MIRA
INFORM REPORT
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Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
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Name : |
BAHARAMPORE – FARAKKA HIGHWAYS LIMITED |
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Registered
Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai – 400083,
Maharashtra |
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Country : |
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Date of
Incorporation : |
11.03.2010 |
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Com. Reg. No.: |
11-200748 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U45200MH2010PLC200748 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB20116F |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Construction of Highways |
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No. of Employees
: |
Not Available |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Hindustan Construction Company Limited,
India. It is a new company and yet to establish itself. The project of the company
is still on its implementation stage. However, trade relations are reported
as fair. Payments terms are unknown. In view of strong holding, 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai – 400083,
Maharashtra, India |
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Tel. No.: |
91-22-25751000 |
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Fax No.: |
91-22-25794767 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Arun Vijay Dhawan |
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Designation : |
Director |
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Address : |
30 IRIS, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
19.07.1976 |
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Date of Appointment : |
11.03.2010 |
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Name : |
Mr. Dinesh Ropchand Jain |
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Designation : |
Director |
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Address : |
Raheja Tipco Heights, Tower No.1, Flat No.1303, Rani Sathi Marg, Malad
(East), Mumbai – 400097, Maharashtra, India |
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Date of Birth/Age : |
31.01.1971 |
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Date of Appointment : |
20.04.2010 |
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Email : |
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Name : |
Mr. Perwez Mohammad Yusuf Alam |
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Designation : |
Director |
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Address : |
Solanki Dham, Flat No.207/B, Louis Wadi, Thane West, Thane – 400604,
Maharashtra, India |
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Date of Birth/Age : |
15.06.1959 |
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Date of Appointment : |
11.03.2010 |
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Name : |
Mr. Parthasarathy Thirumanglam Chakrapani |
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Designation : |
Director |
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Address : |
804, 8th Floor, B Wing, Savoy Raheja Gardens, LBS Marg,
Naupada, |
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Date of Birth/Age : |
01.06.1960 |
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Date of Appointment : |
11.03.2010 |
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Date of Ceasing : |
20.04.2010 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 07.06.2011)
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Names of Shareholders |
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No. of Shares |
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Hindustan Construction Company Limited, India |
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510000 |
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IICC Concessions Limited, India |
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489950 |
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Arun Dhawan |
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10 |
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Dinesh Jain |
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10 |
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Perwez Alam |
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10 |
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Vithal Kulkarni |
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10 |
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Praveen Balkishan Sood |
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10 |
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Total |
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1000000 |
(AS ON 10.09.2011)
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Category |
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Percentage |
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Bodies corporate |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction of Highways |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Financial Institute : |
· SBICAP Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai -
400005,Maharashtra, India |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
(AS ON 07.06.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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45000000 |
Equity Share |
Rs.10/- each |
Rs.450.000 Millions |
|
155000000 |
Preference Shares |
Rs.10/- each |
Rs.1550.000 Millions |
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Total |
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Rs.2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW COMPANY
LOCAL AGENCY FURTHER INFORMATION
Baharampore Farakka Highway Project
This section is a 103 km stretch originating at Baharampore (Km 191.416) and
terminating at Farakka (Km 294.684). The concession period is 25 years,
including a construction period of 30 months. The project will be implemented
with an investment of Rs.11700.000 Millions. Construction is underway and HCC
Concessions expects 15% completion by March 2011.
FORM
8:
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Corporate
identity number of the company |
U45200MH2010PLC200748 |
|
Name of the
company |
BAHARAMPORE-FARAKKA
HIGHWAYS LIMITED |
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Address of the
registered office or of the principal place of business in |
Hincon House, Lal
Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India |
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This form is for |
Creation of charge |
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Type of charge |
· Uncalled Share Capital · Immovable Property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge · Calls made but not paid · Goodwill · Patent, license under a patent · Trademark · Copyright or license under a copyright |
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Particular of
charge holder |
· SBICAP Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005,Maharashtra, India |
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Nature of
instrument creating charge |
Indenture of
Mortgage dated March 03, 2011 executed by the Company in favour of SBICAP
Trustee Company Limited, acting as Security Trustee on behalf and for the
benefit of the Lenders for securing the term loans of Rs.5611.700 Millions
and all other amounts payable under and in terms of the financing documents. |
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Date of
instrument Creating the charge |
03.03.2011 |
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Amount secured by
the charge |
Rs.5611.700
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of
Repayment: The Borrower
undertakes to repay the Loans of the Lenders in fifty two (52) consecutive
quarterly installments commencing from June 30, 2014 on the dates and in the
percentages set out in the Amortization Margin: The ratio of the
Long Term Debt to the Equity ratio shall not exceed 2.62:1 (two point six
two: one). DSCR of 1.15 (one
point one five). Extent and
Operation of the charge: The charge
operates as security for the due repayment by the Company of the Loans
together with payment of all interest, additional interest, upfront and commitment
fees, premium on prepayment, reimbursement of all costs, charges and expenses
and all other amounts payable by the Company in respect of the Loans in
accordance with the terms and conditions of the Finance Documents. Others: The security
created under the said Indenture of Mortgage is to be a continuing security
till the full repayment of the loan |
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Particulars of
the property charged |
all right, title
and interest of the borrower in respect of land together with all buildings,
erections etc. thereon; all
rights, title, interest and benefit on Borrower's all moveable
assets (both present and future) including plant and machinery, spares and other
moveable all right, title,
interest, benefit, claims and demands in respect of Project Documents and
Government Approvals all rights,
title, interest, benefits, claims and demands in respect of Insurance
Contracts (both present and future) and all rights, claims and benefits to
all monies receivable there under all right, title,
interest, benefits, claims and demands of Borrower in respect of all its
Escrow Account and the Sub-Accounts and all funds deposited therein, the
Receivables and all Authorised Investments all rights,
title, interest, benefits, claims and demands of the Borrower in respect of
any letter of credit, liquidated damages, contractor guarantees, guarantee
and performance bond all intangible
assets of the Borrower including but not limited to goodwill, trademarks and
patents, present and future all rights, title
and interest in the undertaking of the Borrower including uncalled capital
and cash in hand |
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.45.37 |
|
|
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.34 |
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 |
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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 |
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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 |
|
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 |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.