MIRA
INFORM REPORT
|
Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HCC CONCESSIONS LIMITED [w.e.f. 18.10.2010] |
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Formerly Known
As : |
HCC INFRASTRUCTURE LIMITED |
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Registered
Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli [W], Mumbai – 400083,
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.02.2008 |
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Com. Reg. No.: |
11-178890 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
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CIN No.: [Company Identification
No.] |
U45202MH2008PLC178890 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH11184F |
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PAN No.: [Permanent Account No.] |
AACCH0024L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject engages in construction and development of
transportation infrastructure including roads, bridges, ports, airports, as well
as power projects and infrastructure projects. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B [27] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Hindustan Construction Company Limited, In view of strong holdings, the company can be considered normal for
business dealings at usual trade terms and conditions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli [W], Mumbai – 400083,
|
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Tel. No.: |
91-22-25751900 |
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Fax No.: |
91-22-25794767 |
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E-Mail : |
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Website : |
DIRECTORS
As on 07.06.2011
|
Name : |
Mr. Vinayak Kashinath Deshpande |
|
Designation : |
Director |
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Address : |
Samudra Mahal, 209, 9th Floor, |
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Date of Birth/Age : |
21.07.1957 |
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DIN : |
00036827 |
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Date of Appointment : |
26.10.2010 |
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Name : |
Mr. Arjun Dhawan |
|
Designation : |
Director |
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Address : |
30, Iris, Cuffe Parade, Mumbai – 400005, |
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Date of Birth/Age : |
19.07.1976 |
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DIN : |
01778379 |
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Date of Appointment : |
26.10.2010 |
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Name : |
Mr. Praveen Sood |
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Designation : |
Director |
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Address : |
B-1404, |
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Date of Birth/Age : |
01.02.1958 |
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DIN : |
00018013 |
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Date of Appointment : |
26.10.2010 |
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Name : |
Mr. Arun Vishnu Karambelkar |
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Designation : |
Director |
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Address : |
701, Tulsi CHS., |
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Date of Birth/Age : |
25.09.1955 |
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DIN : |
02151606 |
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Date of Appointment : |
26.10.2010 |
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Name : |
Mr. Vithal Pandurangrao Kulkarni |
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Designation : |
Director |
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Address : |
1604, 16th Floor, Light Bridge, Hiranandani Meadows, Gladys
Alwares Road, Pokhran Road – II, Mumbai – 400601, Maharashtra, India |
|
Date of Birth/Age : |
04.11.1955 |
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DIN : |
00477196 |
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Date of Appointment : |
26.10.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Ravindra Kumar Singh |
|
Designation : |
Secretary |
|
Address : |
501, Vinayak Darshan, |
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Date of Birth/Age : |
11.05.1973 |
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PAN : |
ABMPS7037A |
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Date of Appointment : |
27.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vinayak Kashinath Deshpande |
|
10 |
|
Arjun Dhawan |
|
10 |
|
Praveen Sood |
|
10 |
|
Arun Vishnu Karambelkar |
|
10 |
|
Vithal Pandurangrao Kulkarni |
|
10 |
|
Hindustan Construction Company Limited, |
|
49940 |
|
Dharmadhikari K S |
|
10 |
|
Total |
|
50000 |
As on 07.06.2011
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
|
|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engages in construction and development of
transportation infrastructure including roads, bridges, ports, airports, as well
as power projects and infrastructure projects. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institutions : |
SREI Equipment Finance Private Limited, 'Vishwakarma', 86C, |
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Auditors : |
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Name : |
K. S. Aiyar and Company Chartered Accountant |
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Address : |
F-7, Laxmi Mills, |
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Holding Company : |
CIN : L45200MH1926PLC001228 |
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Fellow Subsidiary : |
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Subsidiary
of Fellow Subsidiary
: |
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Joint Ventures : |
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CAPITAL STRUCTURE
As on 07.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/-each |
Rs.1000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs.10/-each |
Rs.0.500 million |
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|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/-each |
Rs.250.000 millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs.10/-each |
Rs.0.500 million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.500 |
0.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[203.199] |
[75.667] |
|
|
NETWORTH |
|
[202.699] |
[75.167] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
1291.260 |
52.000 |
|
|
TOTAL BORROWING |
|
1291.260 |
52.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1088.561 |
[23.167] |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.176 |
0.183 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
422.685 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
13.898
|
0.000 |
|
|
Cash & Bank Balances |
|
0.725
|
0.694 |
|
|
Other Current Assets |
|
1.663
|
0.000 |
|
|
Loans & Advances |
|
738.462
|
11.487 |
|
Total
Current Assets |
|
754.748
|
12.181 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
30.616
|
30.827 |
|
|
Other Current Liabilities |
|
57.591
|
3.985 |
|
|
Provisions |
|
1.841
|
1.094 |
|
Total
Current Liabilities |
|
90.048
|
35.906 |
|
|
Net Current Assets |
|
664.700
|
[23.725] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.375 |
|
|
|
|
|
|
|
|
TOTAL |
|
1088.561 |
[23.167] |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
34.000 |
0.000 |
|
|
|
Other Income |
|
1.848 |
0.000 |
|
|
|
TOTAL (A) |
|
35.848 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Payment to Employees |
|
31.578 |
23.705 |
|
|
|
Administrative and General Expenses |
|
76.639 |
49.862 |
|
|
|
TOTAL (B) |
|
108.217 |
73.567 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
[72.369] |
[73.567] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
55.011 |
1.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
[127.380] |
[75.485] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.152 |
0.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
|
[127.532] |
[75.522] |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
0.000 |
0.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-I) (J) |
|
[127.532] |
[75.667] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
[75.667] |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
[203.199] |
[75.667] |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
[2550.63] |
[1513.35] |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
[355.76]
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
[375.09] |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[16.87] |
[610.82] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[0.63] |
[1.00] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
[6.81] |
[1.17] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
8.38 |
0.34 |
LOCAL AGENCY FURTHER INFORMATION
Operations
The company incorporated in the year 2007-08 to develop infrastructure projects
in the areas of transport, power, water, and urban infrastructure on a private
public partnership basis has during the year gathered rapid momentum and grown
its portfolio from Rs.23070 millions in last fiscal to Rs.55390 millions in
this fiscal year.
During the year, the company concentrated mainly on National Highways
Authority of India (NHAI) projects on a public private partnership basis with
the support of an excellent team that has special DNA that leverages its in –
house construction expertise and quality while, while opportunistically
defining its own legacy as an asset manager.
During the year, after qualified for 27 road projects, the company
focused its bids only for three projects with 100% success. That expressed
discipline, creativity and highly patient investment strategy. In February
2010, the NHAI awarded three contiguous sections of approximately 256 Km. for
the development of existing two lanes to four lanes between Baharampore to
Dalkhola on NH – 34 in the state of West Bengal.These concessions were awarded
on a Design, Build, Finance, Operate, and Transfer (DBFOT) Toll basis with a
cumulative grant of Rs. 10330 millions. The first section is from Baharampore
to Farakka (103 Km), the second is from Farakka to Raiganj (103 Km) and the
third is between Raiganj to Dalkhola(50Km). These projects are proposed to be
implemented by three separate special purpose vehicles (SPVs), Baharampore-
Farakka Highways Limited (BFHL), Farakka-Raiganj Highways Limited (FRHL),
Raiganj-Dalkhola Highways Limited(RDHL) respectively.
During the year, Nirmal BOT Road project of Km. 278.000 (Kadthal) to Km.
308.000 (Armur) of NH-7 in the State of Andhra Pradesh under North-South
Corridor (NHDP Phase-II) on BOT (Annuity) Basis is now fully operational with
in house O and M team and has achieved Commercial Operation Date 100 days ahead
of schedule which entitles an early project completion bonus of Rs.132.200
millions. This project is being implemented by a special purpose vehicle (SPV),
Nirmal BOT Limited (NBL).
The prestigious ongoing 6 lane
The 4 lane Dhule-Palasner Road project on of NH-3 from Km. 168.500 to
Km. 265.000 in the State of Maharashtra under DBFOT Basis won last year in a
consortium with two other partners, John Laing, U.K. and Sadbhav Engineering,
India has achieved Financial Closure within the minimum possible time frame and
also has reached to 10% physical completion. This project is being implemented
by a special purpose vehicle (SPV), Dhule- Palesner Tollway Limited (DPTL).
The company has reported a loss of Rs.127.500 millions for the period
ended on 31st March 2010 on a total income of Rs.35.800 millions. The directors
do not recommend any dividend due to absence of profit.
Background
HCC Infrastructure Limited was incorporated under the Companies Act,
1956, on 14th February, 2008 for the purpose of carrying on all types of
infrastructure activities. The Company is a 100% subsidiary of Hindustan
Construction Company Limited
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U45202MH2008PLC178890 |
|
Name of the
company |
HCC Concessions
Limited |
|
Address of the
registered office or of the principal place of business in |
Hincon House, Lal
Bahadur Shastri Marg, Vikhroli (W), Mumbai – 400083, |
|
This form is for |
Creation
of Charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
SREI Equipment Finance Private Limited, 'Vishwakarma', 86C, |
|
Nature of
instrument creating charge |
DEED OF
HYPOTHECATION |
|
Date of
instrument Creating the charge |
29.03.2011 |
|
Amount secured by
the charge |
Rs.250.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 10.8% per annum Terms of Repayment
- Amount repayable in 35 no. monthly installments. Margin - NA Extent and
Operation of the charge - As per Deed of Hypothecation. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
CHAIRS [within |
FIXED ASSETS :
- Computer
- Office
Equipments
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 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.45.24 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
|
|
TOTAL |
|
27 |
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 |
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.