MIRA
INFORM REPORT
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Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAIGANJ-DALKHOLA HIGHWAYS LIMITED |
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Registered
Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai – 400
083, |
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Country : |
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Date of
Incorporation : |
11.03.2010 |
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Com. Reg. No.: |
11-200734 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 millions |
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CIN No.: [Company Identification
No.] |
U45400MH2010PLC200734 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR26307B |
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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, It is a new company and yet to establish itself gradually. The project
of the company is still on its implementation stage. However, trade relations
are reported as fair. Payment terms are unknown. In view of strong holding, the company can be considered nor mal 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
|
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 – 400
083, |
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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
As on 07.06.2011
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Name : |
Mr. Arjun Vijay Dhawan |
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Designation : |
Director |
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Address : |
30, Iris, Cuffe Parade, Mumbai – 400 005, |
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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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DIN No. : |
01778379 |
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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 – 400 604,
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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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DIN No. : |
02279240 |
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Name : |
Mr. Dinesh Roopchand Jain |
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Designation : |
Director |
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Address : |
B/13, Ellora Society, |
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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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DIN No. : |
00059913 |
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Name : |
Mr. Parthasarathy Thirumangalam Chakrapani |
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Designation : |
Director |
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Address : |
804, 8th Floor, B Wing, |
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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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DIN No. : |
02151618 |
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, |
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510000 |
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HCC Concessions Limited, |
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489950 |
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Arjun Vijay Dhawan |
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10 |
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Perwez Mohammad Yusuf Alam |
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10 |
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Vithal Pandurang Kulkarni |
|
10 |
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Praveen Balkishan Sood |
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10 |
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Dinesh Roopchand Jain |
|
10 |
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Total |
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1000000 |
As on 07.06.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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|
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Bodies
corporate |
|
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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Banking
Relations : |
-- |
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Financial Institution : |
SBICAP Trustee Company Limited 202, |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
As on 07.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
|
90000000 |
Preference Shares |
Rs.10/- each |
Rs.900.000 millions |
|
|
Total |
|
Rs.1200.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW COMPANY
LOCAL AGENCY FURTHER INFORMATION
NOTE
This section awarded in FY10 is a 50 km stretch starting at Raiganj (Km 398.000)
and terminating at the town of
FORM 8
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Corporate identity number of the company |
U45400MH2010PLC200734 |
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Name of the company |
RAIGANJ-DALKHOLA 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 (W), Mumbai – 400
083, |
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This form is for |
Creation of charge |
|
Type of charge |
·
Uncalled share capital ·
Immovable property ·
Any interest in immovable property ·
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 ·
Others |
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Particular of charge holder |
SBICAP Trustee Company Limited 202, |
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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.3216.300 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.3216.300 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 Margin The ratio of the Long Term Debt to the Equity Contributions towards
Equity shall not exceed 2.35:1 (two point three five: 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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Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
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 moveables ·
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 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] 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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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 |
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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.