MIRA
INFORM REPORT
|
Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
MUMBAI RAILYWAY VIKAS CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
MTP Railways, 2nd Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
12.07.1999 |
|
|
|
|
Com. Reg. No.: |
11-120765 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 250.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203MH1999GOI120765 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM23844C MUMM23997B MUMM20701C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM1284B |
|
|
|
|
Legal Form : |
A Closely Held Public
Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Railway Transport Services.
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 5200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a union government company. It is a well established and a
reputed company having fine track records. The creditors and lenders can be confident
of their exposures in the company, subject being a government company. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
MTP Railways, 2nd Floor, |
|
Tel. No.: |
91-22-22080015 / 22014623 |
|
Fax No.: |
91-22-22096972 / 22096972 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Ajay Kumar Goyal |
|
Designation : |
Chairman (up to 09.08.2010) |
|
Address : |
29, Railway Colony, Sardar Patel Marg, New Delhi-110001, |
|
Date of Birth/Age : |
02.01.1951 |
|
Date of Appointment : |
24.03.2009 |
|
|
|
|
Name : |
Mr. Parmod Chander Sehgal |
|
Designation : |
Managing Director |
|
Address : |
Ircon Falt No. C 402, |
|
Date of Birth/Age : |
19.04.1951 |
|
Date of Appointment : |
12.06.2006 |
|
|
|
|
Name : |
Mr. Pradeep Kumar Niranjan Lal Sharma |
|
Designation : |
Director (Projects) |
|
Address : |
R-145, |
|
Date of Birth/Age : |
28.10.1954 |
|
Date of Appointment : |
08.04.2008 |
|
|
|
|
Name : |
Mr. Naresh Mangal Chandra |
|
Designation : |
Director (Technical) |
|
Address : |
P 46, |
|
Date of Birth/Age : |
04.02.1957 |
|
Date of Appointment : |
14.10.2008 |
|
|
|
|
Name : |
Mr. Nisheeth Mohan Misra |
|
Designation : |
Director (Finance) |
|
Address : |
No.1, Beryl House, Wode House, Colaba, Mumbai-400059, |
|
Date of Birth/Age : |
11.04.1954 |
|
Date of Appointment : |
17.03.2009 |
|
|
|
|
Name : |
Mr. S V R Srinivas |
|
Designation : |
Director (Resettlement and Rehabilitation) |
|
|
|
|
Name : |
Mr. Murthy Radhakrishna Paparaju |
|
Designation : |
Director (Infrastructure and Commercial Development) |
|
Address : |
A-501, Amar CHS, Thakur Complex, Kandivali (East), Mumbai-400101, |
|
Date of Birth/Age : |
01.07.1960 |
|
Date of Appointment : |
31.01.2005 |
|
|
|
|
Name : |
Mr. Arun Kumar Tiwari |
|
Designation : |
Part Time Official Director (IR) |
|
Address : |
209-2010, Rail Niwas, |
|
Date of Birth/Age : |
24.08.1950 |
|
Date of Appointment : |
12.01.2009 |
|
|
|
|
Name : |
Mr. Thomas Chelikuzhil Benjamin |
|
Designation : |
Part Time Official Director (GOM) |
|
Address : |
1st Floor, Room No.1, Class 1 |
|
Date of Birth/Age : |
30.09.1953 |
|
Date of Appointment : |
20.06.2008 |
|
|
|
|
Name : |
Mr. Gulshan Rai Madan |
|
Designation : |
Part Time Non-Official Director (Up to
25.05.2010) |
|
Address : |
79/501, Panchvati Vasant Vihar, Thane West, Thane-400601, |
|
Date of Birth/Age : |
03.02.1942 |
|
Date of Appointment : |
25.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
President of |
|
127496 |
|
Governor Maharashtra |
|
122497 |
|
Subhosh Kumar |
|
1 |
|
Johny Joseph |
|
1 |
|
T C Benjamin |
|
1 |
|
Ram Mohan S |
|
1 |
|
V K Dutt |
|
1 |
|
A K Tiwari |
|
1 |
|
Rakesh Chopra |
|
1 |
|
|
|
|
|
Total |
|
250000 |
AS ON 18.09.2009
|
Category |
|
Percentage |
|
|
|
|
|
Government (Central and State) |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Railway Transport Services. |
GENERAL INFORMATION
|
Bankers : |
·
Bank of India ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indusind Bank Limited ·
Royal Bank of Scotland (Formerly ABN Amro Bank) ·
Union Bank of India ·
HDFC Bank ·
Yes Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: # Includes Rs.
3495.536 millions paid directly by World Bank to the Suppliers. @ An amount of
Rs. 1725.187 millions is included in Government of Maharashtra (GoM) and an
amount of Rs. 1770.348 millions is included in Ministry of Railway (MoR) on
account of payments made by the World Bank on behalf of GoM and MoR directly
to the Suppliers. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Joshi Nair and Associates Chartered Accountant |
|
Address : |
A-201, Mangal Arambh, Opposite S V Road, Near Kora Kendra, Borivali
(West), Mumbai-400092, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.1000/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.1000/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Notes:
Of the above,
following equity shares were allotted to :
Ministry of
Railways (127,500 Equity Shares ) : 127.500 Millions
Government of
Maharashtra (122,500 Equity Shares)
: 122.500 Millions
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
250.000 |
250.000 |
250.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1072.732 |
814.756 |
638.415 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1322.732 |
1064.756 |
888.415 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Funds For The Project |
2343.956 |
2087.513 |
2594.787 |
|
|
TOTAL BORROWING |
2343.956 |
2087.513 |
2594.787 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3666.688 |
3152.269 |
3483.202 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.234 |
24.481 |
17.293 |
|
|
Capital work-in-progress |
278.701 |
212.824 |
115.816 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
2863.071
|
2308.968
|
3027.619 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
6542.216
|
4769.235
|
2340.839 |
|
Total
Current Assets |
9405.287
|
7078.203 |
5368.458 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3372.273
|
3024.961
|
1838.911 |
|
|
Other Current Liabilities |
2670.435
|
1137.813
|
179.306 |
|
|
Provisions |
0.826
|
0.594
|
0.406 |
|
Total
Current Liabilities |
6043.534
|
4163.368 |
2018.623 |
|
|
Net Current Assets |
3361.753
|
2914.835
|
3349.835 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.129 |
0.258 |
|
|
|
|
|
|
|
|
TOTAL |
3666.688 |
3152.269 |
3483.202 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Direction and General Charges |
142.808 |
104.590 |
51.437 |
|
|
|
Other Income |
275.567 |
259.240 |
278.078 |
|
|
|
TOTAL (A) |
418.375 |
363.830 |
329.515 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Establishment Expenses |
107.773 |
110.011 |
53.722 |
|
|
|
Administrative and Operational
Expenses |
48.793 |
47.109 |
48.674 |
|
|
|
Preliminary Expenses Amortized |
0.129 |
0.129 |
0.129 |
|
|
|
TOTAL (B) |
156.695 |
157.249 |
102.525 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
261.680 |
206.581 |
226.990 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
0.000 |
6.758 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
261.680 |
199.823 |
226.990 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.279 |
2.524 |
1.888 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
258.401 |
197.299 |
225.102 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.00 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
258.401 |
197.299 |
225.102 |
|
|
|
|
|
|
|
|
|
Less / Add |
PRIOR PERIOD
ADJUSTMENT |
0.426 |
20.958 |
(1.017) |
|
|
|
|
|
|
|
|
|
|
EXCESS OF INCOME
OVER EXPENDITURE |
257.975 |
176.341 |
226.119 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
814.756 |
638.415 |
412.296 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1072.731 |
814.756 |
638.415 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1033.61 |
789.20 |
900.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
61.76
|
54.23 |
68.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
180.94
|
188.64 |
437.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.74
|
2.78 |
4.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.19 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.34
|
5.87 |
5.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.70 |
2.66 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
Subject has
reported surplus of Rs. 258.000 millions for the financial year ended 31st
March 2010 as against Rs.176.300 millions for the previous financial year ended
31.03.2009. The total income of the company for the year ended 31st March 2010
is Rs.418.400 millions as against Rs. 363.800 millions last year. The interest
income from the bank deposit is Rs. 272.000 millions as against the
corresponding figure of Rs. 256.700 millions. The interest income as well as
the total income of subject for the year ended 31.03.2010 is the highest ever
since the inception of subject. The total surplus of the Company as on 31st
March 2010 stood at Rs. 107.27 millions as against Rs. 814.800 millions in the
last year. This performance is achieved inspite of lower interest rate regime
prevailing during the entire financial year. The total expenditure is Rs.
160.000 millions vis-ŕ-vis Rs. 166.500 millions last year registering reduction
of approximately Rs. 6.500 millions.
No provision of
Income Tax has been made since the Company has obtained exemption under Section
12A of the Income Tax Act, 1961. Company ploughs backs its surplus for the
furtherance of the objectives of the Company within a period of 5 years of
accrual of such surplus in compliance of Income Tax Act, 1961.
MUTP (Rail
Component) Project expenditure during the financial year ended 31st
March 2010 was Rs.10138.300 millions as against Rs.9621.700 millions in the
previous financial year ended 31st March 2009. This was the highest project
expenditure since the inception of the project execution.
The financing
model of Subject is Public-Public-Participation. The cost of the project is
being shared equally by Ministry of Railways and Government of Maharashtra.
Approximately 50% of the project cost is raised through World Bank loan. The
repayment of the loan to World Bank is done by Ministry of Railways and
Government of Maharashtra in equal ratio by levying surcharge on the existing
fares.
Railway Infrastructure Projects:
Mumbai Suburban
System has got 1000 coaches in March 2010. These coaches have been received in
approximately 30 months on Mumbai Suburban Rail System which is a world record
as no city has got these numbers of coaches in only 30 months.
WORKS HANDLED BY
MRVC:
Some of the major
works handled by Subject during the year are as follows:
EMU Procurement / Manufacture:
By August 2010
end, 98 twelve car new design EMU rakes have been manufactured by lCF out of
which 59 rakes are against MRVC contract and 39 are against GP-I 94 contract.
After receipt of the new rakes. 401 additional
services have been
introduced on Central and Western Railway and 479 services have been augmented
from nine-car to twelve-car rakes. More than 23% additional carrying capacity has
been generated and also over-crowding level has come down by more than 14% for
the first time in Mumbai Suburban Rail Network.
DC to AC Conversion:
The works of
traction sub-station and switching post required for DC-AC conversion of
Borivali-Churchgate Section, Western Railway have been completed by Subject.
These facilities will be commissioned after getting adequate no. of EMU rakes
required for Borivali-Churchgate section.
Procurement of EMU
Bogies:
The contract for
procurement of 108 new design EMU bogies has been signed with M/s. Siemens
Transportation System GmBH and Company KG, Graz, Austria on 18.12.2008. The
prototype inspection and testing of the first rake set has been witnessed by
RDSO in January 2010 and these bogies have now been received at ICF. These
bogies will have higher deceleration, higher speed potential, higher axle load
and improved riding index.
Performance of MoU
2009-10:
Based on the
evaluation of performance of MoU for the year 2008-09, the rating of Subject
has been confirmed as ‘Excellent’ by Department of Public Enterprises (DPE).
The provisional evaluation of performance of MoU for the
year 2009-10 is
also expected to be ‘Excellent’.
Virar Car Shed:
The works of Virar
Car Shed is in full swing. The work of stabling lines for 12 car rakes has been
completed. The work of inspection shed, electrical shed, administrative
building and staff quarters etc. are in progress. Pit-wheel lathe has been
received. The procurement of other machinery and plants required for the shed
is in progress.
5th Line
Mahim-Santacruz:
The work of
providing underpass below the Western Express Highway, Bridge over Mithi River
and extension of other minor bridge for 5th and 6th lines have been completed.
The work on other service building structures is also nearing completion. The
track work of Mahim-Santacruz will be taken along with the work of 6th line
between BCT-Borivali sanctioned in MUTP Phase II.
Creation of
facilities for running EMUs in Virar-Dahanu Section:
The work of
creating facilities for running EMU services up to Dahanu Road being executed
by Subject has been completed. Western Railway now needs to plan running of EMU
services up to Dahanu Road based on the availability of the EMU rakes.
Study for running
15 car trains:
MRVC had given a
consultancy to M/S. RITES Limited for running of 15 car trains on Mumbai
Suburban sections. The final report has been submitted by M/S RITES Limited.
Based on the reports, Western Railway has introduced running of 15 car EMU
services between Dadar and Virar.
MUTP Phase II
works :
World Bank funded
projects
MUTP Phase II has
been bifurcated into two parts, i.e. MUTP 2A and MUTP 2B.
MUTP 2A involves
financing from the World Bank.
Loan of USD 430
million from World Bank :
World Bank has sanctioned
the loan of USD 430 million (Rs. 19100.000 millions) for MUTP-2A. The loan
agreement has been signed between Government of India and World Bank and also
Project Agreements have been signed between GoM and World Bank and also between
MRVC and World Bank. The progress of major infrastructure works under MUTP
Phase II is as follows :
(1)
Procurement of EMU rakes:
Under MUTP Phase
II, 72/12 car rakes have been planned to be procured. The bid for electrics
have been invited and it is expected that the contract will be finalized during
2010-11.
(2)
Other World Bank funded Contract:
The bids for
supply, installation and commissioning of 1100 KV cables has been finalised and
the contract has been awarded. The execution of the work has been started. The
bids for supply, installation and commissioning of Digital Axle Counter (DAC)
and design, supply and installation commissioning of 110 kV/25 kV traction
sub-station along with switching posts have been invited. It is expected that
both these contracts would be finalized during 2010-11.
(3)
Andheri-Goregaon Extension of harbour line:
The work of
extension of Bridges and civil work is progressing well. The work of
construction of station building will be started soon.
(4)
Stabling lines :
The contracts for providing
47 nos. stabling lines have been finalized. Civil works are progressing in full
swing.
AWARDS :
Following awards
have been received by MRVC and MD/MRVC during the year 2009-10.
|
Name of the Award |
Organization |
Year |
|
Vishveshvaraiya Construction Excellence Awards 2008 for ‘Life Time
Achievement’ |
Construction and Business 2009 Records |
2009 |
|
Performance
Excellence award for ‘Financial and Operational Strength” |
Indian Institution of Industrial Engineering |
2009 |
|
Business Excellence
Award of the year’ |
Institute of
Economic Studies, New Delhi |
2009 |
|
Stevie Award for
“Executive |
Asia
Sub-continent, New York |
2009 |
|
Performance
Excellence Award |
Infra 2009, New
Delhi |
2009 |
|
Felicitated with
1st prize for writing Technical Book
in Hindi |
Railway Board |
2010 |
|
Felicitated with
Kamlapati Tripathi Gold Medal |
Railway Board |
2010 |
|
Excellence in
Project Management Award |
Indian Institute
of Industrial Engineering (IIIE) |
2010 |
FUTURE PLANS OF MRVC:
The future plans
of MRVC are Introduction of 15 car train on the suburban system to create
additional capacity and Introduction of modern signalling system. Subject has
also taken the initiative to launch future MUTP Phase III. The major works
identified are :-
• New Suburban
line on Virar-Vasai-Diva-Panvel section.
• 3rd and 4th Line
Virar-Dahanu Road.
• Running of 12
–coach trains on Harbour Line.
• 5th & 6th
Lines Borivali-Virar.
• Extension of
Harbour Line from Goregaon to Borivali.
• Introduction of
15-coach trains on Central and Western Railways mainline.
• Improved
signalling system for headway reduction.
• Provision of fast corridor on Harbour
Line.
CAPITAL STRUCTURE:
As on 31st March
2010 paid up capital of the Corporation stood at Rs. 250.000 millions. The
Government of India holds 51% of the paid up share capital amounting to Rs.
127.500 millions and Government of Maharashtra holds 49% of the paid up share
capital amounting to Rs.122.500 millions of the Corporation. During the year,
there was no change in the paid up share capital.
FIXED ASSETS
v Computer
v Office Equipment
v Furniture and Fixture
v Vehicles
NEWS
PRESS RELEASE
WORLD BANK MISSION CALLS FOR SPEEDIER
IMPLEMENTATION OF SCLR
10 February 2011
Mumbai, Feb. 10 -- The World Bank mission, in its wrap-up meeting, urged
for the all out efforts by the Mumbai Metropolitan Region Development Authority
(MMRDA) and all stakeholders for the completion of Santacruz-Chembur Link Road
(SCLR), after reviewing various components of the Mumbai Urban Transport
Project (MUTP). The wrap-up meeting was chaired by state Chief Secretary and
MMRDA chairman Ratnakar Gaikwad. ''A set of critical actions was identified by
the Mission in July last for completion by December, 2010 and while there has
been good progress on some fronts, others are behind schedule. Most components
of MUTP, other than SCLR, are now close to completion. The Mission expects them
to be completed in the next few months,'' said Atul Agarwal, Task Team Leader
(MUTP), World Bank. All the train sets have been put to service increasing the
carrying capacity by 31 per cent bringing much needed relief to the Mumbaikars.
The quality of the post-resettlement carried out by MMRDA is very sound.
''While there has been some progress on SCLR, a few challenges remain. Issues
relating to land acquisition and R&R are still posing hurdles. The
foundation work on Pier 5 is yet to begin. The approval from the Railways will
be critical for the construction on their premises. We have sought their
support. We hope that the approval will come through in the next few weeks
through better co-ordination among implementing agencies. The MMRDA has assured
us that these actions would be completed by March 2011,'' added Mr Agarwal.
''The handing over of the resettlement sites to MCGM will allow the new
settlements to be integrated into the mainstream of urban service network and
will reflect the successful post resettlement process of the project. We expect
this to be completed by November this year,'' said Mr Gaikwad. The Mission also
observed that courtesy the new traffic signal system there are reduced delays
at junctions. ''We are well on our way to substantially meet the development
objectives of some of these components. The vehicular traffic on Jogeswari-Vikhroli
Link Road (JVLR) has nearly doubled in the last three years -- indicating the
benefits of this vital East-West connectivity,'' said S V R Srinivas,
Metropolitan Commissioner and Project Director (MUTP) of MMRDA. The Mission was
also happy to note that all the train sets have arrived and been put to
service. There are 418 additional services and 838 services have been converted
from 9 to 12 car rakes, providing much needed additional capacity on the
system. The World Bank Mission also visited Area Traffic Control (ATC) sites
and expressed satisfaction about the overall functioning. At present, the
system is functioning at more than 250 junctions including about 115 in
automatic mode. This has resulted in reduction of journey time ranging from five
per cent to 30 per cent, depending on the time and location. All 250 junctions
are expected to run automatic by March 2011. Andres G Pizarro has taken charge
as the new Task Team Leader, World Bank, recently and was on his first Mission.
The MMRDA's regional strategic transport Plan TRANSFORM is serving as basis for
the large scale development programme that MMRDA has begun to implement. The
Mission was particularly pleased by the overall transport plan prepared by
MMRDA. ''Strengthening institutional capacity to plan and undertake broader
transport solutions was a critical objective of MUTP and there is a definite
movement towards this goal,'' said Pizarro. The Mission, during its ten-day
visit, held meetings with various stakeholders of the project such as
Maharashtra government, Mumbai Metropolitan Region Development Authority
(MMRDA), Mumbai Railway Vikas Corporation (MRVC), Municipal Corporation of
Greater Mumbai (MCGM), Brihanmumbai Electric Supply and Transport Undertaking
(BEST), Maharashtra State Road Development Corporation (MSRDC) and the Mumbai
Traffic Police (MTP). The Mission also carried out field visits to project
sites including Jogeshwari-Vikhroli Link Road (JVLR), Santacruz-Chembur Link
Road (SCLR), Area Traffic Control sites, R and R sites and Virar car shed.
DR. P. C. SEHGAL,
MD/MRCV SUPERANNUATION
Dr. P. C. Sehgal, MD/MRVC is superannuating on 30th April
2011 after putting in the services of 37 years on Indian Railways. He joined
MRVC in June 2006 at a time when the Rail component of the project was not
progressing well and the organization was under lot of criticism. He
contributed immensely to the organization. He effectively coordinated with
all the stakeholders in speeding up of the project under MUTP I. Under his
leadership, it has been possible for Mumbai Suburban Rail to got more than 120
rakes, due to which more than 31% additional carrying capacity has been
generated and also over-crowding level has come down by more than 20% for the
first time in Mumbai Suburban Rail Network.
Dr. P. C. Sehgal has been instrumental in getting sanction of MUTP II
from GoM and Ministry of Railways in 2008-09. He also got the loan
sanctioned from the World Bank worth USD 430 million. He has laid the
foundation for MUTP Phase III worth Rs. 480000.000 millions by 2030.
At the retirement function held at MRVC office, various officers and
Directors spoke highly about him. Mr. T. C. Benjamin, Principal Secretary,
UDD stated that “Dr. P. C. Sehgal has established the creditability of the
organization. Because of his dynamic leadership and vision and his immense
efforts, lot of relief has been extended to the Rail commuters of Mumbai by way
of reduction in overcrowding. Technical innovation such as providing
ventilation, GPS based passenger information system etc, have also been
provided in the new technology rakes. He further added that during his
tenure, the state government also appreciated the work being executed by MRVC
under his leadership.”
On this occasion, Officers/Directors from MRVC and the GoM wished him
all the best for his healthy and prosperous retired life.
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 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. 49.22 |
|
|
1 |
Rs. 76.06 |
|
Euro |
1 |
Rs. 65.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.