MIRA INFORM REPORT

Report Date :

11.11.2008

IDENTIFICATION DETAILS

Name :	S T CENTRAL WORKSHOP DIVISION OF MAHARASHTRA STATE ROAD TRANSPORT CORPORATION
Registered Office :	Opp. BSNL Office, M I D C, Chikhaidam, Mukandwadi, Aurangabad – 431210, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Year of Establishment :	1920
Legal Form :	State Government of owned corporation
Line of Business :	Provider of public transit or public transportation services in Maharashtra.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 33000000
Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is a division of Maharashtra State Road Transport Corporation owned by the Maharashtra State Government. Trade relations are fair. Business is active. No complaints have been heard from market sources. The company can be considered good for normal business dealings.

LOCATIONS

Registered Office :	Opp. BSNL Office, M I D C, Chikhaidam, Mukandwadi, Aurangabad – 431210, Maharashtra, India
Tel. No.:	91-240-2240140
Fax No.:	91-240-2485805
Website :	http://www.msrtc.gov.in/
I.A.S. Vice Chairman & Managing Director:	M.S.R.T.C., Central Office, M. V. Bhavan, Dr. A. N. Marge . Mumbai 400 008
Tel. No.:	91-22-23023905
Deputy General Manager (EDP):	EDP Center, M.S.R.T.C., Central Office, M.V.Bhavan, Dr. A.N.Marge . Mumbai 400 008
Tel. No.:	91-22-23024038
Public Relations Officer :	M.S.R.T.C., Central Office, M.V.Bhavan, Dr. A.N.Marge . Mumbai 400 008
Tel. No.:	91-22-23075539

DIRECTORS

Name :	Mr. Om Prakash Gupta
Designation :	I.A.S. Vice Chairman & Managing Director
Name :	Mr. Sudhakar Paricharak, Cabinet Minister Status.
Designation :	Chairman
Name :	Mr. Om Prakash Gupta, I.A.S.
Designation :	Vice Chairman and Managing  Director
Name :	Mr. B.D.Sanap, Labour Commissioner.
Designation :	Official Director
Name :	Mr. S.D.Shinde, Transport Comissioner.
Designation :	Official Director
Name :	Mr. S.K.Dash, Jt.Secretary,(T&A)D/ORT & H
Designation :	Central Government Official Director
Name :	Mr. G.S. Banarjee, Chief Commercial Manager (P.S.) Central Railway.
Designation :	Central Government Official Director

MANAGEMENT

Standing Committee :
Name :	Mr. Sudhakar Paricharak, Cabinet Minister Status.
Designation :	Chairman
Name :	Mr. Om Prakash Gupta, I.A.S.
Designation :	Vice Chairman and Managing   Director
Name :	Mr. G.S. Banarjee, Chief Commercial Manager(P.S.) Central Railway.
Designation :	Member
Name :	Mr. B. J. Punekar
Designation :	Secretary
Name :	Mr. B. L. Rathod, Financial Adviser & Chief Accounts Officer.
Designation :	Adviser
Tender and Store's Committee :
Name :	Mr. Sudhakar Paricharak, Cabinet Minister Status.
Designation :	Chairman
Name :	Mr. Om Prakash Gupta, I.A.S. Vice Chairman & Managing Director.
Designation :	Member
Name :	Mr. S.D.Shinde, Transport Comissioner.
Designation :	Member
Name :	Mr. K.M.Mane, General Manager(S&P).
Designation :	Secretary
Name :	Mr. J.B.Inamdar, Chief Civil Engineer.
Designation :	Jt. Secretary
Name :	Mr. B.L.Rathod, Financial Adviser & Chief Accounts Officer.   Mr. P.B.Gaidhani, General Manager (ME).
Designation :	Adviser
Production Operation and Personnel Welfare Committee :
Name :	Mr. Sudhakar Paricharak, Cabinet Minister Status.
Designation :	Chairman
Name :	Mr. Om Prakash Gupta, I.A.S. Vice Chairman & Managing Director.                                            Mr. B.D. Sanap, Labour Commissioner.
Designation :	Member
Name :	Mr. U.N.More, General Manager(Planning).
Designation :	Secretary
Name :	Mr. B.L.Rathod, Financial Adviser & Chief Accounts Officer.                                                           Mr. P.B.Gaidhani, General Manager(ME)
Designation :	Adviser
S.B. Committee :  (for recruitment for the post of officers and state cadre post in the  Corporation):
Name :	Chairman of the Corporation.
Designation :	Chairman
Name :	Vice Chairman & Managing Director.
Designation :	Member
Name :	Transport Commissioner.
Designation :	Member
Name :	Labour Commissioner.
Designation :	Member
Name :	Representative of Central Govt.
Designation :	Member
Name :	Representative of Social Welfare Dept.
Designation :	Member
Name :	Representative of Tribal Dept.
Designation :	Member
Name :	Mr. U.N. More, General Manager (P&IR)
Designation :	Secretary
Name :	Concerned Departmental Heads.
Designation :	Adviser
Negotiating Committee :
Name :	Mr. O.P. Gupta, Vice Chairman & Managing Director.
Designation :	Chairman
Name :	Mr. S.D. Shinde, Transport Commissioner.                                        Mr. B.D. Sanap, Labour Commissioner.
Designation :	Members
Name :	Chief Labour Officer.
Designation :	Secretary
Name :	Financial Adviser & C.A.O.   General Manager (P&IR)  General Manager (ME)
Designation :	Advisor
Audit Sub Committee :
Name :	Mr. Om Prakash Gupta, IAS. Vice Chairman & Managing Director.
Designation :	Chairman
Name :	Mr. B.L. Rathod, Financial Adviser & C.A.O.
Designation :	Members
Name :	Mr. R.T.Bansod Patil, Chief Internal Auditor.
Designation :	Secretary
P.F./Gratuity Fund Sub Committee :
Name :	Mr. Om Prakash Gupta, IAS. Vice Chairman & Managing Director.
Designation :	Chairman
Name :	Mr. B.L. Rathod, Financial Adviser & Chief Accounts Officer.
Designation :	Trust's Secretary
Name :	General Manager (P&IR).
Designation :	Ex. Office Trustee
Name :	Secretary, MSRT Corporation.
Designation :	Ex. Office Trustee
Name :	a) Mr. Shivajirao Chavan, Union Representative.                                                                           b) Mr. Avinash M. Jahagirdar, Union Representative.                                                                      c) Mr. Prakash B. Aagarkar, Union Representative.                                                                        d) Mr. Avinash Pandit, Union Representative.
Designation :	Members

BUSINESS DETAILS

Line of Business :

Provider of public transit or public transportation services in Maharashtra.

GENERAL INFORMATION

Bankers :

State Bank of India, Sidco

Banking Relations :	--
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
	Not Available

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
194980000	Equity Shares	Rs. 10/- each	Rs. 1949.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008 [Unaudited]	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		1949.800	1949.800
2] Interest bearing Capital Contribution		10316.100	8724.100
3] Non Interest bearing Capital Contribution		51.800	51.800
4] Grants for Specific purpose		33.100	45.900
5] Accumulated Deficit		(5801.100)	(7381.500)
NETWORTH		6549.700	3390.100
LOAN FUNDS
1] From Banks		841.100	1935.800
2] From Public		538.400	611.500
3] From Employees		851.400	970.900
4] Other Funds		1858.700	1730.700
TOTAL BORROWING		4089.600	5248.900
TOTAL		10639.300	8639.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5568.800	5246.300
Capital work-in-progress		260.400	231.200
INVESTMENT		509.100	0.800
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	686.000	502.200
	Sundry Debtors	7180.800	5758.600
	Cash & Bank Balances	601.900	384.600
	Other Current Assets	185.500	172.500
	Loans & Advances	455.400	428.000
Total Current Assets		9109.600	7245.900
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	4778.900	4051.200
	Provisions	29.700	34.000
Total Current Liabilities		4808.600	4085.200
Net Current Assets		4301.000	3160.700
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		10639.300	8639.000

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008 [Unaudited]	31.03.2007
Revenue from Passengers		37413.100	34707.900
Non Traffic Revenue		1206.200	1231.000
Total Income		38619.300	35938.900
Net Profit		1580.400	233.600
Expenditures :
	Staff cost including Welfare	12830.800	11838.200
	Diesel	12206.600	12824.800
	Stores consumption	1836.400	1874.800
	Passenger Tax and M. V. Tax	5350.800	4996.600
	Other Expenses	1876.200	1553.700
	Interest	740.000	683.200
	Depreciation	1783.300	1687.300
	Addl. Depreciation of replacement of Vehicles	354.100	400.200
Total Expenditure		36978.200	35858.800
Prior period adjustments		60.700	[153.500]

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007
PAT / Total Income	(%)	4.09	0.65
Net Profit Margin (PBT/Sales)	(%)	4.22	0.67
Return on Total Assets (PBT/Total Assets}	(%)	10.41	1.87
Return on Investment (ROI) (PBT/Networth)		0.24	0.07
Debt Equity Ratio (Total Liability/Networth)		1.36	2.75
Current Ratio (Current Asset/Current Liability)		1.89	1.77

LOCAL AGENCY FURTHER INFORMATION

Secreterial Branch

MAHARASHTRA STATE ROAD TRANSPORT CORPORATION

SECRETARIAL BRANCH

Maharashtra Vahatuk Bhavan, Dr. Anandrao Nair Marg,

Mumbai-400008

Fax 91-22-23023915 Tel : 91-22-23071524

The Maharashtra State Road Transport Corporation is established by State Government of Maharashtra as per the provision in Section 3 of RTC Act 1950.

The M. S. R. T. Corporation is operating it's services by the approved scheme of Road Transport Published vide Notification MVA 3173/ 30303-XIIA dated 29 of the official gazette.

The area covered by the scheme is entire area of the State of

TO PERFORM ITS FUNCTIONS CORPORATION VIDE SEC-12 OF RTC ACT 1950 ESTABLISHED ITS COMMITTEES as under :

1) Functions of Standing Committee :

(1) Approving Stages and fares tables of Corporation routes.

(2) Approving proposed construction on lands.

(3) Approval to constructions of MSRTC structures on various places.

(4) Inter state operation extension and other allied matters thereof.

(5) Approving power's of MSRTC units.

(6) Restructuring of administration and Consideration of proposals thereof.

(7) Stores inventory Reports and decisions instructions on these reports.

(8) The work not covered in any other Committee of MSRTC.

(9) Approving Audited expenses of Corporation prepared by Chief Account officer before submission to Corporation Board.

(10) Supervision on implementation of various decision of Corporation Board.

(11) Functions awarded by Corporation Board from time to time as under :

2) Functions of Tender & Store's Committee :

(1) Verification's of Tender's in respect of --

a) Purchase of Capital and Revenue Stores and materials.

    b) Approving Structural and other constructions within the approved limits of Corporation Board.

    c) Consideration of disposal additional material and it's system and approving it's sale rates.

3) Functions of Production Operation & Personnel Welfare Committee :

(1) Review of production efficiency schemes and performance review.

(2) Review of services and it's rationalization for improving traffic earnings .

(3) Review of preventive action taken on clandestine operations, pilferage.

(4) Passenger amenities it's good continuation and care of.

(5) Consideration of proposals employees welfare scheme.

(6) The matters relating to production, Traffic Operation and Personnel Welfare.

(7) Deciding priorities of modernization and facilities in Central Workshops, consideration and verifications of proposals of Central Workshops in relation to huge investment, projects for-eg Need priorities, annual work load, present and investments previous and present production cost, business benefits, financial and Budget position, previous construction cost, Technical screening, comparison other Corporation etc, proposals.

4) S.B. Committee :  (for recruitment for the post of officers and state cadre post in the Corporation).

Function of the S.T. services Board

(1) Matters concerned with recruitment to the Class I & Class II sanctioned post.

(2) Recruitment to the post coming under the state cadre for all the Class III.

(3) To supervise the working of the sub committees for recruitment.

Sec.18 (RTC Act 1950) General duty of Corporation :

It shall be the general duty of a Corporation so to exercise its powers as progressively to provide, or secure or the provision of an efficient, adequate, economical and properly co-ordinate system of road transport services in the State or part of the State for which it is established any extended area;

Provided that nothing in this section shall be construed as imposing on a Corporation, either directly or indirectly, any form of duty or liability enforced proceedings before any court or tribunal to which it would not otherwise be subject.

Sec. 19 (RTC Act 1950) Powers of Corporation :

(1) Subject to the provisions of this Act, a Corporation shall have power -

     a)  to operate road transport services in the State and in any extended area ;

     b)  to provide for any ancillary service ;

     c)  to provide for its employees suitable conditions of service including fair wages establishment for provident fund, living accommodation, places for recreation and other amenities ;

   d) to authorise the issue of passes to its employees and other persons either free of cost or at concessional rates and on such conditions as it may deem fit to in

     e) to authorise the grant of refund in respect of unused tickets and concessional passes.

(2) Subject to the provisions of this Act, the powers conferred by sub-sect (1) shall include power ?

     a) to manufacture, purchase, maintain and repair rolling stock, vehicles, appliances, plant equipment or any other thing required for the purpose of an activities of the Corporation referred to in sub-section (1);

         Explanation : In this clause the expression "manufacture" does not include the construction of the complete unit of a motor vehicle except for per experiment or research ;

     b) to acquire and hold such property both moveable and immovable as the Corporation may deem necessary for the purpose of any of the said activities lease, sell or otherwise transfer any property held by it ;

     c) to prepare schemes for the acquisition of, and to acquire either by agreement or compulsorily in accordance with the law of acquisition for the time being in the State concerned and with such procedure as may be prescribed, whether absolutely or for any period , the whole or any part of any undertaking of other person to the extent to which the activities thereof consist of the operation transport services in that State or in any extended area

     d) to purchase by agreement or to take on lease or under any form of tenancy any land and to erect thereon such buildings as may be necessary for the purpose of carrying on its undertaking ;

     e) to authorise the disposal of scrap vehicles, old tyres, used oils, any other stores of scrap value or such other stores as may be declared to be obsolete in the prescribed manner ;

     f) to enter into and perform all such contracts as may be necessary for the performance of its duties and the exercise of its powers under the Act,

    h) to purchase or otherwise secure by agreement vehicles, garages, sheds, office buildings, depots, land, workshops, equipment, tools, accessories to and spare part for vehicles, or any other article owned or possessed by the other of any other undertaking for use thereof by the Corporation for the purposes of its undertakings ;

     i) to do anything for the purpose of advancing the skill of persons employed by the Corporation or the efficiency of the equipment of the Corporation of the manner in which that equipment is operated, including the provisions by the Corporation, and the assistance by the Corporation to others for the         proper facilities for training, education and research ;

     j) to enter into and carry the agreements with any person carrying on business as a carrier of passengers or goods providing for the carriage of passenger good on behalf of the Corporation by that other person at a through fare or freight ;

    k) to provide facilities for the consignment, storage and delivery of goods ;

   l) to enter into contracts for exhibition of posters and advertising board on and in the vehicles and premises of the Corporation and also for advertisement and other forms issued by the Corporation to the public ;

   m) with the prior approval of the State Government to do all other things to facilitate the proper carrying on of the business of the Corporation.

(3) Nothing in this section shall be construed as authorising a Corporation, except with the previous approval of the State Government.

     i) to manufacture or maintain anything which is not required directly or indirectly for use for the purpose of the undertaking of the Corporation or to repair, provide any service for, any vehicle which does not belong to the Corporation or is not used directly or indirectly for the purpose of its

        undertakings.

    ii) to purchase any vehicle for the purpose of sale to another person ;

   iii) to sell or supply to any person lubricants, spare parts, or equipment for a accessories to vehicles ;

   iv) to let vehicles on hire for the carriage of passengers or goods except as expressly provided by or under this Act.

(4) Except as otherwise provided by this Act nothing in the foregoing provisions shall be construed as authorising the Corporation to disregard any law for the time force.

(5) Where a Corporation acquires the whole or any part of an undertaking of any other person, the Corporation shall, in appointing its officers and other employee consideration the claims of employees employed in that undertaking.

(6) The provisions of this section shall not be construed as limiting any power of a Corporation conferred by or under any subsequent provision of this Act.

Sec.20 (RTC ACT 1950 ) Extension of the operation of the road transport service of a Corporation to areas within another State :

(1) If a Corporation considers it to be expedient in the public interest to extend the operation of any of its road transport services to any route or area situated within State, it may with the permission of the State Government, negotiate with the Government of the other State regarding the proposed extension.

(2) If the Government of the other State approves the proposed extension, the Corporation shall prepare a scheme for the purpose and forward the same to the Government for its consent, and after such consent been received, the Corporation may, with the previous approval of the State Government, sanction the scheme.

(3) After the scheme has been so sanctioned, it shall be competent for the Corporation to extend the operation of its road transport service to such route or area and operation of such service is so extended, the Corporation shall operate the service on that route or in that area subject to the provisions of any law in force in the other route within which such route or area is situated.

(4) The Corporation may, from time to time, alter or extend the scheme sanctioned under sub-section (2) by a supplementary scheme prepared and sanctioned in the provided in the foregoing provisions of this section.

Sec. 21 (RTC Act 1950) Carriage of mails :

Notwithstanding anything contained in the Motor vehicles Act, 1939 (IV of 1939), a Corporation shall, if so required Central Government, carry mails at such rates and on such terms and conditions as may be specified in this behalf by the Central Government in consultation with Government.

To perform all above functions presently M.S.R.T.C. is working on 4 tier system i.e.

(1)Central Office : M.S.R.T. Corporation's Central Office is situated at Mumbai Central at " Maharashtra Vahatuk Bhavan", Dr. Anandrao Nair Marg, Mumbai 400008 in front of Mumbai Central Railway Station.

The phone numbers of officials are as under :

Officer	Direct Phone No.
Chairman	91-22-23093531
Vice Chairman & Managing Director	91-22-23085979
Jr. Managing Director	91-22-23085581
Chief Security & Vigilance Officer	91-22-22304208
Financial Adviser & Chief Accounts Officer	91-22-23023943
General Manager (Traffic)	91-22-23023930
General Manager (ME)	91-22-23023964
General Manager(P&IR)	91-22-23023991
General Manager (S&P)	91-22-23024021
General Manager(Planning)	91-22-23002013
Chief Civil Engineer	91-22-23023976
Secretary MSRTC	91-22-23023911
Chief Labour Officer	91-22-23024007
Dy. General Manager (EDP)	91-22-23024038

(2)Regional Offices : For operational and administrative supervision there are six Regional Offices -

                                   (1) Mumbai, (2) Pune, (3) Nashik, (4) Aurangabad , (5) Amravati , (6) Nagpur .

(3)Divisional Offices : Almost it is at the District Head Quarter's. There are 30 Divisional Offices working under the Head of Divisional Controller,

(4)Depots : Depot is operating unit, where buses are maintained/repaired and operated in the viscinity of Tahasil and outside areas. Depot is a generation center of M.S.R.T.Corporation. At present there are 248 depots almost situated at Tahasil places

Again there are 3 Centre Workshops situated at Dapodi(Pune, Chikhalthana (Aurangabad), Hingna (Nagpur) The main work of these work Body Building on new chasis and engine reconditioning and reconditioning of vehicles.

There are 9 Tyre Retreading Plants at- Nashik, Ratnagiri, Jalgaon, Nanded, Latur, Pune, Kolhapur , Nagpur Amravati. These plants are maretreading of tyres for vehicles.

M.S.R.T.Corporation has got it?s own Central Printing Press at Kurla, Vidyavihar, Mumbai for printing of tickets and other stationary.

MSRTC - History

     The Maharashtra State Road Transport Corporation is established by State Government of Maharashtra as per the provision in Section 3 of  RTC Act 1950.

     The M.S.R.T.Corporation is operating it's services by the approved scheme of Road Transport Published vide Notification MVA 3173/30303-XIIA dated 29.11.1973 in the official gazette.

     The area covered by the scheme is entire area of the State of Maharashtra. The undertaking is operating stage and contract carriage services in the entire area of the state of Maharashtra except S.T. undertaking defined under Section 68 A (b) of M. V. Act and other exception published in the scheme.

     The Present Maharashtra State Road Transport Corporation(M.S.R.T.C.) represents the confluence of three streams for providing passenger road transport in the public sector. These related to the Pre-1956 Reorganization states of Bombay, Madhya Pradesh and Hyderabad. However, in chronological sequence, the place of pride for providing public road transport services goes to the Hyderabad state.

     First bus having been flagged off from the Pune to Ahmednagar in 1948.

     It's a story that had a hesitant beginning, with many people then not giving the State Transport (ST) bus service more than a couple of years of existence. Standing today by this milestone of 58 years, its position of strength speaks for itself - 16,000-odd buses, 12,000 employees, about 70 lakh citizens utilizing the service daily.

     Tracing the history that saw this development, we go back to the 1920s, when various entrepreneurs started their operations in the public transport scenario. Till the Motor Vehicle Act came into being in 1939, there were no regulations monitoring their activities, and this resulted in arbitrary competition, unregulated fares.

     The implementation of the act rectified matters to an extent. The individual operators were asked to form a union on defined routes in a particular area. This also proved to be beneficial for travelers as some sort of schedule set in, with a time table, pick-up points, conductors, and fixed ticket prices. Thus continued the state of affairs till 1948, when the then Bombay State Government, with the late Morarji Desai as the home minister, started its own state road transport service, called State Transport Bombay. And the first blue and silver-topped bus took off from Pune to Ahmednagar.

     The driver and conductor used to wear khaki uniforms and peak caps. There were 10 makes of buses in use then - Chevrolet, Fort, Bedford, Seddon, Studebaker, Morris Commercial, Albion, Leyland, Commer and Fiat.

     In the early 1950s, two luxury coaches were also introduced with Morris Commercial Chassis. These were called Neelkamal and Giriyarohini and used to ply on the Pune-Mahableshwar route. They had two by two seats, curtains, interior decoration, a clock and green tinted glasses.

     In 1950, a Road Transport Corporation Act was passed by the Central Government and it delegated powers to states to form their individual road transport corporations with the Central Government contributing one-third of the capital. The Bombay State Road Transport Corporation (BSRTC) thus came into being, later changing its name to MSRTC with the re-organization of the state.

     The ST started with 30 Bedford buses having wooden bodies, coir seats and the fare charged on the Pune-Nagar route was nine paisa. Having seen the ST undergo many changes, lists them off as- increasing the seating capacity from the original 30 to 45 to the present 54, introduction of all-steel bodies to replace wooden bodies to make them stronger and cushion seats for more comfort. Later, in 1960, aluminium bodies were introduced as steel corrodes, especially in coastal areas, and the colour code also changed to red from the blue and silver. A partial night service was launched in 1956; the overnight service about a decade later and the semi-luxury class came into being during the Asian Games in 1982.

     Significantly, the ST does not only carry people but also takes care of the postal mail, distribution of medicines, newspapers and even tiffins to children studying in the bigger towns. In rural areas, it aids farmers to transport their goods to the cities. All this in the face of bad roads, recurring losses, hiked taxes and yet it retains its identity of a transport service for everybody.

      No matter what, the ST reaches every village that is connected by road, however bad it may be, truly living up to its motto of `jithe rasta, tithe ST' (where there's a road, there's a ST bus)!

M.S.R.T.C. Buses

Total Buses	15500
Simple Buses	14022
City Buses	651
Semi Comfortable	544
Mini Buses	199
Deluxe Buses	48
Air Conditioned	26
Midi	10

M.S.R.T.C. Offices

Central Office	1
Regional Offices	6
Central Workshops	3
Central Education Centre	1
Printing Press	1
Vibhagiya Karyalaya	30
Agaare	247
Bus Stops	570
Margastha Nivare	4000

Maharashtra State Road Transport Corporation (MSRTC) is a state run bus service based in Maharashtra, India which services routes to other towns and cities within the same and adjoining states. Apart from inter state cities MSRTC bus service also covers destinations like Ahmedabad, Bangalore, Goa, Indore and Surat.

History

Early bus services in Maharashtra (then part of the states of Bombay, Madhya Pradesh and Hyderabad) were started in the early 1920s largely due to efforts of local entrepreneurs. With no regulatory laws governing public transportation services these services run in adhoc manner. The Motor Vehicle Act of 1939 brought in amongst many other things, regulation of fares, standard routes and rules for governance and monitoring of public transportation providers. As a result of the act individual operators were asked to form a union on defined routes in a particular area. Bus schedules were set in, pick-up points, conductors, and fixed ticket prices were mandated.

Still passenger woes continued and then in 1948 Bombay State Government, started its own state sponsored road transport service called State Transport of Bombay. The first blue and silver-topped bus took off from Pune to Ahmednagar in 1948. In mean time, in 1950 the central government under the initiative of Morarji Desai the then home minister passed the Road Transport Corporation Act. This act delegated powers to states to form their individual road transport corporations, the central government would contribute up to a third of the establishment of such services. The Bombay State Road Transport Corporation (BSRTC) was formed following this, later on whose name was changed to Maharashtra State Road Transport Corporation after the re-organization of the states.

Structure

The main terminal is located opposite Mumbai Central Railway Station. They are popular modes of transport for locals and tourists alike. Public service to most cities is available at 30 minute intervals, and private bus service is also available at an additional cost, with prior booking. One of their most lucrative routes is the Mumbai to Pune route, via the expressway, on which buses depart on 10-15 minute intervals.

Bus Services

MSRTC runs bus services using different brand names including

Shivneri: a Dadar-Pune-Dadar Volvo bus service operating daily. The buses start at 5:30 AM and are scheduled at a intervals of 30 mins with the last bus being at 12:00.The same service is also operating on Pune-Nasik-Pune route. The frequency is low on this route.

Mahabus: An air conditioned bus service operating between Pune and Mumbai (Mantralay). Starts at 6:45 am and scheduled for every 30 min till mid night

Asiad: Asiad bus service which runs from Dadar started in the year 1982. This was the first venture of MSRTC in providing a semi luxury bus service and has been a highly successful venture.

Yatra (Festivity services): A seasonal service targeted at travellers visiting various festivities of Maharashtra.

CityBus: MSRTC's branch of services which provide intercity transportation are categorised under then CityBus services. This bus service caters to the transportation needs of mid size and smaller towns which do not have their own transportation services.

Parcel Courier service: MSRTC buses also provide the use of their buses for shipping cargo or courier services.

Tourism packages: Along with normal bus services MSRTC provides package tours whereby you can buy a single ticket to travel a selective group of tourist places in Maharashtra. The groups are mostly clubbed together based on the district they belong to.

Bus fleet

MSRTC is one of the largest fleet owners in India, operating a fleet of approximately 16,000 buses. The buses are mainly made by two companies, TATA and Ashok Leyland. The Asiads in MSRTC mostly are made by TATA Motors, Whereas the red st's are mostly made by Ashok Leyland. Now the MSRTC has all set to comeup with a new looking and all passenger oriented fleet. They have three central workshops where the bodies of their buses are built, approximately 2000 in numbers per year, which are located in Pune, Aurangabad, and Nagpur. The organisation have 9 Tyre Retrading Plants. 32 Divisional Workshops. MSRTC has the best working systems. The engine performance is the best for their vehicles. Periodic maintenance is the basic reason. It is well known for the services it caters to the masses.

Bus Depots

Mumbai Division

• Mumbai
• Paral
• Kurla Nehru Nagar
• Panvel
• Uran

Thane Division

• Thane-1
• Thane-2
• Vitthalwadi
• Bhiwandi
• Kalyan
• Murbad
• Shahapur
• Wada

Palghar Division

• Palghar
• Vasai
• Nalasopara
• Arnala
• Saphala
• Boisar
• Jawhar
• Dahanu

Raigad Division

• Pen
• Alibaug
• Karjat
• Roha
• Murud-Janjira
• Mahad
• Shrivardhan

Ratnagiri Division

• Ratnagiri
• Mandangad
• Dapoli
• Khed
• Chiplun
• Guhagar
• Devrukh
• Lanja
• Rajapur

Sindhudurg Division

• Kankavli
• Kudal
• Vijaydurg
• Vaibhavwadi
• Devgad
• Malvan
• Savantwadi
• Vengurla

[edit] Nashik Division

• Nashik
• Satana
• Malegaon
• Kalwan
• Nandgaon
• Peth
• Manmad
• Pimpalgaon
• Lasalgaon
• Panchvati
• Yeola
• Sinnar
• Igatpuri

Dhule Division

• Dhule
• Nandurbar
• Akkalkuwa
• Shahada
• Shirpur
• Dondaicha
• Sindkheda
• Navapur
• Sakri

Jalgaon Division

• Jalgaon
• Chopda
• Yawal
• Raver
• Muktainagar
• Bhusawal
• Amalner
• Erandol
• Jamner
• Pachora
• Chalisgaon

Ahmednagar Division

• Ahmednagar
• Tarakpur
• Kopargaon
• Akole
• Sangamner
• Shrirampur
• Nevasa
• Shevgaon
• Pathardi
• Parner
• Shrigonda
• Jamkhed

Pune Division

• Swargate
• Shivajinagar
• Narayangaon
• Rajgurunagar
• Shirur
• Talegaon
• Pimpri-Chinchwad
• Daund
• Saswad
• Bhor
• Baramati
• Indapur

Satara Division

• Satara
• Pargaon-Khandala
• Mahabaleshwar
• Wai
• Phaltan
• Medha
• Dahiwadi
• Koregaon
• Waduj
• Patan
• Karad

Solapur Division

• Solapur
• Karmala
• Barshi
• Kurduvadi
• Akluj
• Pandharpur
• Sangola
• Mangalwedha
• Akkalkot

Sangli Division

• Sangli
• Atpadi
• Vita
• Jat
• Kavathe Mahakal
• Tasgaon
• Islampur
• Shirala
• Miraj

Kolhapur Division

• Kolhapur
• Sambhajinagar
• Malkapur
• Nrusinhvad
• Kurundvad
• Ichalkaranji
• Kagal
• Gaganbawada
• Radhanagari
• Gargoti
• Gadhinglaj
• Ajra
• Chandgad

Aurangabad

• Aurangabad-1
• Aurangabad-2
• Soygaon
• Sillod
• Kannad
• Vaijapur
• Gangapur
• Paithan

Jalna Division

• Jalna
• Jafrabad
• Ambad
• Partur

Parbhani Division

• Parbhani
• Hingoli
• Kalamnuri
• Basmat
• Jintur
• Pathari
• Gangakhed

Beed Division

• Beed
• Gevrai
• Mazalgaon
• Ashti
• Patoda
• Dharur
• Ambejogai
• Parli

Osmanabad

• Osmanabad
• Kalamb
• Bhoom
• Paranda
• Tuljapur
• Umraga

Latur

• Latur
• Ahmedpur
• Udgir
• Aussa
• Nilanga

Nanded

• Nanded-1
• Nanded-2
• Mahur
• Kinwat
• Hadgaon
• Bhokar
• Kandhar
• Biloli
• Mukhed
• Deglur

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

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.59
UK Pound	1	Rs.74.55
Euro	1	Rs.60.57

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions