|
Report Date : |
18.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ITD-ITD CEM JOINT VENTURE |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 (Summarized Figures) |
|
|
|
|
Year of
Establishment : |
2006 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Joint Venture Company |
|
|
|
|
Line of Business
: |
Construction Activity |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an unincorporated joint venture between ITD Thai holds 69.57% of ITD Cem’s equity; hence in effect ITD Thai
owns ~85% of the joint venture. ITD Cem enters into project specific joint
ventures with ITD Thai for projects where experience of the latter is
required to meet technical qualification criteria. The joint venture company has seen an increase in its revenue during
2012, which are shared by the two venturing companies as per the ownership
proportion. The ratings also take into consideration the corporate guarantee
provided by its reputed holding company in order to get loans from corporate
entities as well as Government Institutions and some huge and reputed
infrastructure projects under implementation during the year under review. Trade relations are fair. Business is active. Payment terms are
reported as regular. In view of technical managerial and financial support provided by its
group company, the subject 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.
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term: BBB+ (Structured Obligation) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. (Structured
obligation) |
|
Date |
March, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term: A2+ (Structured Obligation) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
March, 2012 |
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.
INFORMATION PARTED BY (PARTIAL DETAILS)
|
Name : |
Mr. Protyush Chakraborty |
|
Designation : |
Deputy General Manager |
|
Contact No.: |
91-9163363439 |
|
Date : |
13.08.2013 |
LOCATIONS
|
Registered Office : |
National Plastic Building, A-Subhash Road, Paranjape B Scheme, Vile Parle
(East), Mumbai – 400 057, Maharashtra, India |
|
Tel. No.: |
91-22-66931600 |
|
Mobile No.: |
91-9163363439 (Mr. Protyush Chakraborty) |
|
Fax No.: |
91-22-66931627/ 28 |
|
E-Mail : |
MANAGEMENT
|
Name : |
Mr. Adun Saravan |
|
Designation : |
Member (ITD Cem) |
|
|
|
|
Name : |
Mr. Tawatchai Suthiprabha |
|
Designation : |
Member (ITD) |
|
|
|
|
Name : |
Mr. Vitavas Kunapongsiri |
|
Designation : |
Member (ITD) |
KEY EXECUTIVES
|
Name : |
Mr. Protyush Chakraborty |
|
Designation : |
Deputy General Manager |
|
|
|
|
Name : |
Mr. Bhagyesh Joshi |
|
Designation : |
Senior Manager – Finance |
BUSINESS DETAILS
|
Line of Business : |
Construction Activity |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
|
|
|
|
Bankers : |
·
Export Import Bank of ·
Vijaya Bank |
|
|
|
|
Facilities : |
a) For approval
and confirmation of the Corporate Guarantee upto a limit of Rs.1320.000
millions given by the Board of Directors as security for the loan granted by
Export Import Bank of India (“Exim Bank”) to ITD-ITD Cem Joint Venture for
Kolkata Metro Rail Corporation Limited Project as aggregate of guarantees so
far provided by the Company to all the bodies corporate alongwith the above
corporate guarantee may exceed the limits specified in the said Section
372A(1) and b) For and
confirmation of the Corporate Guarantee upto a limit of Rs.260.000 millions
given by the Board of Directors as security for the loan granted by Vijaya
Bank to ITD-ITD Cem Joint Venture for Jaipur Metro Project as aggregate of
guarantee so far provided by the Company to all the bodies corporate
alongwith the corporate guarantee upto a limit of Rs.1320.000 millions given
by the Company to Exim Bank and the aforesaid corporate guarantee to be given
to Vijaya Bank may exceed the limits specified in the said Section 372A(1). |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Divulged |
|
|
|
|
Joint Venture : |
·
Italian-Thai Development Public Company Limited ·
ITD Cementation India Limited |
CAPITAL STRUCTURE
NOT DIVULGED
FINANCIAL DATA
[all figures are
in Rupees Millions]
SUMMARIZED
FIGURES
|
Particulars |
|
31.12.2012 |
31.12.2011 |
|
Total Assets (Approximately) |
|
3846.907 |
3564.775 |
|
|
|
|
|
|
Total Revenues (Approximately) |
|
4660.293 |
3667.210 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two year |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
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 |
-- |
|
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 |
No |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
No |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
WEBSITE DETAILS:
PROFILE:
Subject has been awarded the contract of “Supply, Erection, Testing and Commissioning of Track Work and Installation of Third Rail System for Bangalore Metro Rail Project. Work is to be completed in 37 months.
Subject has been awarded the contract of laying of Tallah-Palta dedicated transmission main by Kolkata Municipal Corporation. Work is to be completed in 30 months.
Subject has been awarded Kolkata airport modernization project. The new integrated terminal will be built to handle 20 million passengers a year, which will be four times the current capacity and which is expected to take care of the forecast load till 2015-16. After the modernization, both runways will be long enough to accept the world’s biggest aircraft, the A380. The plan has been designed by RMJM of the UK.
Rehabilitation and Upgradation of Km.15.00 to Km.50.00 of NH-25 to 4- lane configuration including Ghat Section and Sindh Bridge in the State of Madhya Pradesh - Package MP2 (Value of the contract is Rs.1573 Million). This is a joint venture between ITD and ITD Cem.
Construction of 4 lane Bypass from km.381 to km 406 of NH76 at Kota on East West Corridor in the State of Rajasthan - Package RJ 4 (Value of the contract is Rs.2055 Million). This is a joint venture between ITD and ITD Cem.
BC-21 Part Design and Construction of via duct and structural work of five elevated stations on Qutub Minar-Gurgoan corridor of Delhi MRTS Project (Value or contract is Rs. 1886 Million). This is a joint venture between ITD and ITD Cem.
BC-24 Design and Construction of over five kilometres of underground metro construction is to be carried out with advanced tunnel boring machines and includes the Khan Market, Jawaharlal Nehru stadium, Jangpura stations and ancillary works on the Central Secretariat – Badarpur Corridor of Delhi MRTS (Value of Contract Rs.8930.000 Millions). This is a joint venture between ITD and ITD Cem.
PRESS RELEASES/
NEWS:
ITD CEMENTATION
GETS RS.5460.000 MILLIONS ORDER FROM DELHI METRO
New Delhi, January
2, 2013:
ITD Cementation India today said it has got a Rs.5460.000 millions
order, along with its Thailand-based parent firm, from Delhi Metro Rail Corporation
(DMRC) for the construction of a 9,035 metre long elevated metro track.
The order would be executed through a joint venture in which
Italian-Thai Development Public Company, Thailand, will have 51 per cent stake
and the remaining with ITD Cementation India, company’s Chief Financial
Officer, S Ramnath said.
“The project includes construction of a 9,035 metres long elevated metro
track along with eight elevated stations,” he said, adding the scope of the
work includes architectural finishing, water supply, sanitary installation and
drainage works.
“The project is scheduled for completion in 30 months,” Ramnath said.
The joint venture has recently completed a Rs.1890.000 millions contract
for DMRC for the construction of structural work of five stations on the Qutub
Minar — Gurgaon corridor of the Delhi MRTS project.
“The JV has also completed a Rs.8930.000 millions contract for DMRC for
the construction of a 8,326 metre long twin bored underground metro tunnel,” he
said.
ITD CEM JV COMPLETES
KOLKATA AIRPORT PROJECT
January 20, 2013
A joint venture of ITD Cementation India has completed its Rs.18000.000
millions project at the new state-of-the-art integrated passenger terminal at
Netaji Subhas Chandra Bose International (NSCBI) Airport here, which is slated
to be inaugurated by President Pranab Mukherjee on Sunday. The project
was executed on an EPC (engineering, procurement and construction) basis by a
special purpose vehicle formed between ITD Cementation India (ITD Cem) and its
parent Italian-Thai Development Public Co. Limited, Thailand (ITD). The
integrated passenger terminal has a capacity now to handle 20 million
passengers annually against the existing capacity of 7.46 million passengers.
The new airport terminal will have a covered area of 2.33 lakh sq.
metres and a capacity to handle Airbus 380, while earlier it could handle
aircraft not larger than a Boeing 747.
An additional 11 parking bays have been added to the existing 12.
Premchai Karnasuta, Chairman, ITD Cem, said, “We have incorporated high
tech specialised airport systems and the integrated passenger terminal now has
world-class facilities for the convenience and comfort of passengers using the
Kolkata airport.”
ITD-ITD
CEMENTATION MAY PULL OUT OF KOLKATA METRO PROJECT
Kolkata, June
11:
The ITD-ITD Cementation joint venture may pull out of the East-West
Metro Corridor project for want of a final route plan.
The 15-km metro project here, connecting the IT hub at Salt Lake with
Howrah, is running nearly two years behind schedule. ITD is the second
contractor to be affected by the slow project implementation.
The infrastructure company received a contract for tunnelling work on a
5-km stretch at a cost of nearly Rs.9100.000 millions. According to sources, it
could not begin work on a large stretch for more than a year. The company will
reportedly exit from the project after completing a 2-km stretch by next month.
According to authorities, the route map of the Rs.48750.000 millions
project is not finalised as the West Bengal Government is not accepting a
proposal to relocate 250 shops and a few apartments on a half-a-km stretch in
central Kolkata.
The State Government has stuck to its decision even after the Calcutta
High Court’s judgment in favour of handing over the land to East-West Metro
authorities. The State, instead, asked for realignment of the route, which was
struck down by the principal lender, Japan International Cooperation Agency.
“How will ITD work if it does not get the site cleared” Besides, there
is no final route plan. So, the company has not been able to work on the
stretch between Sealdah Crossover and the proposed Central Station for a long
time,” H.K. Sharma, Managing Director, Kolkata Metro Rail Corporation (KMRC),
told Business Line. KMRC is the
executing authority of the project.
Chundee Mookhan, Project Manager (Tunnel), ITD-ITD Cementation, was not
available for a comment.
Earlier, Shapoorji Pallonji-promoted Afcons could not start tunnelling work
on the Howrah side of the project for over three years. According to sources,
the company demanded compensation of nearly Rs.2500.000 millions from the
authorities.
Similar problems are also affecting other projects in the city. L&T
withdrew equipment and workers from the Dum Dum-Barasat metro project as the
State did not cooperate with the Railways to remove encroachments.
ITD
CEMENTATION BAGS ORDER FOR RS.5460.000 MILLIONS FROM DMRC IN ITS JOINT VENTURE
Mumbai, 2nd
January, 2013: ITD Cementation India Limited
announced that the Joint Venture (JV) with its parent, Italian-Thai Development
Public Company Limited, Thailand (ITD, Thailand) has received an order of
Rs.5460.000 millions from the Delhi Metro Rail Corporation (DMRC).
This project includes construction of a 9,035 m long elevated
metro track along with 8 elevated stations and the scope of work includes
Architectural Finishing, Water Supply, Sanitary Installation and Drainage
Works. The project is scheduled for completion in 30 months.
The Joint Venture has recently completed a Rs.1890.000 millions contract
for DMRC for the construction of Viaduct and Structural work of five stations
on the Qutub Minar - Gurgaon Corridor of the Delhi MRTS project. The JV has
also completed a Rs.8930.000 millions contract for DMRC for the
construction of a 8,326 m long twin bored underground metro tunnel with
advanced tunnel boring machine including three underground stations at Khan
Market, Jawaharlal Nehru Stadium and Jangpura station on Central Secretariat -
Badarpur Corridor for the Delhi MRTS. This project was completed two months
ahead of schedule.
The Joint Venture benefits from the experience of the parent,
Italian - Thai Development Public Company Limited, in the implementation of MRTS
projects.
About ITD Cementation India Limited
ITD Cem's presence dates back to 1931 when The Cementation
Company Limited, UK started its operations in India and was engaged in
providing seepage control and stability related solutions to a few distressed
dams in the country. The Company was mainly active in the field of specialised
civil, mining and foundation engineering till the eighties and thereafter was a
part of various Multinational, Transnational organisations like Trafalgar House
- UK, Kvaerner - Norway and Skanska - Sweden. Today, it is a part of Italian-
Thai Development Public Company Limited, Thailand.
Over a period of time, it has developed expertise in design
and construction of large infrastructure projects. The strong international parentage
which ITD Cem has continuously enjoyed over eight decades provides a distinct
advantage in delivering key technical knowhow that are in line with
international companies in this field.
In India, it has contributed significantly in the growth of
Infrastructure in the country over the last eight decades and continues to
provide expertise in the field of Civil Engineering. It has been closely
involved in a number of major national-level projects of diverse nature
including jetties at Dahej, Shiplift facility at Karwar, 2nd
Container Terminal at Chennai, Elevated viaduct , road projects for NHAI and
underground tunnels and stations at Delhi Metro. The Company's past experience
has been strengthened by the rich and diverse expertise of the parent company,
ITD, Thailand one of the leading contracting organisations in South East Asia.
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.61.58 |
|
|
1 |
Rs.98.51 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.