MIRA
INFORM REPORT
|
Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
BADARPUR FARIDABAD TOLLWAY LIMITED |
|
|
|
|
Registered
Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai – 400
083, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.07.2008 |
|
|
|
|
Com. Reg. No.: |
11-184750 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.860.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203MH2008PLC184750 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB18698B |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business
: |
Subject is engaged in the construction of Highways. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3400000 |
|
|
|
|
Status : |
Project under implementation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Hindustan Construction Company Limited, In view of strong holding, the company can be considered normal for
business dealings at usual trade terms and conditions. The Profit and Loss of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai – 400
083, |
|
Tel. No.: |
91-22-25751000 |
|
Fax No.: |
91-22-25775950 |
|
E-Mail : |
DIRECTORS
As on 07.06.2011
|
Name : |
Mr. Praveen Sood |
|
Designation : |
Director |
|
Address : |
Flat No. 2103, |
|
Date of Birth/Age : |
01.02.1958 |
|
Date of Appointment : |
17.07.2008 |
|
DIN No. : |
00018013 |
|
|
|
|
Name : |
Mr. Arjun Dhawan |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
30, Iris, Cuffe Parade, Mumbai – 400 005, |
|
Date of Birth/Age : |
19.07.1976 |
|
Date of Appointment : |
27.04.2010 |
|
DIN No. : |
01778379 |
|
|
|
|
Name : |
Mr. Vithal Pandurangrao Kulkarni |
|
Designation : |
Director |
|
Address : |
1604, 16th Floor, |
|
Date of Birth/Age : |
04.11.1955 |
|
Date of Appointment : |
17.07.2008 |
|
DIN No. : |
00477196 |
|
|
|
|
Name : |
Mr. Parthasarathy Chakrapani |
|
Designation : |
Director |
|
Address : |
804, 8th Floor, B Wing, |
|
Date of Birth/Age : |
01.06.1960 |
|
Date of Ceasing : |
20.04.2010 |
|
DIN No. : |
02151618 |
KEY EXECUTIVES
|
Name : |
Mr. Brajeshkumar Tiwary |
|
Designation : |
Secretary |
|
Address : |
G-802, Jalvayu Vihar, Phase – 1, Kharghar, Navi Mumbai – 410 210, |
|
Date of Birth/Age : |
02.01.1975 |
|
Date of Appointment : |
27.04.2010 |
|
PAN No. : |
ADNPT7890F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
HCC Concessions Limited, |
|
85999940 |
|
Arjun Dhawan |
|
10 |
|
Praveen Sood |
|
10 |
|
Vithal Pandurangrao Kulkarni |
|
10 |
|
Arjun V Karambelkar |
|
10 |
|
Rajgopal Nogja |
|
10 |
|
Pervez Alam |
|
10 |
|
Total |
|
86000000 |
As on 07.06.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the construction of Highways. |
|
|
|
|
Products Description : |
Engineering and Construction |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
Canara Bank ·
Oriental Bank of Commerce ·
Axis Bank ·
Bank of ·
State Bank of |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
·
Axis Trustee Services Limited ·
India Infrastructure Finance Company Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Gianender and Associates Chartered Accountant |
|
Address : |
Plot No. 6, Site No. 21, Geeta Mandir Marg, New Rajinder Nagar, New
Delhi – 110 060, Delhi, India |
|
|
|
|
Fellow Subsidiary : |
·
Western Securities Limited ·
Hincon Techno consult Limited ·
HCC Singapore Enterprises Pte Limited ·
HCC Mauritius Enterprises Limited ·
HCC Real Estate Limited ·
HCC Aviation Limited ·
HCC Infrastructure Limited ·
Nirmal Bot Limited ·
Pune Paud Toll Road Company Limited ·
HCC Construction Limited ·
Panchkutir Developers Limited ·
Highbar Technologies Limited ·
Baharampore-Farakka Highways Limited ·
Farakka-Raiganj Highways Limited ·
Raiganj-Dalkhola Highways Limited |
|
|
|
|
Subsidiary of
Fellow Subsidiary : |
·
Lavasa Corporation Limited ·
HRL Township Developers Limited ·
HRL (Thane) Real Estate Limited ·
Maan Township Developers Limited ·
Nashik Township Developers Limited ·
Charosa Wineries Limited ·
Lavasa Hotel Limited ·
Ecomotel Hotel Limited ·
Dasve Business Hotel Limited ·
Dasve Conventional Center Limited ·
Lakeshore Watersports Company Limited ·
Lakeview Clubs Limited ·
Dasve Hospitality Institutes Limited ·
Spotless Laundry Services Limited ·
Lavasa Bamboocraft Limited ·
Green Hill Residences Limited ·
Knowledge ·
Powai Real Estate Developers Limited ·
Full Spectrum Adventure Limited ·
HCC Realty Limited ·
Warasgaon Lake View Hotels Limited (formerly
Lavasa Star Hotels Limited) ·
Apollo Lavasa Health Corporation Limited ·
Reasonable Housing Limited ·
My City Technology Limited ·
Minfur Interior Technologies Limited ·
Verzon Hospitality
Limited ·
Rhapsody Hospitality Limited ·
Sirrah Palace Hotels Limited ·
Valley View Entertainment Limited ·
Whistling Thrush Facilities Services Limited ·
Warasgaon Power Supply Limited ·
Sahyadri City Management Limited ·
Warasgaon Tourism Limited ·
Dasve Retails Limited |
|
|
|
|
Holding Company : |
Hindustan Construction Company Limited CIN No. : L45200MH1926PLC001228 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
86000000 |
Equity Shares |
Rs.10/- each |
Rs.860.000
millions |
(Of the above
43,860,000 Equity Shares of Rs 10/- each are held by the Holding Co. -
Hindustan Construction Company Limited)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
860.000 |
0.500 |
|
|
2] Share Application Money |
|
0.000 |
438.100 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
860.000 |
438.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2172.299 |
0.000 |
|
|
2] Unsecured Loans |
|
100.000 |
0.000 |
|
|
TOTAL BORROWING |
|
2272.299 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3132.299 |
438.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
3046.428 |
516.667 |
|
|
Advance for Capital works |
|
434.250 |
289.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
86.477 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
102.374 |
27.349 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
33.239 |
9.619 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
12.084 |
1.400 |
|
Total
Current Assets |
|
147.697 |
38.368 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
249.342 |
395.821 |
|
|
Other Current Liabilities |
|
333.211 |
10.114 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
582.553 |
405.935 |
|
|
Net Current Assets |
|
(434.856) |
(367.567) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3132.299 |
438.600 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.32 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.25 |
0.09 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND
FUTURE OUTLOOK
The Company is
implementing prestigious 6 lane
The Company has
incurred capital expenditure of Rs.3046.400 millions as on 31st March 2010. It
has given mobilsation advance of Rs.434.300 millions to EPC Contractor. The
Company will starts recovering mobilsation advance from April 2010 onwards from
regular running account bills.
The Company is in
preoperative stage and has prepared statement of expenditure incurred on the
project till 31st
March 2010.
HOLDING COMPANY
Hindustan
Construction Co. Limited (HCC) is holding 51% Equity Share Capital of the
Company and balance 49% is held by HCC Infrastructure Limited a 100% subsidiary
of HCC.
BACKGROUND
Subject was
incorporated under the Companies Act, 1956, on 17th July, 2008 as a Special
Purpose Vehicle for Design, Engineering, Finance, Construction, Operation and
Maintenance of 6 lane
NHAI has granted
concession period of 20 years to the company for the above project, of which 2
years of construction and 18 years of operations and maintenance. The Company
has executed a Concession Agreement with NHAI on 4th September, 2008.
FORM 8
|
Corporate identity number of the company |
U45203MH2008PLC184750 |
|
Name of the company |
BADARPUR FARIDABAD TOLLWAY LIMITED |
|
Address of the registered office or of the principal place of business in |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai – 400
083, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10136402 |
|
Type of charge |
·
Uncalled share capital ·
Calls made but not paid ·
Goodwill ·
Book debts ·
Patent, license under a patent ·
Movable property (not being pledge) ·
Trademark ·
Copyright or license under a copyright ·
Others o
Project Docs, Govt. Approvals and LC/Guarantees
etc |
|
Particular of charge holder |
Axis Trustee Services Limited |
|
Nature of instrument creating charge |
Letter dated July 9, 2009 executed by the Company in favour of Axis
Trustee Services Limited acting as the Security Trustee for Rupee Term Loan
of Rs.4000.000 millions |
|
Date of instrument Creating the charge |
09.07.2009 |
|
Amount secured by the charge |
Rs.4000.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As per sanction of each bank Terms of Repayment As per Sanction of each bank Margin NIL Extent and Operation of the charge First charge on : a) Whole of movables including current assets,
present and future b) All Receivables including insurance claims and revenues
c) All Cash/cash equivalent and other funds and all accounts d) All right,
title and interest in Project Documents
e) All right, title and interest in
Letter of Credit and Guarantees f) All right, title and interest in Government Approvals and Insurance
Contracts g) All right, title and interest
in all Intangible Assets etc. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
Whole of the borrower's movables including
current and non-current assets, moveable plant and machinery, machinery
spares, tools and accessories, furniture, fixtures, vehicles and all other
movable assets. ·
All Receivables. Cash/Cash equivalent and other
funds, all accounts. ·
All right, title and interest in the project
documents and Letter of Credit, guarantee including contractor guarantee etc.
Governmental Approvals and Insurance Contracts and all intangible assets etc. |
|
Particulars of the present modification |
Loan amounts to the Supplemental Deed of Hypothecation dated March,
31, 2009 shall stand modified as under: 1) India Infrastructure Finance Company Limited as Rs.680.000 millions
(Loan) and 2) Oriental Bank of Commerce as Rs.850.000 millions (Loan). Further, for all other lenders the loan amount to the Supplemental
Deed of Hypothecation dated March 31, 2009. |
FIXED ASSETS
Intangible Assets
·
Capital Work-in-progress
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.45.25 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.06 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.