MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
MUMBAI METRO ONE PRIVATE LIMITED |
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Registered Office : |
2nd Floor, Satellite Silver Building, Andheri Kurla Road, Marol,
Andheri (East), Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
22.12.2006 |
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Com. Reg. No.: |
166433 |
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CIN No.: [Company
Identification No.] |
U45201MH2006PTC166433 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM30883G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Operating of Metro Rails in Mumbai City. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5990000 |
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Status : |
Project Under Implementation |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Reliance Infrastructure Limited, a
Reliance ADA Group Company, Veolia Transport, France and Mumbai Metropolitan
Region Development Authority (MMRDA) for construction and implementation of
Metro Rail in Mumbai City. The project is under implementation and the first
phase is expected to be completed by September 2010. Trade relations are
fair. Payments are reported as usually made as per commitments. In view of strong promoters and good capital base, the company can be
considered good normal business dealings. |
LOCATIONS
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Registered Office : |
2nd Floor, Satellite Silver Building, Andheri Kurla Road,
Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India. |
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Tel. No.: |
91-22-30091410 /
30091300 |
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Fax No.: |
91-22-30091368 |
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E-Mail : |
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Reliance Energy Customer Care Centre, Saki Naka, Andheri (East),
Mumbai 400 059, Maharashtra, India. |
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Tel. No.: |
91-22-3009 4777 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jayarama Prasad Chalasani |
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Designation : |
Nominee Director |
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Address : |
N – 14 /10, Ground Floor, DLF Phase – II, Gurgaon – 122 002, Haryana,
India. |
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Date of Birth : |
25.12.1957 |
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Date of Appointment : |
22.12.2006 |
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Name of the company or institution whose nominee the appointee is : |
Reliance Infrastructure Limited |
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Directorship in other companies : |
CIN of company: L99999MH1929PLC001530
Name of the company: Reliance Infrastructure Limited Designation: Director CIN of company: U40109MH2003PLC141376 Name of the company: Reliance Energy Trading Limited Designation: Director CIN of company: U74899DL2001PLC111527 Name of the company: BSES Rajdhani Power Limited Designation: Director CIN of company: U45207MH1995PLC094719 Name of the company: Utility Powertech Limited Designation: Director CIN of company: U40109OR1995PLC004280 Name of the company: Hirma Power Limited Designation: Director CIN of company: U40101TN1998ULL041007 Name of the company: Jayamkondam Power Limited Designation: Director CIN of company: U45201MH2006PTC162857 Name of the company: One Metro India Private Limited Designation: Director |
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E-Mail : |
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Name : |
Mr. Krishna Prakash Maheshwari |
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Designation : |
Director |
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Address : |
Flat No. 1704, 4B Whispering Palm, Lokhandwala Complex, Akruti Road,
Kandivali (East), Mumbai – 400 101, Maharashtra, India. |
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Date of Birth : |
24.06.1971 |
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Date of Appointment : |
22.12.2006 |
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Name of the company or institution whose nominee the appointee is : |
Reliance Infrastructure Limited |
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Directorship in
other companies : |
CIN of company: U45201MH2006PTC162857 Name of the company: One Metro India Private Limited Designation: Director |
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E-Mail : |
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Name : |
Mr. Thota Chandra Shekhar |
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Designation : |
Nominee Director |
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Address : |
101 – A, Pataliputra Housing Society, Four Bunglow, Andheri (West),
Mumbai – 400 053, Maharashtra, India. |
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Date of Birth : |
22.05.1961 |
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Date of Appointment : |
22.12.2006 |
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Name of the company or institution whose nominee the appointee is : |
Mumbai Metropolitan Region Development Authority |
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Directorship in
other companies : |
CIN of company: U74999MH2002PTC136793 Name of the company: Maharashtra Urban Infrastructure Development
Company Designation: Director CIN of company: U74999MH2002PLC136794 Name of the company: Maharashtra Urban Infrastructure Fund Trustee
Company Designation: Director CIN of company: L70200MH1998PLC116664 Name of the company: Shivshahi Puarvasan Prakalp Limited Designation: Director CIN of company: U99999MH1970SGC014574 Name of the company: City and Industrial Development Corporation of
Maharashtra Designation: Director |
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E-Mail : |
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Name : |
Mr. Thomas Chelikuzhil Benjamin |
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Designation : |
Nominee Director |
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Address : |
1st Floor, 1 Class, 1 Officers Quarters, Building 2,
Foreshore Road, Mumbai – 400 021, Maharashtra, India. |
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Date of Birth : |
30.09.1953 |
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Date of Appointment : |
25.04.2008 |
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Name of the company or institution whose nominee the appointee is : |
Mumbai Metropolitan Region Development Authority |
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Name : |
Mr. Ramanand Gajadhar Tiwari |
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Designation : |
Nominee Director |
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Address : |
16, Suniti, Gen. Jagannath Bhosale Marg, Near Sachivalaya Gymkhana,
Mumbai – 400 021, Maharashtra, India. |
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Date of Birth : |
03.02.1948 |
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Date of
nomination withdrawn by appointing authority : |
25.04.2008 |
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Date of Appointment : |
08.11.2007 |
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Name : |
Mr.Ratnakar Y.Gailwad |
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Designation : |
Director |
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Date of Birth : |
30.05.1952 |
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Date of Appointment : |
08.11.2007 |
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Name : |
Mr.PRK Murthy |
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Designation : |
Director |
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Date of Birth : |
01.07.1960 |
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Date of Appointment : |
08.11.2007 |
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Name : |
Mr.Kamal Kishore Parshuram Seth |
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Designation : |
Director |
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Date of Birth : |
12.05.1945 |
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Date of Appointment : |
17.11.2007 |
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Name : |
Mr.Raghavendra Raj Dalpatraj Mehta |
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Designation : |
Director |
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Date of Birth : |
06.05.1951 |
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Date of Appointment : |
17.11.2007 |
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Name : |
Mr.Ramesh Ganpati Shenoy |
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Designation : |
Director |
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Date of Birth : |
07.10.1949 |
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Date of Appointment : |
17.11.2007 |
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Name : |
Mr.Deepak Maheshwari |
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Designation : |
Director |
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Date of Birth : |
25.09.1969 |
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Date of Appointment : |
17.11.2007 |
KEY EXECUTIVES
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Name : |
Mr. Shailesh Kumar Daga |
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Designation : |
Company Secretary |
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Address : |
Flat No.421, Tower No.6, Soham Park, Hari Om Nagar, Mulund (East),
Mumbai – 400 081, Maharashtra, India. |
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Date of Birth : |
23.08.1973 |
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Date of Appointment : |
01.01.2007 |
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Tel. No.: |
91-22-30091302 |
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Fax No.: |
91-22-30091368 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 18.12.2006
|
Names of Shareholders |
No. of Shares |
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Mr. Jayarama Prasad Chalasani |
1 |
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Reliance Infrastructure Limited |
6899 |
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Dr. T. Chandra Shekhar |
2600 |
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Veolia Transport |
500 |
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Total |
10000 |
As on 12.12.2007
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Names of Allottees |
No. of Shares |
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Reliance Infrastructure Limited |
69000000 |
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Mumbai Metropolitan Region Development Authority |
26000000 |
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Veolia Transport |
5000000 |
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Total |
100000000 |
AS PER REGISTRY RECORDS
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Names of Shareholders |
No. of Shares |
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Reliance Infrastructure Limited |
69006900 |
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Mumbai Metropolitan Region Development Authority |
26002600 |
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Veolia Transport SA |
5000500 |
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Total |
100010000 |
BUSINESS DETAILS
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Line of Business : |
Operating of Metro Rails in Mumbai City. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chartered Accountants Address: 1, Smruti, Ground Floor, M V Panloskar Road, Near Hanuman Cross
Road No.2, Vile Parle(East), Mumbai – 400 057, Maharashtra, India.
Chartered Accountants Address: Ambit RSM House, 449, Senapati Bapat Marg, Lower Parel,
Mumbai – 400 013, Maharashtra, India. |
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Tel No.: |
91-22-26121428 |
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Fax No.: |
91-22-26100092 |
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Holding Company : |
Reliance Infrastructure Limited CIN No.: L99999MH1929PLC001530
Reliance Infrastructure Limited CIN No.: L99999MH1929PLC001530 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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150000000 |
Equity Shares |
Rs.10/- Each |
Rs.1500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100010000 |
Equity Shares |
Rs.10/- Each |
Rs.1000.100
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
22.12.2006 TO 31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1000.100 |
0.100 |
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2] Share Application Money |
|
209.447 |
75.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(11.609) |
0.000 |
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NETWORTH |
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1197.938 |
75.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1197.938 |
75.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
28.945 |
15.284 |
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Capital work-in-progress |
|
464.969 |
48.692 |
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INVESTMENT |
|
601.846 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.577 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
2.197 |
47.576 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
140.615 |
2.505 |
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Total
Current Assets |
|
143.389 |
50.081 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
|
39.721 |
49.317 |
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Provisions |
|
1.490 |
0.250 |
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Total
Current Liabilities |
|
41.211 |
49.567 |
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Net Current Assets |
|
102.178 |
0.514 |
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MISCELLANEOUS EXPENSES |
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0.000 |
10.610 |
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|
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TOTAL |
|
1197.938 |
75.100 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
22.12.2006 TO 31.03.2007 |
|
|
Total Expenses |
|
11.609 |
NA |
|
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|
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|
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Profit/(Loss) Before Tax |
|
(11.609) |
NA |
|
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Provision for Taxation |
|
0.000 |
NA |
|
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Profit/(Loss) After Tax |
|
(11.609) |
NA |
|
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|
|
|
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Expenditure in Foreign Currency : |
|
|
|
|
|
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Professional and Consultation fees |
|
144.209 |
NA |
|
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Others |
|
0.328 |
NA |
|
|
Stores and Spares |
|
0.000 |
NA |
|
|
|
144.537 |
NA |
|
|
|
|
|
|
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CAPITAL WORK IN PROGRESS |
|
|
|
|
|
|
Advertisement Cost |
|
0.532 |
3.816 |
|
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Audit Fees |
|
0.281 |
0.197 |
|
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Bank Charges |
|
0.946 |
0.000 |
|
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Books and Periodicals |
|
0.675 |
0.124 |
|
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Depreciation |
|
3.619 |
1.909 |
|
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Electricity Expenses |
|
2.955 |
0.273 |
|
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Employee Cost |
|
41.029 |
15.318 |
|
|
FBT |
|
1.945 |
0.250 |
|
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Insurance |
|
3.734 |
0.525 |
|
|
Legal
Fee |
|
11.130 |
0.000 |
|
|
Miscellaneous Expenses |
|
16.444 |
0.295 |
|
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Priting and Stationery |
|
2.098 |
0.363 |
|
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Professional Fees |
|
289.275 |
16.718 |
|
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Loss on sale of Investments |
|
0.044 |
0.000 |
|
|
Rent, Rates and Taxes |
|
48.234 |
5.443 |
|
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Repairs and Maintenance |
|
1.312 |
1.334 |
|
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Staff Welfare |
|
0.689 |
0.000 |
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Telephone Expenses |
|
1.337 |
0.091 |
|
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Traveling – Directors |
|
1.594 |
0.000 |
|
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Traveling and Conveyance |
|
8.026 |
2.036 |
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Total |
|
435.899 |
48.692 |
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Income |
|
|
|
|
|
Dividend Income |
|
15.595 |
0.000 |
|
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Interest Income |
|
6.107 |
0.000 |
|
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Total Income |
|
21.702 |
0.000 |
|
|
|
|
|
|
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Sub Total |
|
414.197 |
48.692 |
|
|
Provision for income Tax |
|
2.080 |
0.000 |
|
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Grant Total |
|
416.277 |
48.692 |
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Note: - Business Operations:
During the year under review, the SC did not carry out any revenue service
activities.
KEY RATIOS
|
PARTICULARS |
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|
31.03.2008 |
22.12.2006 to 31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.03 |
0.66 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.48 |
1.01 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The address of the registered office of the company has been
shifted from E – 4(I), 3rd Floor, MIDC Area, Marol, Andheri (East),
Mumbai – 400 093, Maharashtra to the present address w.e.f. 29.03.2007.
BUSINESS
The SC was incorporated on 22nd December
2006 to implement the elevated Mass Rapid Trasport System Project along the Versova-Andheri-Ghatkopar
(VAG) corridor in Mumbai. It is a Joint Venture SC formed by Reliance Energy
Limited, Mumbai Metrolitan Region Development Authority (MMRDA) and Veolia
Transport SA, France.
STATUS OF THE PROJECT
During the year 2007-08, the subject has made
substantial progress in all aspects of project implementation. The subject has
completed all preliminary design and engineering works as well as all necessary
engineering surveys, studies and investigations. The SC has obtained all major
statutory approvals authorizations from the civic agencies. The SC has
completed a substantial portion of its tendering and procurement activities for
all the major packages.
The SC has awarded the civil works contracts
for construction of viaduct and stations. Civil construction work commenced in
February 2008 and is under progress.
Mumbai Metro achieves financial closure
Special Correspondent
MMRDA will provide Rs.6500 Millions grant
Assets are not charged
as security
MUMBAI: Subject, a joint venture between Reliance Infrastructure,
Franceâs Veolia Transport and Mumbai Metropolitan Regional Development
Authority (MMRDA), on Saturday signed the loan agreements to raise debts
totalling Rs.11940 Millions, and achieved the financial closure for the first
line of Mumbai Metro Varsova-Andheri-Ghatkopar corridor.
Subject has raised the debt from a group of banks led by IDBI,
Corporation Bank, Karur Vysya bank, Canara Bank, Indian Bank and Oriental Bank
of Commerce. IIFCL (U.K.) is providing the foreign currency loan for the
project. The project, being built at a cost of Rs.23560 Millions, will have a
debt component of Rs.11940 Millions, while the equity is Rs.5120 Millions.
MMRDA, the concessioning authority, will provide a capital grant Rs.6500
Millions.
The cost of borrowing for the rupee component, which constitutes about
75 per cent of the total debt, will be 12.25 per cent, while the foreign
currency loan will be at 3.5 per cent above LIBOR (London Inter-Bank Offered
Rate).
“The debt has been raised amidst a tight global liquidity position,
based on a unique funding model, where the only recourse available to the
lenders is to the cash flow generated from the project instead of the project
assets. The repayment has also been structured in a manner that gradually
increases over a period in sync with the increasing traffic revenue generated
by the project. This model of financing for an urban infrastructure project is
first of its kind for most Indian banks and financial institutions,” stated a
company release.
“The repayment model is also unique as for the first time the project’s
assets are not charged to the lender as security,” said Mr. Maheshwari,
Director.
“The project is ahead of schedule and is slated to be completed by July
2010.”
First Metro line
clears funds hurdle
14 Oct 2008, 0602 hrs IST, Chittaranjan
Tembhekar,TNN
MUMBAI: The city's first Metro line will not be mortgaged to banks.
However, the 11 lakh commuters expected to use the Metro services daily are now
being considered as the source for repayment of the Rs.11940 Millions loan
taken from various financial institutions.
Announcing their action plan and a revised deadline for the first metro rail
line between Versova and Ghatkopar via Andheri, subject on Monday said the
route will be ready by September 2010, 18 months ahead of the deadline of March
10, 2012, earlier set according to the project agreement between the Reliance
Energy and the state government.
"The project has achieved monetary support. They have tied up all the
funds for different works to ensure speedy construction work,'' said director
of company K P Maheshwari. According to him, this is the first metro line in
the country to get all financial clearances from the banking institutions
involved and the government agencies.
He added that the financial closure came in today after IDBI, Corporation Bank,
Karur Vyasa Bank, Canara Bank, Indian Bank, Oriental Bank of Commerce and IIFCL
(UK), who have provided loans for the work, confirmed that the project had
potential to generate funds just through passenger tariff.
The debt has been raised amid a tight global liquidity position, based on a
unique funding model, where the only recourse available to the lenders is the cash
flow generated from the project. The repayment has also been structured in a
manner that gradually increases over a period of time in sync with the
increasing traffic revenue generated by the project. This model of financing
for an urban infrastructure project is first of its kind for most Indian banks
and financial institutions, said Maheshwari.
Subject started work on the project in February this year. “Now our project
will not get stopped for funds at least,” he said.
Subject is a joint venture between Reliance Infrastructure, Frances Veolia
Transport and Mumbai Metropolitan Regional Development Authority. On Monday,
they signed the loan agreements to raise debts totalling Rs.11940 Millions.
The project, being built at a cost of Rs.23560 Millions will have debt
component of Rs11940 Millions. While the equity is Rs.5120 Millions, MMRDA will
provide a capital grant Rs.6500 Millions.
More government
share in Metro
14 Oct 2008, 0040 hrs IST,TNN
MUMBAI: The Mumbai Metro's third line from
Colaba to Bandra, slated to cost Rs.120000 Millions, might be implemented on a
new model in which the state government becomes a majority partener and has a
greater say in the project as compared to the private partners.
Senior government officers said that the new
model is based on the Delhi Metro Rail Corporation's (DMRC) arrangement with
Reliance Infrastructure Limited for the new line that links New Delhi Railway
station with the international airport at Palam.
If carried through, it will mark a departure
from the model for the first line of the Mumbai Metro which is being done on
the private public partnership (PPP) model in which the private company holds a
majority stake. The second line is also scheduled to be built on this model.
Senior officials at Mantralaya pointed out
that the new model will envisage the state government taking up construction of
the pillars and the track of the railway line, while the private partener would
take up the purchase of the rolling stock (rakes) and operate the line.
Officials estimate that the state government
would spend 70% of the costs, leaving the private operator with a minor 30 per
cent stake. Moreover, after operating the line for 30 to 35 years, the private
party will hand it back to the government.
The first line of the Mumbai Metro, from
Versova to Ghatkopar, expected to be ready in four years, is being implemented
through a special purpose vehicle called Mumbai Metro One in which REL has the
major stake with the Mumbai Metropolitan Region Development Authority (MMRDA)
and a French multinational Veolia holding the rest of the equity.
Both the first and second line, from Charkop
to Bandra to Mankhurd, will be built by the special purpose vehicle and then
operated for 35 years before being handed back to the government.
The discussion about changing the model
follows close on the heels of senior officials of the state government having
second thoughts about depending heavily on the private sector for running
infrastructure pprojects.
"The Colaba-Bandra line will cost Rs.120000 Millions -- a high price -- as
it is expected to be underground. It might not find many takers in the private
sector as it is a huge cost,'' said officials. "So, it makes sense for the
government to step in and try and increase its investment in the project,''
they said, pointing out that the model will help the government avoid viability
gap fund that would burden the government exchequer.
Subject is a Special Purpose Vehicle (SPV)
incorporated under the Companies Act, 1956 to implement the Versova- Andheri-
Ghatkopar (VAG) Metro corridor in Mumbai. It is a Joint Venture Company formed
by Reliance Infrastructure Limited, a Reliance ADA Group Company, Veolia
Transport, France and Mumbai Metropolitan Region Development Authority (MMRDA).
Reliance Anil
Dhirubhai Ambani Group is one of the top three Business Groups
of India, with net worth of over US$ 8 billion #.
The net Group Market Capitalization of the group is over US$ 22
billion #. The group has over 50 million customers,
which is by far the largest in India. The group has 8 million shareholders –
among the largest in the world.
Reliance
ADA Group has its foray into Power, Infrastructure, Communications, Media,
Entertainment and Health, Financial Services, and Natural Resources.
Reliance Infrastructure Limited
Reliance
Infrastructure Limited , incorporated in 1929, is a fully integrated utility engaged
in the generation, transmission and distribution of electricity. It ranks among
India’s top listed private companies on all major financial parameters,
including assets, sales, profits and market capitalization.
It
is India’s foremost private sector utility with aggregate estimated revenues of
Rs.95000 Millions (US$ 2.1 billion) and total assets of Rs.107000 Millions (US$
2.4 billion).
Reliance
Infrastructure Limited distributes more than 21 billion units of electricity to
over 25 million consumers in Mumbai, Delhi, Orissa and Goa, across an area that
spans 1,24,300 sq. kms. It generates 941 MW of electricity, through its power
stations located in Maharashtra, Andhra Pradesh, Kerala, Karnataka and Goa.
The
company is currently pursuing several gas, coal, wind and hydro-based power
generation projects in Maharashtra, Uttar Pradesh, Arunachal Pradesh and
Uttaranchal with aggregate capacity of over 12,500 MW. These projects are at
various stages of development.
Veolia Transport is part of the
Veolia Environment Group, a Fortune 128 company with revenues of $ 32 billion
and profit (EBIT) of $ 2 billion. The company specializes in land and sea
transportation. Apart from transportation the other businesses of the group are
Water, Waste Management and Energy.
Veolia
Transport is the largest transport operator of the world, with presence in four
continents covering more than 25 countries.
Veolia
Transport has placed its mobility management know-how at the service of local
authorities which have entrusted it with their transit systems as delegated
public-utility operations since 1876.
The
company with strength of around 72,302 employees provides responsive services
whose reliability, comfort and quality are truly world class, with respect for
economic, social and natural environments.
Europe
's leading private operator in public transportation, Veolia Transport operates
30,757 road vehicles, sea vessels and trains and carried over 2.5 billion
passengers during 2005 over a total distance of 1.6 billion kilometers. The
company generated a turnover during 2005 of €4.35 billion, an increase of 21.2%
compared with 2004.
Mumbai Metropolitan Region Development Authority
(MMRDA) is responsible for the development of Mumbai
Metropolitan Region (MMR) which comprises the Megacity of Mumbai - the capital
of Maharashtra State.
MMRDA
was set up on the 26th January, 1975 under the Mumbai Metropolitan Region
Development Authority Act, 1974 by the Goverment of Maharashtra as an apex body
for planning and co-ordination of development activities in the Region.
In
order to implement these strategies, MMRDA prepares plans, formulates policies
and programmes and helps in directing investments in the Region. In particular,
it conceives, promotes and monitors the key projects for developing new growth
centres and brings about improvement in sectors like transport, housing, water
supply and environment in the Region. Moreover, if a project is of particular
significance, the MMRDA takes up the responsibility for its implementation.
MMRDA
is the Nodal Agency for development of the Metro System in Greater Mumbai. It
is also the Concessioning Authority for VAG Corridor, to provide Viability Gap
funding to the SPV.
First metro line hits a roadblock in Andheri
29 Aug 2008, 0609 hrs IST, Chittaranjan Tembhekar,TNN
MUMBAI: Work on the city's first Metro rail
corridor between Versova and Ghatkopar via Andheri has once again hit a hurdle.
Work on the project began in January after a delay of two years.
This time around, the Western Railway (WR)
has asked the Reliance Energy-led implementing agency, the subject, to wait for
a final clearance for the proposed line that is to be constructed above
existing WR tracks near Andheri station. WR has stated that it will decide on
the subject proposal only after receiving the feasibility report on its
proposed elevated corridor between Churchgate and Virar.
C P Sharma, WR DRM, said, "The
feasibility study for the elevated corridor project will take about six months
(to be completed ). The process of appointing the consultancy is underway.''
According to Sharma, the laying of the Metro rail track above the existing WR
tracks could hamper the proposed elevated track.
Interestingly, the WR had earlier given an
in-principal nod to this metro corridor, which is nearly one-km long and falls
between SV Road on the western-end of the Andheri station and the Agarkar Chowk
towards the eastern end of the Andheri station.
Senior Reliance Energy officials said the
general agreement drawings of the Metro have been with the WR for the last 10
months. "They are asking them to either go underground or seven metres
above their proposed elevated track (that is, nearly 14 metres above the
ground). Changing drawings and alignments at this stage may delay the project
by a year,'' source said.
Meanwhile, MMRDA commissioner Ratnakar Gaikwad
was confident that the row will be resolved amicably. "The WR had
in-principal given its nod to the project.''
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 records 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.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
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 |
|