MIRA
INFORM REPORT
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Report Date : |
10.11.2011 |
IDENTIFICATION DETAILS
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Name : |
DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED |
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Registered Office : |
Delhi Airport Metro Express Depot, Near sector 8, DMRC Metro Station,
Sector 21, Dwarka, New Delhi – 110075 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.04.2008 |
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Paid up Capital : |
Rs. 0.100 Million |
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Com. Reg. No.: |
55- 176177 |
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CIN No.: [Company
Identification No.] |
U74210DL2008PTC176177 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD10545D |
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PAN No.: [Permanent
Account No.] |
AACCD8459R |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Design, Installation,
Commissioning, Operation and Maintenance of Airport Metro Express Line i.e.
New Delhi - Indira Gandhi International Airport - Dwarka Sector-21"
(project). |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 18678380 |
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Status : |
Project under implementation |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Reliance Infrastructure Company Limited. It is an
ambitious large project. The project is still under implementation stage. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions with slight caution as the project is under
implementation. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Delhi Airport Metro Express Depot, Near sector 8, DMRC Metro Station,
Sector 21, Dwarka, New Delhi – 110075, India |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Krishna P Maheshwari |
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Designation : |
Director |
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Address : |
Flat No. 1704, 4B Whispering Palm, Lokhandwala Complex, |
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Date of Birth/Age : |
24.06.1971 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Angarai N. Sethuraman |
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Designation : |
Director |
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Address : |
A1/401, |
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Date of Birth/Age : |
15.04.1952 |
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Date of Appointment : |
01.04.2008 |
KEY EXECUTIVES
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Name : |
Mr. Vivek Kumar Bansal |
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Designation : |
Company secretary |
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Address : |
697, Vikas Kunj, Vikas Puri, New Delhi – 110018, India |
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Date of Birth/Age : |
30.06.1979 |
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Date of Appointment : |
10.06.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Reliance Infrastructure Limited, Mumbai |
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9498 |
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Construcciones Y Auxiliar De Ferrocarriles, Spain |
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500 |
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Shri Krishna Prakash Maheshwari jointly with Reliance Infrastructure
Limited, Mumbai |
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1 |
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Shri Angarai Natarajan Sethuraman jointly with Reliance Infrastructure
Limited |
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1 |
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Total |
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10000 |
As on 30.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
5.00 |
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Bodies corporate |
94.98 |
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Directors or relatives of Directors |
0.02 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Design, Installation,
Commissioning, Operation and Maintenance of Airport Metro Express Line i.e.
New Delhi - Indira Gandhi International Airport - Dwarka Sector-21"
(project). |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditor : |
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Name : |
T. R. Chadha and Company Chartered Accountant |
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Address : |
B-30, Connaught Place, Kuthiala Building, New Delhi – 110001, India |
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Holding Company : |
Reliance Infrastructure Limited, Mumbai |
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Associate Company : |
Utility Powertech Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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870,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 8700.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
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Application Money Pending Allotment |
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Rs. 4669.500
Millions |
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Total |
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Rs. 4669.600 Millions |
Note
(Of the above Rs. 95000 Equity shares are held
by Reliance Infrastructure Limited the holding company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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4669.500 |
3739.000 |
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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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(0.005) |
0.000 |
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NETWORTH |
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4669.595 |
3739.100 |
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LOAN FUNDS |
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1] Secured Loans |
|
3921.839 |
0.000 |
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2] Unsecured Loans |
|
400.000 |
0.000 |
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TOTAL BORROWING |
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4321.839 |
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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8991.434 |
3739.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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27.357 |
28.639 |
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Capital work-in-progress |
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10074.264 |
3634.936 |
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INVESTMENT |
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60.125 |
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 |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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90.449 |
132.244 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
121.100 |
48.434 |
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Total
Current Assets |
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211.549 |
180.678 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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1234.768 |
38.623 |
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Other Current Liabilities |
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145.076 |
65.301 |
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Provisions |
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2.017 |
1.234 |
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Total
Current Liabilities |
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1381.861 |
105.158 |
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Net Current Assets |
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(1170.312) |
75.520 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.005 |
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TOTAL |
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8991.434 |
3739.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
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SALES |
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Income |
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--- |
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Other Income |
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--- |
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TOTAL |
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---- |
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Less |
EXPENSES |
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Misc. Exp. Written off – Preliminary Expenses |
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|
0.005 |
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TOTAL |
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0.005 |
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PROFIT BEFORE
TAX |
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(0.005) |
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Less |
TAX |
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--- |
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PROFIT AFTER TAX |
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(0.005) |
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CIF Value of Imports |
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2024.785 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.22 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
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0.15 |
1.71 |
LOCAL AGENCY FURTHER INFORMATION
Note - the registered office
address of the company has been shifted from HL Wings, 3rd Floor,
Plot No.2, Pocket 4, sector 11, Dwarka, New Delhi – 110075, India to present
address w.e.f. 01.07.2011
Background of the Company
Subject was incorporated on
April 01, 2008 to undertake the business of "Design, Installation,
Commissioning, Operation and Maintenance of Airport Metro Express Line i.e. New
Delhi - Indira Gandhi International Airport - Dwarka Sector-21" (project).
Delhi Metro Rail Corporation Limited has entered into a Concession Agreement
with the Company and Construccioness Y Auxilier Ferrocarriles SA as a
confirming party on August 25, 2008 for the project.
Financials
The project of the Company is under construction.. Accordingly all the pre-operative expenses and other miscellaneous expenses shall be capitalized on the commencement of business operations.
Project
During the year, the company has substantially completed the installation of all the systems of Airport Metro Express Line from New Delhi to Dwarka via IGI Airport. The finishing work at all the stations and civil construction at Dwarka Depot is progressing well. The Company shall soon be starting the final testing and commissioning of various systems. Board is hopeful that the Airport Metro Express Line will be become operational within the stipulated time. The company is also preparing itself for operation and maintenance phase of Airport Metro Express Line.
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74210DL2008PTC176177 |
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Name of the
company |
DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
HL Wings, 3rd Floor, Plot No.2, Pocket 4, Sector- 11,
Dwarkar, New Delhi- 110075, Delhi, India |
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Type of charge |
Uncalled share
capital Book Debts Movable Property Other Calls made but
not paid Goodwill Patent, license
under a patent Trademark Copyright or license
under a copyright |
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Particular of
charge holder |
Axis Trustees
Services Limited, E-Mail – delia.pandit@axisbank.com CIN :
U74999MH2008PLC182264 |
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Nature of
description of the instrument creating or modifying the charge |
Deed
hypothecation dated 24.03.2009 executed in favour of Axis Trustee Services Limited
acting as security trustee for the lenders Allahabad Bank, Andhra Bank, Axis
Bank, Bank of India, Canara Bank, Central Bank of India, Dena Bank, |
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Date of
instrument Creating the charge |
24.03.2009 |
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Amount secured by
the charge |
Rs.20195.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Rupee term
loan of Rs.17555.000 millions, the rate of interest shall be Axis Bank BPLR
mius a margin of 225 basis points. It is payable monthly and shall be reset yearly,
beginning one year form the date of initial disbursement as set forth in the
common rupee loan agreement dates 24.03.2009. For External
Commercial Borrowing of USD 54 million, the interest rate shall be 6 months
USD LIBOR plus a margin of 485 basis point per annum, payable monthly and
shall be reset every 6 months. Terms of Repayment Repayment of the
loan shall begin from 01.04.2012. This shall be made in 56 unequal quarterly
installments. Margin 2.33:1 Extent and Operation of the charge Toward repayment
of the principal amount of the rupee loan and the ECB loan together with
payment of all interest, additional interest in case of default, liquidated
damages, premium on prepayment, reimbursement of all costs, charges and
expenses and all other monies due to the rupee lenders and the ECB lender. Others The security
created under the attached deed hypothecation is to be a continuing security. |
|
Short particulars
of the property charged |
All the
borrower’s movable machinery spares, machinery spares, equipment, tool and
accessories, vehicles, and all other movable assets, both present and future,
save and except the project assets including but not limited to assignment of
the project documents, government approvals, insurance policies, intangible
assets etc., more particularly set out in schedule II and III of the attached
deed of hypothecation. |
Fixed Assets
- Office
Equipment’s
- IT &
Communication
- Fixture and
Furniture
- Leasehold
Property Improvement
- Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.