1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Hindustan
Construction Company Limited |
Principal Name 1 |
Mr. Ajit Gulabchand |
|
Status |
Moderate |
Principal Name 2 |
Mr. Y. H. Malegam |
|
|
|
Registration # |
11-001228 |
|
Street Address |
Hincon House, 11th Floor, 247 Park, Lal Bahadur Shastri
Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India |
||
|
Established Date |
28.01.1926 |
SIC Code |
-- |
|
Telephone# |
91-22-25775959 |
Business Style 1 |
Construction, Real Estate and
Infrastructure Development. |
|
Fax # |
91-22-25777568/ 25775732 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
500
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.606,700,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group- 39.87%, Public Shareholding- 60.13% |
Banking |
ICICI Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
87 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B
(34) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
-- |
HCC Real Estate Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
32330,100,000 |
Current Liabilities |
27,317,300,000 |
|
Inventories |
36721,800,000 |
Long-term Liabilities |
45,748,800,000 |
|
Fixed Assets |
10103,900,000 |
Other Liabilities |
596,800,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
73,662,900,000 |
|
Invest& other Assets |
6134,900,000 |
Retained Earnings |
11,021,100,000 |
|
|
|
Net Worth |
11,627,800,000 |
|
Total Assets |
85,290,700,000 |
Total Liab. & Equity |
85,290,700,000 |
|
Total Assets (Previous Year) |
87,877,900,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
38,322,900,000 |
Net Profit |
(1376,400,000) |
|
Sales(Previous yr) |
39,882,300,000 |
Net Profit(Prev.yr) |
(2222,500,2000) |
MIRA
INFORM REPORT
|
Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN CONSTRUCTION COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Hincon House, 11th Floor, 247 Park, Lal Bahadur Shastri
Marg, Vikhroli (West), Mumbai – 400083, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
28.01.1926 |
|
|
|
|
Com. Reg. No.: |
11-001228 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.606.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200MH1926PLC001228 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH14052D MUMH00179E MUMH07676E MUMH07640D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH0968B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Construction, Real Estate and
Infrastructure Development. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 47000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. There appears losses recorded by the company from its operational
activities during the financial year 2013. External borrowings of the company
appears to be huge which act as threatening to the liquidity position of the
company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Facilities: B |
|
Rating Explanation |
Risk Prone Credit quality and High risk of
default |
|
Date |
26.02.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
26.02.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Hincon House, 11th Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India |
|
Tel. No.: |
91-22-25775959 |
|
Fax No.: |
91-22-25777568 / 25775732 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
|
706-707, 7th Floor, Surya Kiran, 19, KG Marg, New Delhi –
110001, India |
|
Tel. No.: |
91-11-23358717 / 23358727 |
|
Fax No.: |
91-11-23358837 |
|
|
|
|
Factory 1 : |
|
|
|
|
|
Factory 2 : |
|
|
|
|
|
Factory 3 : |
|
|
|
|
|
Factory 4 : |
|
|
|
|
|
Branches : |
Located at:- · Uttar Pradesh · Assam · Maharashtra · Himachal Pradesh · Jammu and Kashmir · New Delhi · Andhra Pradesh · Uttaranchal · Bihar · Orissa · Andhra Pradesh · Rajasthan · Gujarat · Chukha Bhutan · Tamil Nadu · Uttar Pradesh · Bhutan · West Bengal |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Ajit Gulabchand |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Y. H. Malegam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. G. Tendulkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajas R. Doshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ram P Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Fred Moavenzadeh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. M. Popat |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sharad M. Kulkarni |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nirmal P. Bhogilal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anil C. Singhvi |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ila Patnaik (w.e.f. October 21, 2011) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajgopal Nogja |
|
Designation : |
Whole-time Director(w.e.f. May 3, 2013) |
|
|
|
|
Name : |
Arun V. Karambelkar |
|
Designation : |
President and Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Vithal P. Kulkarni |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Rajgopal Nogja |
|
Designation : |
Group Chief Operating Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2127294 |
0.35 |
|
|
239672100 |
39.52 |
|
|
241799394 |
39.87 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
241799394 |
39.87 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
12202122 |
2.01 |
|
|
927250 |
0.15 |
|
|
8382144 |
1.38 |
|
|
103523854 |
17.07 |
|
|
125035370 |
20.62 |
|
|
|
|
|
|
|
|
|
|
47463658 |
7.83 |
|
|
|
|
|
|
|
|
|
|
177998162 |
29.35 |
|
|
14183116 |
2.34 |
|
|
10000 |
0.00 |
|
|
10000 |
0.00 |
|
|
239654936 |
39.52 |
|
|
|
|
|
Total Public
shareholding (B) |
364690306 |
60.13 |
|
|
|
|
|
Total (A)+(B) |
606489700 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
120720 |
0.00 |
|
|
120720 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
606610420 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Construction, Real
Estate and Infrastructure Development. |
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Bankers : |
·
ICICI Bank Limited ·
Punjab National Bank ·
State Bank of India ·
IDBI Bank Limited ·
Indian Bank ·
Oriental Bank of Commerce ·
The Jammu and Kashmir Bank ·
Canara Bank ·
State Bank of Patiala ·
Union Bank of India ·
Bank of Baroda ·
Vijaya Bank ·
DBS Bank Limited ·
The Federal Bank Limited ·
Standard Chartered Bank ·
Exim Bank of India ·
Toronto Dominion (Texas) LLC ·
LIC of India ·
Central Bank of India ·
Axis Bank Limited ·
Bank of Maharashtra ·
State Bank of Travancore ·
Syndicate Bank ·
State Bank of Mysore ·
United Bank of India ·
Indian Overseas Bank ·
State Bank of Hyderabad |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. S. Aiyar and Company Chartered Accountants |
|
|
|
|
Advocates and
Solicitors : |
· Mulla and Mulla and Craigie Blunt and Caroe · Amarchand and Mangaldas · Suresh A Shroff and company |
|
|
|
|
Subsidiaries and
its Subsidiaries : |
·
Hincon
Technoconsult Limited ·
Western
Securities Limited ·
HCC
Real Estate Limited ·
Panchkutir
Developers Limited ·
HCC
Singapore Enterprises Pte Limited ·
HCC
Mauritius Enterprises Limited ·
HCC
Construction Limited ·
Highbar
Technologies Limited ·
Baharampore-Farakka
Highways Limited ·
Farakka-Raiganj
Highways Limited ·
Raiganj-Dalkhola
Highways Limited ·
Pune
Paud Toll Road Company Limited ·
HCC
Aviation Limited ·
HRL
Township Developers Limited ·
HCC
Infrastructure Company Limited ·
HRL
(Thane) Real Estate Limited ·
Nashik
Township Developers Limited ·
Maan
Township Developers Limited (Previously
Hinjewadi Township Limited) ·
Charosa
Wineries Limited ·
Powai
Real Estate Developers Limited ·
HCC
Realty Limited ·
Lavasa
Corporation Limited ·
Klemanor
Investments Limited ·
Highbar
Technologies FZLLC ·
Dhule
Palesner Operations and Maintenance Limited ·
HCC
Power Limited ·
HCC
Concessions Limited (Previously HCC Infrastructure Limited) ·
Badarpur
Faridabad Tollways Limited ·
Nirmal
BOT Limited ·
Steiner
AG, Switzerland ·
Steiner
Promotions et Participations SA ·
Eurohotel
SA ·
VM +
ST AG ·
Steiner
(Deutschland) GmbH ·
Steiner
Léman SAS ·
SNC
Valleiry Route de Bloux ·
Lavasa
Hotels Limited ·
Apollo
Lavasa Health Corporation Limited ·
Dasve
Business Hotels Limited ·
Dasve
Convention Centre Limited ·
Lakeshore
Watersport Company Limited ·
Dasve
Hospitality Institutes Limited ·
Lakeview
Clubs Limited ·
Dasve
Retails Limited ·
Full
Spectrum Adventure Limited ·
Spotless
Laundry Services Limited ·
Lavasa
Bamboocraft Limited ·
Green
Hill Residences Limited ·
My
City Technology Limited ·
Reasonable
Housing Limited ·
Future
City Multiservices SEZ Limited. (Previously Minfur Interior Technologies Limited.) ·
Rhapsody
Commercial Space Limited (Previously Rhapsody Hospitality Limited) ·
Sirrah
Palace Hotels Limited ·
Andromeda
Hotels Limited ·
Valley
View Entertainment Limited ·
Whistling
Thrush Facilities Services Limited ·
Warasgaon
Power Supply Limited ·
Sahyadri
City Management Limited ·
Warasgaon
Tourism Limited ·
Our
Home Services Apartments Limited ·
Hill
City Service Apartments Limited ·
Warasgaon
Infrastructure Providers Limited ·
Kart
Racers Limited ·
Nature
Lovers Retail Limited ·
Osprey
Hospitality Limited ·
Mugaon
Luxury Hotels Limited ·
Starlit
Resort Limited ·
Rosebay
Hotels Limited ·
Warasgaon
Valley Hotels Limited ·
Steiner
India Limited ·
Warasgaon
Assets Maintenance Limited ·
Hill
View Parking Services Limited |
|
|
|
|
Integrated Joint Ventures : |
·
Nathpa Jhakri Joint Venture ·
HCC-Pati Joint Venture ·
Kumagai-Skanska-HCC-Itochu Group ·
HCC-L and T Purulia Joint Venture ·
Alpine - Samsung - HCC Joint Venture ·
Alpine - HCC Joint Venture ·
Dhule Palesner Tollway Limited ·
ARGE Prime Tower, Zürich |
|
|
|
|
Associates : |
·
Warasgaon Lake View Hotels Limited (Previously
known as Lavasa Star Hotel Limited) ·
Verzon Hospitality Limited ·
Palmetto Hospitality Limited ·
Ecomotel Hotel Limited ·
Bona Sera Hotels Limited ·
SOL Hospitality Limited ·
Evostate AG ·
MCR Managing Corp. Real Estate ·
Projektentwicklungsges. Parking Kunstmuseum AG ·
Vikhroli Corporate Park Private Limited ·
Knowledge Vistas Limited |
|
|
|
|
Other Related Parties : |
·
Gulabchand Foundation (formed under section 25 of
Companies’ Act, 1956) ·
Hincon Holdings Limited ·
Hincon Finance Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
900000000 |
Equity Shares |
Re.1/- each |
Rs.900.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1000.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
606610420 |
Equity Shares |
Re.1/- each |
Rs.606.610
Millions |
|
13225 |
Add : Forfeited Shares |
|
Rs.0.132 Million |
|
|
|
|
|
|
|
Total |
|
Rs.606.742 Millions |
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
|
Quantity |
Value |
|
Number of Shares outstanding at the Beginning of the year: |
606532920 |
606.500 |
|
Add: Further issue during the period |
|
|
|
Bonus shares |
-- |
-- |
|
Issued and allotted |
77500 |
0.100 |
|
Number of Shares outstanding at the End of the year: |
606610420 |
606.600 |
Terms/rights attached
to shares:
The Company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the no. of equity shares held by the shareholder.
Shareholding of more
than 5%:
|
Name of the Shareholder |
No. of shares |
% held |
|
Hincon Holdings Limited |
200703600 |
33.09% |
|
HSBC Global Investments Funds Mauritius Limited |
32257988 |
5.32% |
|
Hincon Finance Limited |
38365500 |
6.32% |
|
Siwa Holding Limited |
36082151 |
5.95% |
Shares reserved for
issue under options:
There are 6154080 stock options outstanding convertible into 6154080 equity shares of Re.1 each, the same are convertible at an exercise price of Rs.52.03 per share.
During the current year, none of the Options were exercised / converted
into Equity Shares (previous year 77,500 at an exercise price of ` 21.70).
There were 308,880 (previous year 557,040) stock options that got lapsed during
the current year.
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
606.700 |
|
(b) Reserves & Surplus |
|
|
11021.100 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
|
11627.800 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
32570.300 |
|
(b) Deferred tax liabilities (Net) |
|
|
142.900 |
|
(c) Other long
term liabilities |
|
|
568.600 |
|
(d) long-term
provisions |
|
|
361.700 |
|
Total Non-current
Liabilities (3) |
|
|
33643.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
13178.500 |
|
(b)
Trade payables |
|
|
9935.200 |
|
(c)
Other current liabilities |
|
|
16813.500 |
|
(d) Short-term
provisions |
|
|
92.200 |
|
Total Current
Liabilities (4) |
|
|
40019.400 |
|
|
|
|
|
|
TOTAL |
|
|
85290.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
10063.500 |
|
(ii)
Intangible Assets |
|
|
40.400 |
|
(iii)
Capital work-in-progress |
|
|
105.500 |
|
(iv)
Intangible assets under development |
|
|
17.200 |
|
(b) Non-current Investments |
|
|
6012.200 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
12133.100 |
|
(e) Other
Non-current assets |
|
|
14.200 |
|
Total Non-Current
Assets |
|
|
28386.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
36721.800 |
|
(c)
Trade receivables |
|
|
12357.500 |
|
(d) Cash
and cash equivalents |
|
|
991.400 |
|
(e)
Short-term loans and advances |
|
|
6745.300 |
|
(f)
Other current assets |
|
|
88.600 |
|
Total
Current Assets |
|
|
56904.600 |
|
|
|
|
|
|
TOTAL |
|
|
85290.700 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
606.700 |
606.600 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
12394.400 |
14615.300 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
13001.100 |
15221.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
21126.200 |
14434.000 |
|
|
2] Unsecured Loans |
|
12881.700 |
17638.100 |
|
|
TOTAL BORROWING |
|
34007.900 |
32072.100 |
|
|
DEFERRED TAX LIABILITIES |
|
702.400 |
1664.700 |
|
|
|
|
|
|
|
|
TOTAL |
|
47711.400 |
48958.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
11261.900 |
11842.800 |
|
|
Capital work-in-progress |
|
240.400 |
256.900 |
|
|
Item Awaiting Completion for Commissioning |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
5847.400 |
5313.100 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
37554.100
|
37837.300 |
|
|
Sundry Debtors |
|
11777.200
|
9903.300 |
|
|
Cash & Bank Balances |
|
1599.700
|
1673.600 |
|
|
Other Current Assets |
|
421.300
|
320.800 |
|
|
Loans & Advances |
|
19175.900
|
16899.200 |
|
Total
Current Assets |
|
70528.200
|
66634.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
10631.300
|
11498.200 |
|
|
Other Current Liabilities |
|
29078.700
|
22884.000 |
|
|
Provisions |
|
456.500
|
706.100 |
|
Total
Current Liabilities |
|
40166.500
|
35088.300 |
|
|
Net Current Assets |
|
30361.700
|
31545.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
47711.400 |
48958.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
38322.900 |
39882.300 |
40906.700 |
|
|
|
Other Income |
1199.100 |
1228.300 |
525.100 |
|
|
|
TOTAL (A) |
39522.000 |
41110.600 |
41431.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
561.200 |
817.000 |
355.700 |
|
|
|
Purchase of Traded goods |
234.800 |
558.100 |
244.800 |
|
|
|
Construction Expenses |
28701.800 |
28281.800 |
28301.300 |
|
|
|
Employee Benefit Expenses |
4020.300 |
4392.400 |
4676.400 |
|
|
|
Other Expenses |
1164.800 |
1530.300 |
1919.600 |
|
|
|
Exceptional Items |
(155.800) |
1663.200 |
0.000 |
|
|
|
TOTAL (B) |
34527.100 |
37242.800 |
35497.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4994.900 |
3867.800 |
5934.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5296.700 |
5431.600 |
3290.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(301.800) |
(1563.800) |
2643.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1634.000 |
1621.000 |
1526.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1935.800) |
(3184.800) |
1116.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(559.400) |
(962.300) |
406.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1376.400) |
(2222.500) |
710.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1260.000 |
3478.300 |
3196.200 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFERRED
FROM DEBENTURE REDEMPTION RESERVE |
0.000 |
166.700 |
41.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
100.000 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
242.600 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
39.400 |
|
|
|
Debenture Redemption Reserve |
0.000 |
162.500 |
87.500 |
|
|
BALANCE CARRIED
TO THE B/S |
(116.400) |
1260.000 |
3478.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
923.600 |
388.000 |
693.200 |
|
|
TOTAL EARNINGS |
923.600 |
388.000 |
693.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components, embedded goods and Spares-parts |
1329.800 |
209.100 |
265.900 |
|
|
|
Capital Goods |
60.600 |
386.400 |
399.400 |
|
|
TOTAL IMPORTS |
1390.400 |
595.500 |
665.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
(2.27) |
(3.66) |
1.17 |
|
|
|
- Diluted |
(2.25) |
(3.62) |
1.16 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(3.48)
|
(5.41)
|
1.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.05)
|
(7.99)
|
2.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.45)
|
(3.89)
|
1.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
(0.24)
|
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.93
|
2.62
|
2.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.76
|
1.90 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
----------------------------------------------------------------------------------------------------------------------------
CASE
DETAILS
BENCH:-BOMBAY
|
Presentation Date:- |
07/06/2013 |
|
|
|
|
|||||||
|
|
Lodging No.:- |
ARBPL/753/2013 |
Filing Date:- |
07/06/2013 |
Reg. No.:- |
ARBP/493/2013 |
Reg. Date:- |
05/07/2013 |
|
|
Petitioner:- Union of India |
Respondent:- Hindustan Construction Co Ltd |
|
|
|
|
Petn. Adv.:- Jyotsna Pandhi |
Resp. Adv.:- Harish Joshi and Co (RESP) |
|
|
|
|
|
|
|
|
District:- |
MUMBAI |
|
|
|
|
|
|
|
Bench:- |
SINGLE |
|
|
|
|
|
Status:- |
Pre-Admission |
Category:- |
ARBITRATION ACT. |
|
|
|
Last Date:- |
20/11/2013 |
Stage:- |
ARBP FOR ADMISSION U/S 34 FRESH |
|
|
|
Last Coram:- |
HON'BLE SMT. JUSTICE R.S. DALVI |
|
|
|
Act :- |
Arbitration and Conciliation Act 1996 |
Under Section:- |
34 |
----------------------------------------------------------------------------------------------------------------------------
UNSECURED
LOAN
|
Particulars |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
(A) Long Term
Borrowings |
|
|
Term Loans from
Banks: |
|
|
i) Rupee loans |
0.000 |
|
ii) Foreign currency Loan: |
0.000 |
|
(B) Term Loans
from Others Party |
|
|
IFCI (NBFC) |
1500.000 |
|
(C) Funded Interest Term Loan from other parties |
97.100 |
|
(D) Loans and advances from related parties |
320.000 |
|
|
|
|
Short Term
Borrowings |
|
|
Loans and Advances from Related Parties |
35.200 |
|
|
|
|
Total |
1952.300 |
|
Particulars |
As on 31.03.2012 |
|
|
(Rs. In Millions) |
|
Long Term
Borrowings |
|
|
Term Loans from
Banks: |
|
|
i) Rupee loans |
|
|
Canara Bank |
1000.000 |
|
Syndicate Bank |
2000.000 |
|
United Bank of India |
2000.000 |
|
State Bank of Mysore |
0.000 |
|
Axis Bank |
0.000 |
|
EXIM Bank |
235.000 |
|
ii) Foreign
currency Loan: |
|
|
EXIM Bank |
508.700 |
|
Short Term
Borrowings |
|
|
(A) Loans
Repayable on Demand |
|
|
a) From Banks |
|
|
Commercial Paper |
1350.000 |
|
Rupee Loans |
3700.000 |
|
Buyer's Credit |
387.800 |
|
b) From Others : |
|
|
NBFC |
1500.000 |
|
(B) Loans and
Advances from Related Parties |
200.200 |
|
Total |
12881.700 |
OPERATIONS
The turnover of
the Company at Rs.38370.000 Millions has shown a decrease of 4.1 % as compared
to Rs.40030.000 Millions for the previous year. The loss before tax is
Rs.1936.000 Millions (including exceptional item) as compared to Rs.3185. 000
Millions for the previous year. The Company was growing at CAGR of over 20%
during 2002 to 2011, it had considerably grown its balance sheet, including
debt. In the present phase of economic slowdown, it became difficult to service
this debt and hence it was imperative to restructure the Company’s debt.
Therefore the Company opted for a formal method of loan restructuring and
referred the total debt of around Rs.33000.000 Millions along with working
capital fund based and non-fund based limits of Rs.68000.000 Millions to the
Corporate Debt Restructuring (CDR) Cell under the regulatory framework of the
Reserve Bank of India in March 2012. The financial restructuring package
for the Company was approved by the CDR Cell in June 2012 and since then the
implementation of the package has commenced.
The salient
features of the CDR package are:
· Re-schedulement of Term loan and short term loans so as to be repayable in 2 years moratorium and 8 years of repayment
· Interest rate has been reduced to 11% per annum yield equalisation over 10 year tenure
· Funded interest for nine months period from January 2012 to September 2012
· Additional working capital borrowing as per requirement has been sanctioned
· Waiver of penal charges from the cutoff date to the date of implementation of the package
The CDR gives the
Company critical support to tide over the present difficult business
environment. The decision of the banks to consider and approve CDR also
reflects the faith these institutions have in the long term business model of
the company, the Company secured the following major contracts.
· Tunnel T48 of Udhampur Srinagar Baramulla New BG railway line, J&K Contract Value: Rs.8840.000 Millions
· Narmada Extra dosed bridge, Gujarat Contract Value: Rs.6500.000 Millions
· Delhi MRTS Phase III, Janakpuri West to Palam, New Delhi Contract Value: Rs.8660.000 Millions
· Delhi MRTS Phase III, Shalimar Bagh to Netaji Subhash Place New Delhi
· Contract Value: Rs.3730.000 Millions
The total balance
value of works on hand as on March 31, 2013 is Rs.149350.000 Millions.
Decisions are
awaited from various clients for tenders submitted by the Company (Directly or
in JV) for 10 projects amounting to about Rs.35580.000 Millions. Tenders for
various packages for 19 projects worth about Rs.128830.000 Millions are
expected to be submitted in the near future. The Company has also submitted
prequalification bids for 17 projects worth over Rs.134270.000 Millions, which
are currently under evaluation. The Company is confident of securing a sizeable
share of these new projects.
MANAGEMENT DISCUSSION AND ANALYSIS
The Company is one
of India’s leading construction companies. Focusing primarily on large scale
projects, the Company has a presence across most infrastructure related sectors
in India. It has always looked to create competitive advantage by adopting
world class practices and operational processes and is one of the pioneers in
promoting responsible infrastructure development in India.
Clearly, better quality of physical infrastructure is a prerogative for
the Indian economy to continue to grow at the high rates established over the
last decade. However, it is very unfortunate, that the last two and a half
years of the infrastructure development story in India has been one of much
promise but missed opportunities. Some of the challenges are complex but a
cohesive solutions oriented approach by all concerned stakeholders can go a
long way in helping the sector realise its immense potential.
Consequently, for
subject, which is an integral part of the infrastructure development value
chain, this is a phase of consolidation. Today, the Company is focused on
optimising its strategy and operations to overcome the present economic and
financial challenges to emerge as an even stronger entity that can best
leverage opportunities once the external business environment regains its
growth oriented trajectory.
MACRO ECONOMIC
REVIEW
That the Indian
economy is slowing down is very evident. Advance estimates from the Central
Statistical Organisation (CSO), Government of India (GoI) suggest that real GDP
growth reduced further from 6.2% in 2011-12 to 5% in 2012-13. What is even more
worrisome is the fact that over the last 9 quarters the situation has gotten
progressively worse (see Chart A). These levels of growth are far below the
8%-9% annual growth rates envisaged originally in the GoI’s long term planning
programmes.
The structure of
economic growth is also not very encouraging for the immediate future.
Incremental Gross Fixed Capital Formation (GFCF), which gives an indication of
the creation of growth promoting assets in an economy, has also reduced from
high levels of 14% in 2010-11 to 4.4% in 2011-12 and further down to a mere
2.5% in 2012-13. In light of this economic slowdown, it is natural to witness a
reduction in construction activity. Chart B shows that construction growth has
reduced to 5.9% in 2012-13 after reaching a high level of 10.2% in 2010-11.
PERFORMANCE
HIGHLIGHTS
The difficult
external environment has had a direct bearing on HCC’s financial results.
· The order book as on March 31, 2013 is Rs.149350.000 Millions.
· Revenue from operations decreased by 4.13% to Rs.38370.000 Millions in 2012-13
· EBIDTA (before profits from JV, Exceptional item and other income) is Rs.3830.000 Millions in 2012-13. High interest costs, have however put the Company in losses.
As the Company
followed an aggressive growth path in the last five years, it had considerably
grown its balance sheet, including debt. In order to get through the present
phase of industry-wide liquidity crunch, it was imperative to restructure the
Company’s debt.
The Board of
Directors of the Company in its Meeting held on March 9, 2012 had accorded its
approval for restructuring of the debts of the Company under Corporate Debt
Restructuring (CDR) Mechanism of the Reserve Bank of India. CDR Empowered Group
(CDREG) in its meeting held on March 29, 2012 admitted the Company under CDR.
Upon due consideration CDREG approved the financial restructuring package (“CDR
Package”) and issued Letter of Approval (LOA) on June 29, 2012. As on March 31,
2013, CDR package related documentation have been executed and security
creation stands completed.
The salient
features of the CDR package are:
· Re-schedulement of Term loans and Short Term Loans so as to be repayable in 2+8 years
· Interest rate has been reduced to 11% per annum yield equalization over 10 year tenure
· Funded interest for nine months period from January 2012 to September 2012
· Additional working capital borrowing as per requirement has been sanctioned
· Waiver of penal charges from the cutoff date to the date of implementation of the package
The CDR gives HCC
critical support to tide over the present difficult business environment. The
decision of the banks to consider HCC under CDR and approve CDR Package also
reflects the faith these institutions have in the long term business model of
the Company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10389953 |
09/11/2012 |
264,400,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63307417 |
|
2 |
10389841 |
09/11/2012 |
271,600,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK,, T |
B63276034 |
|
3 |
10389849 |
09/11/2012 |
522,700,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK,, T |
B63276844 |
|
4 |
10389944 |
09/11/2012 |
530,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK,, T |
B63305007 |
|
5 |
10390097 |
09/11/2012 |
535,100,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK,, T |
B63348791 |
|
6 |
10389861 |
09/11/2012 |
537,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK,, T |
B63279335 |
|
7 |
10389866 |
09/11/2012 |
537,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63280051 |
|
8 |
10389855 |
09/11/2012 |
1,061,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, T |
B63278592 |
|
9 |
10389846 |
09/11/2012 |
1,062,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63276604 |
|
10 |
10390057 |
09/11/2012 |
1,591,700,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63336994 |
|
11 |
10390010 |
09/11/2012 |
1,701,500,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION
COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63324941 |
|
12 |
10389860 |
09/11/2012 |
2,121,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63279129 |
|
13 |
10389863 |
09/11/2012 |
3,186,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63279525 |
|
14 |
10389839 |
09/11/2012 |
4,085,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63275754 |
|
15 |
10347056 |
15/03/2012 |
1,200,000,000.00 |
Axis Trustee
Services Limited |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B35739739 |
|
16 |
10340168 |
09/11/2012 * |
530,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63324404 |
|
17 |
10344909 |
03/03/2012 |
2,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
B36028041 |
|
18 |
10294276 |
09/11/2012 * |
540,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63277115 |
|
19 |
10289629 |
03/01/2013 * |
429,300,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B65383028 |
|
20 |
10264398 |
06/01/2011 |
782,053,887.00 |
Wilmington Trust
Company |
RODNEY SQUARE NORTH,
1100 NORTH MARKET STREET, WI |
B04442547 |
|
21 |
10240275 |
09/11/2012 * |
548,800,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63348171 |
|
22 |
10240274 |
27/09/2010 |
1,377,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21,, WORLD TRADE CENTR |
A95038816 |
|
23 |
10231501 |
09/11/2012 * |
1,113,100,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63324677 |
|
24 |
10225361 |
09/11/2012 * |
795,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63325096 |
|
25 |
10221041 |
05/03/2013 * |
571,153,847.00 |
DBS Bank Ltd |
CREDIT CONTROL
UNIT, 3RD FLOOR, FORT HOUSE,, DR. |
B71964472 |
|
26 |
10206986 |
03/01/2013 * |
530,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B65381501 |
|
27 |
10203907 |
03/01/2013 * |
265,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B65382509 |
|
28 |
10187820 |
21/07/2011 * |
704,235,000.00 |
Standard
Chartered Bank |
CRESCENZO, 3A /
F, PLOT NO. C-38 & 39 G - BLOCK, |
B18042887 |
|
29 |
10161195 |
09/11/2012 * |
331,500,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION
COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63275267 |
|
30 |
10151723 |
09/11/2012 * |
160,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION
COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B63278857 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
§ Freehold Land
§ Leasehold premises
§ Buildings and Sheds
§ Plant and Machinery
§ Furniture and Fixtures
§ Office Equipments
§ Heavy Vehicles
§ Light Vehicles
§ Helicopter / Aircraft
§ Speed Boat’ Computers
Intangible Assets
§ Software
PRESS RELEASES
PIR PANJAL TUNNEL – ASIA’S SECOND LONGEST TUNNEL COMMISSIONED FOR RAIL
TRAFFIC
Prime Minister of India inaugurates Banihal – Qazigund railway line
Srinagar, June 26,
2013: Asia’s second longest tunnel – Pir Panjal Tunnel – built by Hindustan
Construction Company on the Banihal to Qazigund section of the Jammu – Srinagar
– Udhampur railway line, was commissioned today as the Prime Minister of India
– Dr. Manmohan Singh, flagged off the first train from Banihal Railway station.
This historic event was witnessed by Mr. Vinay Mittal, Chairman - Railway
Board, Mr. Subodh Jain, Member Engineering - Railway Board, Mr. V.K. Gupta,
General Manager – Northern Railway, Mr. B.D. Garg, CAO – Northern Railway, Mr.
Mohan Tiwari, Managing Director - IRCON, Mr. Hitesh Khanna, Director (Works) -
IRCON, Mr. Anand Prakash, Executive Director – IRCON and Mr. S.D. Jeur, Head
Hydro – HCC.
IRCON International
Ltd, an autonomous constructing agency for the Indian Railways, was entrusted
with the task to construct a section of the Udhampur – Srinagar – Baramulla
rail link project from Dharam to Baramulla section. The railway line from
Quazigund to Baramulla (119 km) was already completed by IRCON and it has been
operational for public since October 2009. In order to accelerate the balance
work, the total length between Dharam to Quazigund section was divided into 6
zones and the contract for zones – IV, VA and VB was awarded to HCC. On
successful completion of these contracts, HCC was subsequently awarded a
contract for construction of a 10.2 km long T48 tunnel between Dharam and
Qazigund.
Arun Karambelkar,
President and Whole Time Director, HCC said, “The tunnel has been constructed
using New Austrian Tunnelling Method (NATM) and it is for the first time in the
country that this method has been used on such a large scale. About 1300
workers and 150 engineers worked round the clock to accomplish this challenging
task. Overcoming all odds, the HCC project team sustained round-the-clock work
execution across all project fronts, even in freezing winter temperatures, with
a singular objective – to successfully execute this project of national
importance.” Over the years HCC has successfully executed several landmark
projects across India including the iconic Bandra Worli Sea Link in Mumbai.
The tunnel
excavation was commenced by HCC in November 2005. During the course of work,
the project team faced several technical challenges due to unpredictable
geology and inconsistency of the rock mass of this region. Despite the
challenges, the project team successfully completed the work with a Zero
Accident record. The overall breakthrough between Banihal to Qazigund was
achieved on October 2011 and execution of a 6.4 km long tunnel was carried out
in a single phase. Opening of this section promises a new beginning for the
state as it will significantly ease the transportation problem faced by the
people during winters when inclement weather forces closure of the Jawahar
Tunnel which to date is the sole link to the Kashmir Valley. In addition, it
will considerably reduce the travel time between the two places. The distance
between Banihal and Qazigund, which is also one of the most treacherous
stretches in the entire Kashmir rail network project, will reduce from 35 km by
road to 17.5 km on train. This exemplary engineering architecture, constructed
by HCC, is totally water proof and is equipped with a fire fighting system
across the entire length of the tunnel.
Project Highlights
in Brief:
· Longest transportation tunnel in India and second longest in Asia (11.215 km).
· Provision of 3 m wide concrete road inside the tunnel throughout the length (11.275 km) for maintenance and emergency relief purpose. This road has been constructed adjacent to the railway track.
· The Pir Panjal tunnel passes approx 440 m below the existing Jawahar Road Tunnel.
· The alignment of Pir Panjal tunnel crosses the NH – 1A at three locations.
· First large scale use of NATM method in India.
· Highest overburden (mountain height above the tunnel) of 1.1kilometers
· A team of 1,500 workers braved the freezing winter months from December to March and tided over all the challenges to successfully complete the project.
· Usage of geotechnical Instruments for routine monitoring, assessing the stress redistribution and stabilization before final Lining.
· The total excavation quantity is of 11 lac cum. Rock bolting of 315,000 meters.
· Progressed parallel activities (such as invert overt lining and face excavation works was done simultaneously) by introducing invert bridge.
· 11 km long Ballast Less Track (BLT) was carried out for the first time in India for such a length.
ABOUT HCC:
HCC is a business
group of global scale developing and building responsible infrastructure
through next practices. With an engineering heritage of nearly 100 years, HCC
has executed a majority of India's landmark infrastructure projects, having
constructed 25% of India's Hydel Power generation and over 50% of India's
Nuclear Power generation capacities, over 3,364 lane km of Expressways and
Highways, more than 207 km of complex Tunneling and over 324 Bridges. HCC’s
landmark projects include the Bandra Worli Sea Link, Mumbai −
India's first and
longest open sea cable-stayed bridge; the Kolkata Metro, Farakka Barrage and
India's largest nuclear power plant at Kudankulam - Tamil Nadu, to name a few.
Today, HCC Limited, serves the infrastructure sectors of Transportation, Power
and Water. HCC is also developing Lavasa City, a planned hill city and one of
India’s largest urban development and management initiatives. The HCC Group,
with a group turnover of Rs.85100.000 Millions, comprises of HCC Ltd, HCC
Infrastructure Company Limited, HCC Real Estate Limited, Lavasa Corporation
Limited and Steiner AG in Switzerland.
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 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.61.67 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.