MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
DVS RAJU ENGINEERS AND CONTRACTORS |
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Registered Office : |
Balagya Sastry Layout, HB Colony, Vizag, Andhra Pradesh |
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Country : |
India |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Not Available |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern. Management declined to part with
any financials or business details, usually as the transactions in
construction industry are mostly in cash. The concern can be considered normal for business dealings. |
LOCATIONS
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Registered Office : |
Balagya Sastry Layout, HB Colony, Vizag, Andhra Pradesh, India |
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Mobile No.: |
91-9440177143 |
SOLE PROPRIETOR
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Name : |
Mr. D V S Raju |
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Designation : |
Proprietor [Might be] |
BUSINESS DETAILS
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Line of Business : |
Not Available |
GENERAL
INFORMATION
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Bankers : |
Not Divulged |
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Auditors : |
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Name : |
Not Divulged |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
Not Available |
FINANCIAL DATA
[all figures are in Rupees Millions]
Not Available
LOCAL AGENCY
FURTHER INFORMATION
PRESS RELEASES
D.V.S. Raju consortium bags Gangavaram port mandate
V.
Rishi Kumar
HYDERABAD, July 29
The D.V.S. Raju-led consortium
which includes Dubai Ports, a Dubai Government enterprise, Malaysian West Port and Singapore Jurong Port, has bagged the mandate to design, develop and operate
the Rs 20000 Millions greenfield Gangavaram
port slated to come up near
Visakhapatnam.
The
Chairman and Managing Director of the Hyderabad - based VisualSoft
Technologies, Mr D.V.S. Raju, is heading the consortium of companies in his
individual capacity as an entrepreneur. Though the letter of intent (LI) has
not yet been inked, the Raju consortium is learnt to have pipped
the only other bid from Adani Exports Limited
Though
the Government has not yet officially announced, the D.V.S. Raju-led consortium has bagged the mandate to develop the project, an
official announcement is to be made shortly and LI issued, Government sources
said.
The
proposed port is planned to be a
high-tech facility having the capability to handle large vessels up to 2,00,000
to 2,50,000 DWT and super tankers. It will have the capability to churn out
about 30,000 to 40,000 million tonnes and serve as a benchmark. As against the
traditional port, which employs
about 6,000 people, this will require just about 600 workers and will be
significantly automated. The Gangavaram
port has a natural 20 m deep
draft, which will make the port
an attractive proposition.
As per
the proposal made by the consortium,
the port project is planned to
be completed by 2005. The developers have indicated that the financial closure
will be achieved by mid-2003, Government sources said.
Lately,
Emirates National Oil Company (ENOC), which has a significant presence in the
region, is eyeing the possibility of joining as a strategic partner. It is
learnt that it has evinced interest to locate a strategic storage facility for
oil. With the modern facility, it will be possible to anchor huge tankers and
this will open up new business opportunities, sources said.
According
to an internal survey undertaken, there is demand for a modern port as the Vizag hinterland is set to
offer new opportunities. The State Government, which is now in the process of
picking up a strategic partner for the proposed special economic zone (SEZ)
near Vizag, also plans to develop the corridor as an industrial belt. These
developments are likely to open up new opportunities.
The
new port will bring in better
logistics even for the Vizag Steel Plant, which is a major user of the current port. The VSP alone spends about
Rs1800 Millions for haulage. With the Gangavaram
port, it will be possible to
handle the entire port
transportation through simple conveyor belts.
DVS Raju-led team
readying plan for Gangavaram port
V. Rishi Kumar
HYDERABAD, Dec. 16
THE DVS Raju-led consortium is at an advanced stage of preparing the
master plan for the Rs 20000- Millions greenfield Gangavaram port, planned to
be developed in Andhra Pradesh to cater to the Visakhapatnam hinterland.
The consortium is set to achieving `financial closure' by the first half
of 2003. The Chairman and Managing Director of VisualSoft Technologies Limited,
a Hyderabad-based software services and products company, Mr D.V.S. Raju, had
bagged the mandate for the Gangavaram port project earlier this year in his
individual capacity as an entrepreneur.
The consortium which bagged the mandate includes Dubai Ports
International and the United Arab Emirates Government.
When asked to comment on certain media reports that the West Port and
the Jurong port had withdrawn from the consortium, Mr Raju told Business
Line "actually, the West Port was not in the consortium to which the
project was awarded. The project was awarded to the consortium that consists of
Dubai Ports and DVS Raju."
"Earlier, the West Port and the Jurong port were interested in
being part of the consortium of companies at the expression of interest stage,
but because of certain formalities that were expected to be completed by all
the consortium members within the stipulated time lines, they did not feel
comfortable, particularly with certain stipulations and deadlines. Hence, they
decided to stay out of the consortium," Mr Raju said.
The State Government had decided to take up this infrastructure port
project through private-public participation route as this was considered to be
a vital logistics hub for the Visakhapatnam hinterland.
With the State Government keen to develop this area as a special
economic zone for which several road shows were conducted abroad to attract
developers, the project is seen as a major thrust area for the Government, it
is learnt.
The Rs 20000-Millions project will have the capability to handle large
vessels of capacity of up to 2,00,000 to 2,50,000 dwt (dead weight tonnes) and
supertankers.
This had also kicked up interest in some major oil firms including
Emirates Oil.
Gangavaram:
fishermen promised 600 jobs
VISAKHAPATNAM: The D.V.S. Raju-led consortium which was awarded the
contract to develop Gangavaram port, said on Sunday that the project would
provide 600 permanent jobs to local fishermen.
Exuding confidence that the present imbroglio would end soon, Gangavaram
Port Limited (GPL) president K. Upendra Rao, told reporters that their
endeavour was to develop a world-class port with a capacity to handle 200
million tonnes in 20 years.
He said they had committed to provide 300 jobs to the fishermen of
Dibbapalem and offer another 300 to the villagers of Gangavaram if they
accepted the rehabilitation plan offered by the State Government.
Declaring that construction of fish landing centre (jetty) at
Nalamaramma Patalu, as demanded by the fishermen, was not technically feasible,
he said this would also come in the way of expansion plan of GPL.
However, he said, they were not opposed to a fish landing centre at 600
metres north of Nalamaramma Patalu as it would be outside the layout of
Gangavaram port.
Mr. Upendra disclosed that the State which had an equity of 11 per cent
in lieu of land given to GPL -- the company incorporated to develop and operate
the port -- recently issued an order accepting change in technical partner.
He said Dubai Ports International -- the original technical partner --
had withdrawn with mutual consent due to shift in its focus to container
terminals. "We have signed an agreement with Integrax Berhad of Malaysia
as the technical service provider.''
He denied that the change in partner violated tender guidelines.
"While the consortium led by D.V.S. Raju will continue to have 51 per cent
equity, the Malaysian firm will have 13 per cent equity for extending technical
support," he said.
Security
concern
Brushing aside security issues raised due to involvement of Dubai Ports
International, he said it was the leading port in the world and had now become
third largest container terminal operator with presence at Visakhapatnam,
Chennai, JNPT, Cochin and other ports.
On the demand for stopping construction of port work till finalisation
of rehabilitation plan for Gangavaram fishermen, he said they had already paid
a heavy price due to dislocation in work. "Any further delay will upset
our schedule,'' he said.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.84 |
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UK Pound |
1 |
Rs.84.78 |
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Euro |
1 |
Rs.67.32 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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