Bharti Dredging and Construction Limited 297Morgan Stanley, Birla Advantage Fund, India Special Situation Fund, and our bank. TSL still holds
48.75 percent equity in BDCL as on date.
BDCL is considered one of the top dredging companies in the mid-volume segment and has built a good
reputation in dredging and related civil structural works over the years. At present, it has eight cutter suction
dredgers of annual capacity of 5.00 million cubic meters. The company has also taken on lease/rent, three
cutter suction dredgers from:- Garuda Carriers and Shipping Limited
- Ocean Dredging Limited.
During 1999–2000, BDCL had undertaken a specialized work for Mumbai Port Trust through M/s Hyundai
Heavy Industries Limited (HHIL) for the trenching work of replacement of submarine pipeline from MOT
Jawahar Dweep to Pirapau. HHIL has given repeat orders like dredging for excavating a trench for 24-inch
submarine pipeline at locations on the pipeline route for CIEL-Lakshmi Field Development Phase I at Gulf
of Cambay, West Coast of India and trench back filling work at Lakshmi Field Phase-I Development and HV
well platform project.Exhibit 15.1 Financial details of Bharti Dredging and Construction Limited
(Rs crore)
2000 2001 2002 2003
Sl. For year ended/ending June 30, Actual Actual Estimate Projection
No. No of Months 12 12 12 12
1 Net sales 35.45 37.85 25.69 31.84
2 PBILDT 8.05 10.19 9.42 9.72
3 PBT 1.37 1.69 1.10 2.90
4 PAT 1.01 1.58 1.02 2.68
5 Net cash accruals 3.69 4.90 4.34 5.55
6 PBILDT/Net sales (percent) 22.71 26.92 36.67 30.53
7 PAT/Net sales (percent) 2.85 4.17 3.97 8.42
8 Dividend/PAT (percent) 16.79
9 Gross block 43.64 44.97 45.47 45.97
10 Net block 35.32 33.33 30.51 27.69
11 Paid up capital 4.47 4.47 4.48 4.48
12 Tangible net worth (TNW) 12.98 14.66 15.73 17.96
13 Group investments 0.01 0.01 0.01
14 Adjusted TNW 12.97 14.65 15.72 17.96
15 LTD/TNW 1.19 1.00 0.82 0.56
16 DFS/TNW 1.41 1.05 0.88 0.69
17 TOL/TNW 3.00 2.44 1.83 1.47
18 Current assets 20.50 19.94 13.19 17.06
19 Current liabilities 14.57 13.59 9.72 12.24
20 Net working capital 5.93 6.35 3.47 4.82
21 Current ratio 1.41 1.47 1.36 1.39
The company has recently been granted the Paradip Port dredging work, valued at Rs 13.85 crore. Apart
from which, other works in hand are valued at Rs 8.70 crore. The present proposal is for consideration of ad
hoc limits for a period of six months for the Paradip Port dredging work. The details of total facilities availed
with banks and financial institutions are as follows: