign shores has no legal sanctity or simply that they are not the one.
These names, about 70, will now be sent to the respective assessment ranges and the assessing officer will re-open the corresponding I-T returns of the year which is reflected on the classified list obtained from various countries.
“The taxpayers entire income and transactions in that year will be re-checked electronically and manually to see if the denial is true,” sources said.
According to sources, the list which the I-T department has received shows the name of the account holder, his passport number and the total amount held by him or her till recently in secret bank account. India has obtained data of over 700 HSBC accounts from the French government.
In 80 cases, the department has detected undisclosed income of Rs438 crore and taxes of Rs135 crore have been realised so far. In this context, the government has also imposed a penalty of Rs24.66 crore on 18 individuals who have bank accounts with LGT Bank of Liechtenstein on the basis of information provided by the German authorities. Germany had last year provided the names of some Indians, having secret accounts in Liechtenstein's LGT Bank. These names were part of about 1,400 stolen bank account details purchased by Germany.
India, according to the finance ministry, has so far received over 9,900 pieces of information from several countries regarding suspicious transactions by Indian citizens, which are now under different stages of processing and investigation.