MIRA
INFORM REPORT
|
Report Date : |
04.09.2007 |
IDENTIFICATION DETAILS
|
Correct Name : |
BECHTEL INDIA PRIVATE LIMITED |
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Registered Office : |
418, Naurang
House, 21, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.04.1994 |
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Com. Reg. No.: |
55-58514 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PLC058514 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKB01681B / RTKB01512A |
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Legal Form : |
Private Limited
Liability company. The company is a 100% subsidiary of Bechtel Corporation, |
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Line of Business : |
Subject is engaged in the business of Engineering,
Procurement, Construction and Support Services to Diverse Projects and other
Bechtel Offices worldwide. |
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 2250000 |
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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 part
of Bechtel Corporation, The company can
be considered good for any normal business dealings at usual trade terms and
conditions. It can be regarded as a promising
business partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
418, Naurang
House, 21, |
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Tel. No.: |
91-11-23324889 / 25069552 |
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Fax No.: |
91-124-2343110 / 2343505 |
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E-Mail : |
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Website : |
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Location : |
Commercial |
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Factory 1 : |
249-A, |
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Tel. No.: |
91-124-2343107 /
2343113 / 5098000 / 5011438 |
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Fax No.: |
91-124-2343110 /
2343505 |
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Location : |
Commercial |
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Overseas Offices : |
Tel. No. : 54 11 Fax No. : 54 11 Tel. No. : 61 7 Fax No. : 61 7 BechTelephone do Tel. No. : 55 21 Fax No. : 55 21 Tel. No. : Fax No. :
Coyancura 2283, 12th Floor, Providencia, Tel. No. : 56 2 675 1000 Fax No. : 56 2 232-5208 Unit B, 6th Floor, Tower A, Gateway, 18 Xiaguangli, East
3rd Ring, Tel. No. : 86 10 Fax No. : 86 10 Unit 1201-1209, Tel. No. : 86 21 Fax No. : 86 21
Tel. No. : Fax No.: Plot No. 14 C / 4, Off Tel. No. : 20 2 754 6763 / 6588 / 6773 Fax No. : 20 2 754 6804 / 6884 Centre Tel. No. : 33 1 47-20-53-04 Fax no. : 33 1 47-20-55-06 Tel. No. : 62 21 5291-6000 Fax No. : 62 21 Tel. No. : 81 3 3214-4481 Fax No. : 81 3 Tel. No. : 82 2 318-2270 Fax No. : 82 2 318-2273 Suite 16.2, 16th Floor, Menara Weld, 76, Jalan Raja Chulan 50200 Kuala Lumpur, Malaysia Tel. No. : 60 3 2078-2050 Fax No. : 60 3 2078-1950 Torre Esmeralda 1, Boulevard Manuel Ávila Camacho No. 40,
Piso 15-8, Tel. No. : 52 55 Fax No. : 52 55
Tel. No. : 51 1 Fax No. : 51 1 446-1255
Tel. No. : 63 2 751-1000 Fax No. : 63 2 751-1005
Tel. No. : Fax No. :
Tel. No. : 7 Fax No. : 7
Tel. No. : 966 3 882-5288 Fax No. : 966 3 882-5306 Tel. No. : 966 1 277-1884 Fax No. : 966 1 278-0607 BechTelephone Equipment Operations, Tel. No. : 65 Fax No. : 65
11th Floor, 18th Floor, Tel. No. : 66 2 545-7000/7100 Fax No. : 66 2 545-7777
Alt Tel. No. : 90 Fax No. : 90
Tel. No. : 971 2 699 8400 Fax No. : 971 2 676 0899
Tel. No. : 44 Fax No. : 44 Tel. No. : Fax No. : |
DIRECTORS
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Name : |
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Designation : |
Managing Director
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Address : |
2nd
Floor, 33 Paschimi Marg, |
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Date of Birth/Age : |
16.08.1947 |
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Date of Appointment : |
03.10.2005 |
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Other Directorship : |
Bechtel
Enterprises India Private Limited – Director |
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Name : |
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Designation : |
Alternate
Director |
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Address : |
Block C – 4, House
No. 106, Plot No. GH 1 – A, Power Welfare organisation, Sector – 43, Gurgaon
– 122 002, |
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Date of Birth/Age : |
24.12.1943 |
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Date of Appointment : |
05.09.2005 |
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Name : |
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Designation : |
Director |
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Address : |
Flat No. 294-D,
29th Floor, |
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Date of Birth/Age : |
02.07.1941 |
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Date of Appointment : |
28.09.1998 |
KEY EXECUTIVES
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Name : |
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Designation : |
Company Secretary
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Address : |
B – 1/ 1546, |
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Date of
Birth/Age : |
25.01.1973 |
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Date of
Appointment : |
02.06.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Bechtel Corporation, |
21,683,859 |
99.99 |
|
American Bechtel Inc., |
1 |
0.01 |
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Total |
21,683,860 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Engineering,
Procurement, Construction and Support Services to Diverse Projects and other
Bechtel Offices worldwide. |
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Products : |
Engineering Procurement Construction Support Services |
GENERAL INFORMATION
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No. of Employees : |
Around 400 |
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Bankers : |
ABN Amro Bank, HSBC Bank American
Express |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Lovelock &
Lewes Chartered Accountants |
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Address : |
P – 1, Aditya
Vihar, Saidulajab, Opposite, D – Block, Saket Mehrauli, Badarpur Road, New
Delhi – 110 030, India |
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Tel. No.: |
91-11-41250000 |
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Subsidiaries : |
Bechtel Limited American Bechtel Inc. Bechtel France, SAS Bechtel Overseas Corporation Bechtel Power Corporation Bechtel Australia Pty Limited Bechtel Demexico Inc. Global Supply Group Inc. Bechtel International Inc. Bechtel National Inc. Easton Bechtel Company Limited International Bechtel Company Limited Saudi Arabian Bechtel Company Bechtel China Inc. Bechtel Enterprises UK Limited Dabhol Generating Company Limited Bechtel Infrastructure Corporation Bechtel Enterprises India Private Limited Bechtel Enka, Bechtel Bechtel America Company Limited Bechtel Enterprises Inc. Overseas Bechtel Inc. Bechtel Chile Limited |
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Ultimate Holding Company: |
Bechtel Group Inc. |
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Holding Company : |
Bechtel
Corporation, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21683860 |
Equity Shares |
Rs. 10/- each |
Rs. 216.839 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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SHAREHOLDERS FUNDS |
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1] Share Capital |
216.839 |
216.839 |
216.839 |
|
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2] Reserves & Surplus |
391.789 |
348.631 |
352.969 |
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NETWORTH |
608.628 |
565.470 |
569.808 |
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LOAN FUNDS |
|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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TOTAL |
608.628 |
565.470 |
569.808 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
100.033 |
42.922 |
25.796 |
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Capital work-in-progress |
8.658 |
8.009 |
0.206 |
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DEFERREX TAX ASSETS |
19.657 |
24.642 |
31.743 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
369.235
|
292.093 |
232.042 |
|
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Cash & Bank Balances |
124.365
|
163.127 |
265.532 |
|
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Loans & Advances |
174.109
|
151.625 |
99.231 |
|
Total
Current Assets |
667.709
|
606.845 |
596.805 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Current Liabilities |
139.690
|
70.973 |
37.770 |
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Provisions |
47.739
|
45.975 |
46.972 |
|
Total
Current Liabilities |
187.429
|
116.948
|
84.742 |
|
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Net Current Assets |
480.280
|
489.897 |
512.063 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
608.628 |
565.470 |
569.808 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
903.958 |
463.785 |
466.463 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
903.958 |
463.785 |
466.463 |
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Profit/(Loss) Before Tax |
81.595 |
3.271 |
(7.220) |
|
Provision for Taxation |
38.437 |
7.609 |
4.943 |
|
Profit/(Loss) After Tax |
43.158 |
(4..338) |
(2.277) |
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Total Export |
899.040 |
457.934 |
458.653 |
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Total Expenditure |
762.431 |
433.848 |
441.906 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
4.77
|
(0.94) |
(0.49) |
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Net Profit Margin (PBT/Sales) |
(%) |
9.08
|
0.71 |
(1.57) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.42
|
(0.64) |
(0.35) |
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Return on Investment (ROI) (PBT/Networth) |
|
7.09
|
(0.77) |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.00 |
0.00 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.56
|
5.19 |
7.04 |
LOCAL AGENCY FURTHER INFORMATION
As Per Website
Corporate Overview
Bechtel
is premier engineering, construction, and project management companies.
Bechtel (BEK tl) is a global engineering, construction and project
management company with more than a century of experience on complex projects
in challenging locations.
Privately owned
with headquarters in
History
In 1998, their organization observed 100 years of building. It's a
legacy that began with W.A. Bechtel's work grading railroad beds in 1898 and
continues today on hundreds of job sites around the world.
Since 1898, four
generations of Bechtels have led their privately held business through more
than 22,000 projects in 140 nations on all seven continents. These
accomplishments range from the San Francisco Bay Area Rapid Transit (BART)
system to pioneering efforts in nuclear power and program management for
Bechtel people have established an unrivaled
reputation for excellence. Their work has improved the quality of life for
countless individuals, and demonstrated time and again that the only limits on
human achievement are those that they place on themselves.
Chronology
The beginning
Warren A. Bechtel
performed his first construction work in 1898, grading railroad beds with a
mule-drawn scraper in
1930-1960
In 1931 W.A. helped put together one of the industry’s first large-scale joint
ventures, the Six Companies consortium that built Hoover Dam. Son Stephen took
over as president when W.A. passed away in 1933. Assuming his duties in the
midst of the Hoover Dam project, Steve’s management efforts helped workers
finish the job two years ahead of schedule. An associate once remarked that
Steve Bechtel could "conjure up a vision of the future at an instant’s
notice." Steve himself is reported to have said, without boasting,
"We can build anything, anytime, anywhere." Indeed, he built Bechtel
into a global concern, landing projects on all seven continents and expanding
the portfolio of work to include areas such as pipelines, petroleum and
chemicals, mining and metals, and power. Steve Bechtel pioneered the concept of
the turnkey project, and took on monumental tasks such as the Trans-Arabian
pipeline, as well as innovative efforts like the
1960-1990
Stephen Bechtel, Jr. became president in 1960, upon his father’s retirement
from active service. Steve Jr. ushered in the era of the
"megaproject." Bechtel was at the forefront of the fields that
defined the period: nuclear power, liquefied natural gas, transportation, space
and defense, and environmental protection and cleanup. Taking advantage of the
latest management techniques and engineering technology, Steve Jr. led the
company in designing and building extraordinarily complex projects worldwide,
including numerous refineries, offshore platforms, transit systems, mining
developments, and nuclear and fossil-fired plants. Among many notable landmarks
were the Jubail industrial complex in
1990-Present
Today, Riley Bechtel continues the foundation of family leadership, as the
fourth generation to head the company during the past century. Under Riley’s
direction, Bechtel has organized to respond to customers with creative
technology and local expertise, providing flexible solutions and outstanding
value no matter what the industry or the region.
Civil
Infrastructure
Development, Management, and Construction of Civil Infrastructure from Airport, Rail and Highway Systems to Regional Development Programs and from office buildings to theme parks.
Mining & Metals
Worldwide Engineering, Procurement and Construction expertise enabling customers to produce everything from Aluminum to Uranium.
Oil, Gas and Chemicals
Design and construction for the Hydrocarbon Industry including Chemical, Petrochemical, Industrial, LNG and Natural Gas Plants and Construction of Pipelines that Transport Oil, Natural Gas, Petroleum Products, Slurry, Water and Industrial Gases.
Power
Design and
construction of Fossil-Fueled Generating Plants and a full range of services to
the Nuclear Power Industry including decontamination and decommissioning and
steam generator replacement.
Telecommunications
Deployment of telecommunications systems from landlines to advanced mobile wireless networks. It offers a full range of services including management of construction and equipment installation.
Export/Sales
Subject undertakes various Engineering Projects. The major projects of Bechtel are as follows:
®
Advanced Mixed Waste Treatment
®
AT&T Wireless
®
®
Channel Tunnel Rail
® CSPC Nanhai Petrochemicals Project
®
®
In
®
®
®
®
®
US Government's
Bechtel
Privately owned with headquarters in
Bechtel is focusing in the following area:
® Roads and Rail Systems
® Airports and Seaports
® Fossil and Nuclear Power Plants
® Refineries and Petrochemical Facilities
® Mines and Smelters
® Defence and Aerospace Facilities
® Environmental Cleanup Projects
® Telecommunications Networks
® Pipelines
® Oil and Gas Field Development
Activities
® Civil
® Infrastructure
® Telecommunications
® Power
® Oil, Gas and Chemicals
® Mining and Metals
® Energy and Environmental
® Defence and Space
Overseas Offices
Alliances
BechTelephone companies have aligned with other leading organizations in joint ventures and alliances and the details are given below:
®
ABT Engineers and Constructors Limited: A joint
venture between BechTelephone and The Asset and Risk Engineering (ARE) Group
providing premier engineering, procurement, construction, and project
management services to the
®
Alterra Partners: A premier global developer,
owner, financier and manager of world-class airports and related infrastructure.
The company headquartered in
® APX: APX is the industry’s trusted independent service agent for power market transaction processing. BechTelephone Enterprises is an investor in the company.
®
BechTelephone-ARA: An engineering, procurement
and construction/construction management (EPCM) joint venture with Arze, Recine
Y Asociados (ARA) to pursue copper solvent extraction and small concentrator
projects in
®
® Bantrel Company: A BechTelephone subsidiary, Bantrel Company is an Alberta-based provider of engineering, procurement, construction and construction management services.
®
BechTelephone BWXT
®
BechTelephone Bettis Inc.:
®
®
BechTelephone CITIC Engineering, Inc. (BCEI): A
joint venture with CITIC Group that supports BechTelephone in current
®
®
®
® EPCglobal: A full-service staffing solutions company that focuses on the needs of the engineering and construction industry. Provides support to BechTelephone projects.
® Nexant, Inc.: Nexant is a BechTelephone-affiliated provider of technology solutions and experience-based technical and management consulting services to the global energy industry.
®
Pacific Engineers & Constructors, Limited
(PECL): Based in
®
Power Generation Engineering and Services Co.
(PGESCo): A partnership between
Subject recently
became an ISO 9001 company, assessed and approved by
Following projects
are in progress in
v
Haldia
Petrochemical Project
v
Dabhol
Power Project
v
Following projects
are in progress outside
v
Chevron
v
Rocksavage
v
v
v
Subject office
provides information on Indian companies, contractors, materials and equipment
to Bechtel offices worldwide. The group uses the latest automated Procurement
Tracking System, its’ proprietory software, to enable monitoring and control of
all global procurement activities, from requisitioning through delivery.
Subject has
provided engineering and construction support to various Bechtel projects, such
as:
v
Quezon
v
Ghazlan
v
Emcali
Power
v
Ras-Tanura
Petrochemical
v
Ibn
Rushd PTA Aromatics
v
Kandla-Bhatinda
Pipeline,
v
Haldia
Petrochemical
v
Dabhol
Power
v
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.91 |
|
|
1 |
Rs.82.57 |
|
Euro |
1 |
Rs.55.72 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|