MIRA
INFORM REPORT
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Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
HINDUSTAN INFRASTRUCTURE PROJECTS AND ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
RAG CONSTRUCTION AND REAL ESTATE PRIVATE LIMITED |
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Registered Office : |
Jupiter Innovision Centre, No.54, Richmond Road, Bangalore – 560025,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.10.1993 |
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Com. Reg. No.: |
08-14830 |
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CIN No.: [Company
Identification No.] |
U70109KA1993PTC014830 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Development of technology, aviation, infrastructure,
hospitality, media and entertainment ventures. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 7200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
The Company has been promoted by Ex BPL Mobile Owner – Mr. Rajeev
Chandrasekar. He is member of Parliament, as well. He is a resourceful businessman
and floated own industrial have under the name of Jupiter Capital. Trade
relations are fair. Payments are reported as slow. The company can be considered normal for business dealings at usual
trade terms and conditions with slight caution. Since the company/ group has
yet to establish track. |
INFORMATION PARTED
BY
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Name : |
Mr. Joemon |
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Designation : |
Finance Manager |
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Date : |
19.08.2008 |
LOCATIONS
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Registered Office : |
Jupiter Innovision Centre, No.54, Richmond Road, Bangalore – 560025,
Karnataka |
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Tel. No.: |
91-80-25594911/ 16 |
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Mobile No.: |
91-9886139181 |
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Fax No.: |
91-80-25323488 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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New Delhi
Office: |
Jupiter Capital, A 264,
II Floor, Defence Colony, New Delhi – 110 024 –India |
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Tel No.: |
91 -11 -41552613 /15/16 |
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Fax No.: |
91 -11 -41552614 |
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Mumbai Office : |
23, Dhanbad Building, GF, Naushir Bharucha Road, Sleater Road, Next to Grant Road
Post Office, Grant Road West, Mumbai – 400 007 - India |
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Tel No.: |
91 22 2386 6468 |
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Fax No.: |
91 22 2386 6461 |
DIRECTORS
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Name : |
Mr. C. K. Venugopalan |
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Designation : |
Director |
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Address : |
T-334, Sena Vihar, Kammanahalli Road, ST. Thomas Town, Bangalore –
560084, Karnataka, India |
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Date of Appointment : |
14.03.1998 |
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Name : |
Mr. K. Venugopalan Gowda |
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Designation : |
Director |
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Address : |
No.62, 2nd Floor, 6th Main, Tata Silk Farm
Basavanagudi – 560004, Karnataka, India |
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Date of Appointment : |
14.03.1998 |
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Name : |
Mr. Rajeev Chandrasekhar |
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Designation : |
Whole Time Director |
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Address : |
375, 3rd Floor, 13th Main Koramangala, Bangalore
– 560034, Karnataka, India |
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Date of Birth/Age : |
31.05.1964 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Karthikeyan Ramamurthi |
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Designation : |
Director |
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Address : |
No.301, Mayur Gardens, 28th Crs Ejipura Main Road,
Bangalore – 560047, Karnataka, India |
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Date of Birth/Age : |
25.05.1958 |
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Date of Appointment : |
01.08.2006 |
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Email : |
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Name : |
Mr. Sudhakar Gande |
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Designation : |
Additional Director |
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Address : |
Attur Terrace, 802, 8th Floor, Cuffe Parade, Mumbai –
400005, Maharashtra, India |
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Date of Birth/Age : |
03.09.1957 |
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Date of Appointment : |
08.01.2008 |
KEY EXECUTIVES
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Name : |
Mr. Madhavi |
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Designation : |
Company Secretary |
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Address : |
B-301, Mantri Sarovar, Opposite Agara Lake, H S R Layout, Bnagalore –
560034, Karnataka, India |
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Date of Birth/Age : |
07.01.1963 |
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Date of Appointment : |
09.10.2006 |
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Mobile No.: |
91-9886139181 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2002)
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Names of Shareholders |
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No. of Shares |
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Vectra Holdings Private Limited |
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25000 |
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Venkatarame Gowda |
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100 |
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C K Venugopalan |
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100 |
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Jupiter Capital Private Limited |
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3000000 |
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(A son 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Development of technology, aviation, infrastructure,
hospitality, media and entertainment ventures. |
GENERAL INFORMATION
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No. of Employees : |
50 |
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Bankers : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Kumbhat and Company Chartered Accountant |
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Address : |
No.10, 6th Cross, Victoria Layout, Bangalore – 560047,
Karnataka, India |
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Holding Company : |
Jupiter Capital Private Limited U67120KA2004PTC033653 |
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Subsidiaries |
Kocjhi Properties Developers Private Limited U70102KL2005PTC018958 Gardencity Plantations Private Limited U01131KA2005PTC037601 Bharat Media Publications Private Limited U22300KA2005PTC035592 HIPE Tranportation Infrastructure Ventures Private Limited U63031KA2006PTC040981 Minsk Developers Private Limited U45201KA2006PTC040379 Jupiter Global Infrastructure Private Limited U45202KA2006PTC041275 |
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Associates: |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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24883200 |
Equity Shares |
Rs.10/- each |
Rs.248.832
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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248.832 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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1205.140 |
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4] (Accumulated Losses) |
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(13.651) |
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NETWORTH |
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1440.321 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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1440.321 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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323.447 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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936.188 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
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Sundry Debtors |
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1.249
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Cash & Bank Balances |
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129.516
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Other Current Assets |
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0.000
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Loans & Advances |
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949.065
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Total
Current Assets |
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1079.830
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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863.367
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Provisions |
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35.777
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Total
Current Liabilities |
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899.144
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Net Current Assets |
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180.686
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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1440.321 |
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KEY RATIOS
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PARTICULARS |
|
|
|
31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.62 |
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Current Ratio (Current Asset/Current Liability) |
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1.20 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Profile:
Subject is an infrastructure development subsidiary of
Jupiter Capital and was founded by Rajeev Chandrasekhar in June 2005 to
strategically position itself to meet the infrastructure demands of India.
Jupiter Capital is the management and investment company for the development of
technology, aviation, infrastructure, hospitality, media and entertainment
ventures through its group companies in the country.
Rajeev Chandrasekhar has a very successful track record in
developing infrastructural projects in India. He founded BPL Mobile, one of the
earliest and most successful Indian private telecom infrastructures. BPL Mobile
developed world-class infrastructure for providing GSM mobile services in the
metro of Mumbai, several states and union territories in India. Rajeev
Chandrasekhar is one of the pioneering investors in the telecom sector and is
widely recognised for his significant role in the development of the successful
telecom sector for over a decade in India
Company has successfully ventured into the development of
seaports, airports, transportation, hospitality, real estate and facility
management projects in India. Company along with its international partners has
made significant progress with the development of world-class infrastructures
in the country within a short period of time.
Overview
Company business portfolio reflects its vision and diverse
interests to address new challenges and opportunities in India. It is committed
to develop infrastructure projects with state-of-the-art technology and global
standards in these sectors:
- Transportation
& Logistics
- Airports and
Sea Ports
- Power, Water,
Environmental Engineering
- Roads, Highways
and Bridges
- Petroleum
& Natural Gas
- Railways
- Realty and
Hospitality
Alliances:
Company has partnered with International firms having domain
knowledge and technology expertise in select areas to create successful
infrastructure franchises:
|
Alliances |
Country |
Expertise |
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Singapore |
Shipping, Transportation, Logistics |
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Spain |
Power Transmission |
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Spain |
Desalination, Waste water Management
Environmental Engineering |
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Spain |
Toll Roads, Expressways & Airports |
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Malaysia |
Major Roads |
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Malaysia |
Port Infrastructure |
Projects:
Subject has successfully implemented projects in
Transportation, Realty and Hospitality. Company and its partner Neptune Orient Lines
(NOL) of Singapore has been awarded national license for operations of Private
Cargo Trains. The company has commenced operations and is also developing its
own Inland Container Depots (ICD).
Company has been awarded a port project to develop all weather, multi-purpose,
Greenfield Sea Port in Vijaydurg, Maharashtra, India and the construction of
Greenfield Airport at Hassan in Karnataka.
Company has been providing consultancy in Realty, services in Facility
Management for European MNCs and is implementing comprehensive facilities
management and site services.
Company has invested in commercial, residential and prime hospitality
properties in various cities and developed world-class eco-friendly heritage
resorts, coffee plantations in India.
Company has received approvals for the development of a Super-Specialty Medical
Complex in Bangalore and the development of ecosystem around Hassan Airport,
which includes Retail Malls, Hotel, Convention Centre, Medical Complex, Golf
Village and Knowledge Centre.
Mr. Rajeev Chandrasekhar
Member
of Parliament & President
Date of Birth : May 31, 1964
Educational
Qualification:
- Bachelors Degree in Electrical Engineering
- Manipal, Karnataka
- Masters in Computer Science
- Illinois Institute of Technology, Chicago
- Advanced Management Programme
- Harvard University, Boston
Work
Experience and Background:
Intel : 1985- 1991
Rajeev Chandrasekhar was a Senior Technology professional in
the Silicon Valley between 1985 and 1991. Intel Inc - Senior Design Engineer of
the team that designed and launched 32 bit 80486 microprocessor. Intel Inc -
CPU architect of the Pentium team. He was one of the three CPU architects who
designed the architecture of the then path breaking Pentium microprocessor.
BPL Mobile : 1994 - 2005
In 1991, he returned to India and founded BPL Mobile in
1994. He was one of the earliest investors to spot the Indian Telecom
opportunity and invest in it. He bid for and got the first cellular licenses in
India. Over the last 12 years, Rajeev has been one of the principle
participants/contributors in the development of the Indian Telecom sector -
from a government monopoly dominated one to a vibrant private capital driven
example of success in the Indian infrastructure sector.
BPL Mobile, the company and franchise he built was one of
the pre-eminent Indian cellular franchises which was recently acquired in what
was the largest domestic M&A transaction in India. At the time of its sale,
BPL Mobile had 2.8 Million cellular subscribers and valuable licenses in West
and Southern regions of India, served 2.8 Million subscribers and Revenues $250
Million and EBITDA of $110 Million.
Jupiter Capital : July 2005 - Present
Rajeev Chandrasekhar is presently the Chairman and Chief
Executive Officer of Jupiter Capital. Jupiter Capital is a venture development,
management and investment company focusing on infrastructure, Media and
Technology ventures of the future. Jupiter capital 's investment philosophy is
best summarized by its byline "…and in today walks tomorrow".
Rajeev Chandrasekhar / Jupiter Capital is evaluating and
pursuing investments in the untapped infrastructure space in areas like
Transportation, Utilities (like Water), Electricity transmission and Aviation infrastructure
in India, where new opportunities for private capital are beginning to be
thrown up. These opportunities are being pursued through a company called
Subject.
Mr. Rajeev Chandrasekhar / Jupiter Capital's Technology
interests include Digital Signal Processing, Wireless Systems, Encryption and
Decryption Technologies, C4I Systems, Networked Centric Warfare Systems. He is
pursuing this through a company called Jupiter Strategic Technologies Private
Limited.
Rajeev Chandrasekhar / Jupiter Capital's media and
entertainment interests are focused on regional language TV Broadcasting, Radio
& Digital Media. Through acquisitions and organically, he is building two
brands ie., Asianet for regional language television and Indigo for
contemporary media and entertainment. Asianet is one of the strongest regional
Television franchises which will cover the entire fast growing regions of South
and West of India. The Media and entertainment investments are pursued through
Jupiter Entertainment Ventures Private Limited.
Mr. Rajeev Chandrasekhar is currently a Member of Parliament
(Rajya Sabha), representing Bangalore, Karnataka, India
Rajeev
Chandrasekhar has been:
- Member of Prime Ministers Council on Trade & Industry -
1999-2003
- Member of Advisory Committee in the Ministry of Information
Technology, Government of India - 1999-2002
- Chair Person of Government of Karnataka, Infrastructure Task Force
1999-2002
- Director, Karnataka Power Corporation Limited
News:
Hindustan
Infrastructure to develop port at Vijaydurg
21 Jul
2007
Hindustan Infrastructure Projects & Engineering Pvt. Ltd (HIPE), a company
floated by Mr Rajeev Chandrasekhar, will reportedly develop and operate an
all-weather port at Vijaydurg.
The company is understood to have earmarked about Rs 1,500 crore for the
project. The port, when complete, may attract cargo from industries located in
Satara, Sangli, Solapur, Pune and Ahmednagar.
The Maharashtra Maritime Board (MMB) has already issued the company a letter of
intent to this effect. The company will be allowed to operate the port for 50
years.
A memorandum of understanding (MoU) between the state government and the
company will be signed after Hindustan Infrastructure accepts the terms spelt
out in the letter of intent.
This process is followed in projects such as the Vijaydurg port, where the
developer is identified without any competitive bidding process.
Since it is a non-major port, Hindustan Infrastructure can fix tariffs for
services provided at the port.
HIPE is making an aggressive foray into the logistics and infrastructure sector
in India. It is a partner, along with Neptune Orient Lines (NOL), in the
containerised rail freight company APL IndiaLinx. It also reportedly intends to
bid for the Rs 4,360-crore deep-water container terminal at Vizhinjam in
Kerala, the fourth container terminal at Jawaharlal Nehru Port (JNP) and the
Tadri port in Karnataka.
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.43.58 |
|
UK Pound |
1 |
Rs.81.43 |
|
Euro |
1 |
Rs.64.52 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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 |
|