MIRA
INFORM REPORT
|
Report Date : |
12.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN CONSTRUCTION COMPANY LIMITED |
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Registered
Office : |
Hincon House, 11th Floor, 247 Park, Lal Bahadur Shastri
Marg, Vikhroli (West), Mumbai – 400083, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.01.1926 |
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Com. Reg. No.: |
11-001228 |
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Capital
Investment / Paid-up Capital : |
Rs.606.700 Millions |
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CIN No.: [Company Identification
No.] |
L45200MH1926PLC001228 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH14052D MUMH00179E MUMH07676E MUMH07640D |
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PAN No.: [Permanent Account No.] |
AAACH0968B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject is engaged in the business of Construction, Real Estate and
Infrastructure Development. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record. The company is incurring heavy losses from its operations. The rating also takes into account the delays by company in payment of
interest obligations of its restructured loans due to continuing delays in
payments from customers leading to elongated working capital cycle. This has
led to increased interest costs and consequently, losses in the past few
quarters. However, Business is active. Payment terms are slow but correct. The company can be considered for business dealings on a secured 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading with
the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term / Short Term Facilities ‘D’ |
|
Rating Explanation |
The company is in default or expected to be
in default soon |
|
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.
INFORMATION DENIED BY
|
Name : |
Mr. Vithal Kulkarni |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-25775959 |
|
Date : |
11.03.2014 |
LOCATIONS
|
Registered Office : |
Hincon House, 11th Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India |
|
Tel. No.: |
91-22-25775959 |
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Fax No.: |
91-22-25777568 / 25775732 |
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E-Mail : |
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Website : |
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706-707, 7th Floor, Surya Kiran, 19, KG Marg, New Delhi –
110001, India |
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Tel. No.: |
91-11-23358717 / 23358727 |
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Fax No.: |
91-11-23358837 |
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Factory 1 : |
Located At: Rajasthan, India |
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Factory 2 : |
Located At: Himachal Pradesh, India |
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Factory 3 : |
Located At: Delhi, India |
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Factory 4 : |
Located At: Madhya Pradesh, India |
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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 |
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Name : |
Mr. Y. H. Malegam |
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Designation : |
Director |
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Name : |
Mr. K. G. Tendulkar |
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Designation : |
Director |
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Name : |
Mr. Rajas R. Doshi |
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Designation : |
Director |
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Name : |
Mr. Ram P Gandhi |
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Designation : |
Director |
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Name : |
Mr. Fred Moavenzadeh |
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Designation : |
Director |
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Name : |
Mr. D. M. Popat |
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Designation : |
Director |
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Name : |
Mr. Sharad M. Kulkarni |
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Designation : |
Director |
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Name : |
Mr. Nirmal P. Bhogilal |
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Designation : |
Director |
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Name : |
Mr. Anil C. Singhvi |
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Designation : |
Director |
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Name : |
Dr. Ila Patnaik (w.e.f. October 21, 2011) |
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Designation : |
Director |
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Name : |
Mr. Rajgopal Nogja |
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Designation : |
Whole-time Director(w.e.f. May 3, 2013) |
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Name : |
Arun V. Karambelkar |
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Designation : |
President and Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Vithal P. Kulkarni |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Rajgopal Nogja |
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Designation : |
Group Chief Operating Officer |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
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|
2127294 |
0.35 |
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|
239672100 |
39.52 |
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|
241799394 |
39.87 |
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Total shareholding of Promoter and Promoter Group (A) |
241799394 |
39.87 |
|
(B) Public Shareholding |
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|
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|
|
|
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|
12415800 |
2.05 |
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|
1213772 |
0.20 |
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|
8382144 |
1.38 |
|
|
96123474 |
15.85 |
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|
118135190 |
19.48 |
|
|
|
|
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|
49822256 |
8.21 |
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|
|
|
|
|
180320150 |
29.73 |
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|
16402710 |
2.70 |
|
|
10000 |
0.00 |
|
|
10000 |
0.00 |
|
|
246555116 |
40.65 |
|
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 |
|
|
0 |
0.00 |
|
|
120720 |
0.00 |
|
|
120720 |
0.00 |
|
Total (A)+(B)+(C) |
606610420 |
0.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS 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 : |
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Banking
Relations : |
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Auditors : |
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Name : |
K. S. Aiyar and Company Chartered Accountants |
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Advocates and Solicitors : |
·
Mulla and Mulla and Craigie Blunt and Caroe ·
Amarchand and Mangaldas ·
Suresh A Shroff and company |
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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 |
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|
|
|
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 |
|
|
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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
|
Particulars |
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 Rs.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 |
31.03.2012 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
606.700 |
606.700 |
606.600 |
|
(b) Reserves & Surplus |
11,021.100 |
12,341.200 |
14,615.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11,627.800 |
12,947.900 |
15,221.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
32,570.300 |
13,691.200 |
18,582.700 |
|
(b) Deferred tax liabilities (Net) |
142.900 |
702.400 |
1,664.700 |
|
(c) Other long term liabilities |
568.600 |
549.500 |
219.100 |
|
(d) long-term provisions |
361.700 |
371.900 |
366.800 |
|
Total Non-current Liabilities (3) |
33,643.500 |
15,315.000 |
20,833.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
13,178.500 |
20,316.700 |
13,489.400 |
|
(b) Trade payables |
9,935.200 |
10,389.200 |
11,498.200 |
|
(c) Other current
liabilities |
16,813.500 |
29,089.200 |
22,664.900 |
|
(d) Short-term provisions |
92.200 |
84.700 |
339.300 |
|
Total Current Liabilities (4) |
40,019.400 |
59,879.800 |
47,991.800 |
|
|
|
|
|
|
TOTAL |
85,290.700 |
88,142.700 |
84,047.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10,063.500 |
11,182.800 |
11,751.000 |
|
(ii) Intangible Assets |
40.400 |
61.900 |
91.800 |
|
(iii) Capital
work-in-progress |
105.500 |
240.400 |
256.900 |
|
(iv)
Intangible assets under development |
17.200 |
17.200 |
0.000 |
|
(b) Non-current Investments |
6,012.200 |
5,847.400 |
5,313.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12,133.100 |
12,178.900 |
7,467.900 |
|
(e) Other Non-current assets |
14.200 |
291.200 |
262.800 |
|
Total Non-Current Assets |
28,386.100 |
29,819.800 |
25,143.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
36,721.800 |
37,554.100 |
42,502.900 |
|
(c) Trade receivables |
12,357.500 |
12,028.300 |
5,237.700 |
|
(d) Cash and cash
equivalents |
991.400 |
1,599.700 |
1,673.600 |
|
(e) Short-term loans and
advances |
6,745.300 |
7,063.900 |
9,431.300 |
|
(f) Other current assets |
88.600 |
76.900 |
58.000 |
|
Total Current Assets |
56,904.600 |
58,322.900 |
58,903.500 |
|
|
|
|
|
|
TOTAL |
85,290.700 |
88,142.700 |
84,047.000 |
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
606.600 |
606.700 |
606.700 |
|
Reserves & Surplus |
14615.300 |
12341.200 |
11021.100 |
|
Net
worth |
15221.900 |
12947.900 |
11627.800 |
|
|
|
|
|
|
long-term borrowings |
18582.700 |
13691.200 |
32570.300 |
|
Short term borrowings |
13489.400 |
20316.700 |
13178.500 |
|
Total
borrowings |
32072.100 |
34007.900 |
45748.800 |
|
Debt/Equity
ratio |
2.107 |
2.627 |
3.934 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
40,906.700 |
39,882.300 |
38,322.900 |
|
|
|
(2.504) |
(3.910) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
40,906.700 |
39,882.300 |
38,322.900 |
|
Profit |
710.000 |
(2,222.500) |
(1,376.400) |
|
|
1.74% |
(5.57%) |
(3.59%) |
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 |
LITIGATION
DETAILS:
|
CASE DETAILS Bench:-Bombay Presentation Date:- 31/01/2014
District:- OUTSIDE MAHARASHTRA Bench: - SINGLE Status: - Pre-Admission Category: - COMPANY PETITION
U/SEC 433,434,439
COMPANIES ACT Last Date: - 07/02/2014 Stage:- Last Coram: - REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER Act: -
Companies Act & Rules 1956 Under
Section:- 433 and 434 |
||||||||||||
UNSECURED
LOAN
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Long Term
Borrowings |
|
|
|
Term Loans from
Banks: |
|
|
|
i) Rupee loans |
|
|
|
Canara Bank |
0.000 |
1000.000 |
|
Syndicate Bank |
0.000 |
2000.000 |
|
United Bank of India |
0.000 |
2000.000 |
|
State Bank of Mysore |
0.000 |
0.000 |
|
Axis Bank |
0.000 |
0.000 |
|
EXIM Bank |
0.000 |
235.000 |
|
ii) Foreign
currency Loan: |
|
|
|
EXIM Bank |
0.000 |
508.700 |
|
Term Loans from
Banks: |
|
|
|
i) Rupee loans |
0.000 |
0.000 |
|
ii) Foreign currency Loan: |
0.000 |
0.000 |
|
(B) Term Loans
from Others Party |
|
|
|
IFCI (NBFC) |
1500.000 |
0.000 |
|
(C) Funded Interest Term Loan from other parties |
97.100 |
0.000 |
|
(D) Loans and advances from related parties |
320.000 |
0.000 |
|
Short Term
Borrowings |
|
|
|
(A) Loans
Repayable on Demand |
|
|
|
a) From Banks |
|
|
|
Commercial Paper |
0.000 |
1350.000 |
|
Rupee Loans |
0.000 |
3700.000 |
|
Buyer's Credit |
0.000 |
387.800 |
|
b) From Others : |
|
|
|
NBFC |
0.000 |
1500.000 |
|
Loans and Advances from Related Parties |
35.200 |
200.200 |
|
Total |
1952.300 |
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, Tower No.5, Vashi Railway Station
Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India |
B63276034 |
|
3 |
10389849 |
09/11/2012 |
522,700,000.00 |
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 |
B63276844 |
|
4 |
10389944 |
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 |
B63305007 |
|
5 |
10390097 |
09/11/2012 |
535,100,000.00 |
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 |
B63348791 |
|
6 |
10389861 |
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 |
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, Tower No.5, Vashi Railway Station
Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India |
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 |
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 |
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, Wiimington, - 198900001, United States Of
America |
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 Limited |
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 Limited, 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.
HCC, GVPR ENGINEERS JV BAGS RS 904-CRORE PROJECT IN KARNATAKA
NEW
DELHI: Hindustan Construction Company (HCC) has bagged A Rs.9038.300 Millions
order in joint venture with GVPR Engineers Limited from Karnataka Neeravari
Nigam Limited
In
a statement issued today, the company said the contract is for diversion of
flood water from Sakleshpura (West) to Kolar/Chikkaballapur (East) under
Yettinahole diversion project package-4.
"HCC's
share in the joint venture (with GVPR Engineers) is 50 per cent. The project
will be completed in 36 months," it added.
Karnataka
Neeravari Nigam Limited, which has awarded the contract, is state government's
nodal agency to implement major irrigation projects.
Yettinahole
is a tributary of Netravati river and the Karantaka government enterprise is
diverting flood water from Sakleshpura (West) to drought prone areas of
Chikkaballapur and Kolar districts, the company said.
The
scope of work includes survey, investigation, design and construction of
several weirs, jack well cum pump houses, water pipelines at four different
locations connecting to common delivery chambers.
The
scope of work also includes operation and maintenance for 5 years after
commissioning of the scheme and obtaining environmental and other statutory
clearances from competent authorities on turnkey basis, it said.
Commenting
on the order, HCC's President and whole-time Director Arun Karambelkar said,
"We are delighted to be associated with this prestigious project that will
bring water to parched areas of Chikkaballapur and Kolar districts."
He
added that "HCC as the country's leading company engaged in building
infrastructure for India will continue to focus on large magnitude projects in
critical sectors like water."
HCC
shares closed today at Rs 13.21 apiece on the BSE, up 0.61 per cent from their
previous close.
HCC
GETS RS.7250.000 MILLIONS CRORE ORDER
Hindustan Construction Company (HCC) has received orders worth Rs.7250.000
Millions to execute projects including one for construction of a 2.9 km bridge
in Bihar. "We have received well-diversified orders in terms of geographic
and business spread. These reflect HCC's capability to cater to varied
segments...," company President and Whole- time Director Arun Karambeklar
said in a statement today. The biggest chunk of the order worth Rs.4330.000
Millions is from Bihar Rajya Pul Nirman Nigam for construction of a bridge to
be built over the Sone river connecting Daudnagar and Nasirganj in Aurangabad
and Rohtas districts.
It has also bagged four other orders, valued at Rs.2920.000 Millions crore, in
water, nuclear and industrial segments. Orders in the water and nuclear
segments are from Pune Municipal Corporation and Indira Gandhi Centre for
Atomic Research, respectively. The other two orders in the industrial segment
are for doing the structural steel works for a domestic petrochemical company
and for carrying out civil works in a captive power plant for an aluminium
company.
HCC
MAY TOUCH RS 17-17.50: KUNAL BOTHRA
Kunal Bothra of LKP told CNBC-TV18, " Hindustan Construction Company (HCC)
is coming out to be an interesting chart because for last two-three months
particularly from December, the stock had been trading above the 200 day moving
average and slowly and steadily it is gathering some bit of volumes as well, so
that is a good sign building up for the company. From a very short term view, I
believe close to Rs 17.50-18 could be a possible level and the support of 200
day moving average which is very close to Rs 12.50-12.40 is to be a good
support for HCC. The charts seem to be poised for a good upside and from one to
two months perspective one could look at Rs 17-17.50 as a target," he
added.
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] 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.60.70 |
|
K Pound |
1 |
Rs.100.69 |
|
Euro |
1 |
Rs.84.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
18 |
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.