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Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
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Name : |
MORMUGAO PORT TRUST |
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Administrative
Office : |
Headland, Sada Mormugao, Goa-403804, |
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Country : |
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Year of Establishment
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1888 |
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Capital
Investment / Paid-up Capital : |
Not Available |
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Legal Form : |
Government Owned Enterprise |
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Line of Business
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Providing Marine and Shipping Services |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Government of Goa undertaking port trust having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct. Subject being a Government of Goa undertaking port 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 – 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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Administrative Office : |
Headland, Sada Mormugao, Goa-403804, Maharashtra, India |
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Tel. No.: |
91-832-2521100 / 1200 |
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Website : |
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Major Ports of India: |
·
Kandla ·
Mumbai, JNPT ·
New Mangalore ·
Cochin ·
Tuticorin ·
Chennai ·
Visakhapatnam ·
Paradip ·
Calukata ·
Haldia |
BOARD OF TRUSTEES
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Name : |
Mr. P. Mara Pandiya |
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Designation : |
Chairman |
STAFF DIRECTORY
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Name : |
Dr. D. P. Rao |
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Designation : |
Secretary |
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Address : |
Government of Goa, New Secretariat Compalex, Porvorim-Bardez,
Gao-403501, Maharashtra, India |
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Name : |
D. I. G. S. D. Bhanot |
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Designation : |
Commander |
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Address : |
Coast Guard Goa Area, Headequarters No.11, Coast Guard Director, 4th
Floor, Mpt Old Admin Building, Mormugao Harbour, Goa-403803, Maharashtra,
India |
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Name : |
Mr. A. S. Rao |
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Designation : |
The Chief Freight Traffic Manager |
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Address : |
South Western Railway, Headquarters Office, Transportation Branch, Hubli-580023,
India |
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Name : |
CMDE. Ajay K. Chhabra |
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Designation : |
Naval Officer-in-Charge |
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Name : |
Mr. Biplav Kumar |
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Designation : |
Dy. Chairman |
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Name : |
Mrs. Vidhya Sawant |
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Designation : |
PS to Chairman |
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Name : |
Mrs. Nanda Desai |
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Designation : |
PA. to Chairman |
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Name : |
Captain Vaswani Karan V |
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Designation : |
Deputy Conservator (Marine Department) |
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Name : |
Captain Paramjeet Singh Saini |
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Designation : |
Harbor Master |
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Name : |
Mr. Nagappan Vaiyapuri |
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Designation : |
Traffic Manager (Traffic Department) |
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Name : |
Mr. U M Paranjape |
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Designation : |
Docks Manager |
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Name : |
Mr. K C Kuncheria |
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Designation : |
Chief Mechanical Engineer |
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Name : |
Mr. Eddy Rodrigues |
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Designation : |
Plant Manager |
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Name : |
Mr. Ashok J Lokhande |
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Designation : |
Chief Engineer (Civil Engineering Department) |
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Name : |
Mr. J A A Silveira |
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Designation : |
Dy. CE |
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Name : |
Mr. Suresh P. Shirwadkar |
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Designation : |
Financial Adviser and chief Accounts Officer (finance Department) |
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Name : |
Mr. Vinayaka Rao |
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Designation : |
Dy. FA and CAO |
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Name : |
Mr. Abhay M. Kesarkar |
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Designation : |
Dy. Manager (IT) |
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Name : |
Mr. Rajendra P. Paibir |
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Designation : |
Secretary (General Administration Department) |
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Name : |
Mr. J. B. Dhawale |
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Designation : |
Dy. Secretary (IR) |
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Name : |
Mr. M. B. Bansode |
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Designation : |
Dy. Chief Vigilance Officer |
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Name : |
Dr. D. P. Kudalkar |
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Designation : |
Chief Medical Officer (Medical Department) |
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Name : |
Dr. J. S. N. Ravi Krishna |
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Designation : |
Radiologist |
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Name : |
Mr. S. S. Mishra |
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Designation : |
Commandant |
BUSINESS DETAILS
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Line of Business : |
Providing Marine and Shipping Services |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
DEVELOPMENTS THROUGH THE YEARS
At the time of its commissioning in 1888, the Subject comprised of 3
berths along with a breakwater having a length of 358 meters. As the years
rolled by, the infrastructure slowly kept growing. By 1922, Berths 4 and 5 were
built and the breakwater was extended to its present length of 522.40 meters. A
mole of 270 meters was added.
With the emergence of mining as a major industry in Goa, a Master Plan
was evolved by the Portuguese for the development of Subject as an iron ore
terminal, envisaging "dedicated berth fitted with Mechanical Ore Loading
Plants, provided and financed by various iron ore exporters." In
accordance with this, in 1959 M/s Chowgule and Company Private Limited, was
permitted to set up Asia's very first Mechanical Ore Handling Plant at Berth
No.6, with a capacity of 1000 tph. Berth 7 was constructed as an adjunct to it.
The Liberation of Goa on December 19, 1961 marked the end of an epoch in Goan
history.
At the time of its
commissioning in 1888, the Subject comprised of 3 berths along with a
breakwater having a length of 358 meters. As the years rolled by, the
infrastructure slowly kept growing. By 1922, Berths 4 and 5 were built and the
breakwater was extended to its present length of 522.40 meters. A mole of 270
meters was added.
With the emergence
of mining as a major industry in Goa, a Master Plan was evolved by the
Portuguese for the development of Subject as an iron ore terminal, envisaging
"dedicated berth fitted with Mechanical Ore Loading Plants, provided and
financed by various iron ore exporters." In accordance with this, in 1959
M/s Chowgule and Company Private Limited, was permitted to set up Asia's very
first Mechanical Ore Handling Plant at Berth No.6, with a capacity of 1000 tph.
Berth 7 was constructed as an adjunct to it. The Liberation of Goa on December
19, 1961 marked the end of an epoch in Goan history.
Subject, went through a fair amount of change as the emphasis shifted to
development of infrastructure. A couple of years after liberation, the port was
delinked from the Railway management. The main railway section from Vasco da
Gama to the border of Goa was transferred to the Southern Railways. The Port
however, operated its own railway system between Vasco da Gama interchange
point and the harbour area.
From 1948 onwards the iron ore traffic gained importance. The Japanese
were rebuilding their nation and Goan iron ore was fated to play a key role in
the Japanese industrial renaissance. Japan preferred Goan Iron ore for its
expanding steel industry on account of price consideration and other
logistics. The subject was now poised for a dramatic growth. It would no more
be a sleepy port importing table wines from Portugal and exporting oil cakes
from Hubli.
Others avenues had earlier been opened by enterprising foreigners.
Josephine Hougaz was one such an ethnic Syrian holding a US passport. She
introduced Goan cashew nuts to American chocolate makers. Wall Street had
crashed. The year was 1929, for almonds and walnuts, until then the preferred
fillings for
American
chocolate and pastry makers, had reached levels that were beyond most of their
consumers. But cashew nuts, though subject to considerable sea freight
additional for importers, were in comparison cheap but nutritious and tasty
American confectioners took to Goan cashew nuts in the year of the wall street
crash.
The exploitation of iron ore mines in Goa on a commercial scale since
1947, brought about revolutionary changes in the pattern of Mormugao
Port traffic. The level of traffic at the port rose to
over 2.78 lakhs tonnes in the year 1953. In the years that
followed, the traffic grew by leaps and bounds reaching the mark of 6.4 lakh to
14.8 million tonnes in 1973-74. Today, the iron exported through subject
constitutes 39 per cent of the total iron ore exports from India, and the port
occupies a prestigious position amongst the Major Ports of the country.
The
growth of traffic accentuated the inadequacy of the available port facilities
but it offered new opportunities to daring entrepreneurs. In 1959, Chowgule and
Company Private Limited, obtained a concession from the Portuguese government
and set up a Mechanical Ore Handling Plant with a handling capacity of 10,000
tonnes per day. The growth of traffic accentuated the inadequacy of the
available port facilities but
it offered new opportunities to daring entrepreneurs. In 1959, Chowgule
and Company Private Limited, obtained a concession from the Portuguese
government and set up a Mechanical Ore Handling Plant with a handling capacity
of 10,000 tonnes per day. It was, it is claimed, the first of its kind in Asia.
The declaration of subject as a Major Port in 1964 was a
milestone in the annals of its history as it joined the ranks of the country's
ten major Ports. The Port administration could now embark upon a sustained
development programme as its newly formed Board of Trustees was empowered to
take major decisions financial or otherwise.
With
the rise of Brazil and Australia in recent times as aggressive ore exporters,
the mineral ore industry today was seeing a sea of changes in iron ore market.
In 1965 therefore, a Perspective Plan was drawn up by a reputed firm of
consulting engineers, seeking to develop subject systematically for providing
deep waters and high capacity loading, particularly in relation to iron ore
exports, which needed to be competitive in the international arena by reducing
the transportation cost
As a first step in that direction, a 20-year perspective plan for the
port development was prepared in February 1965, by the consulting engineering
firm of Randal, Palmer and Tritton. Thereafter, in February 1968, HOWE (India)
Private Limited were appointed to prepare the design study for the establishment
of a modern mechanical ore handling facility for the port within the framework
of the perspective plan. As a follow-up on the report by HOWE (India) Private
Limited a mechanized ore handling facility for receiving, stockpiling,
reclaiming, weighing, sampling, and ship-loading of 12 million tones of iron
ore annually was installed and commissioned in 1979. The rated loading capacity
of the ore handling system was of the order of 8,000 tones per hour. The
dredging of the channel and berths was carried out to permit the loading of
60,000 dwt. ore carriers initially. Barge unloaders and rail wagon tippers were
provided for quicker and more efficient handling of incoming ore.
Major developments of the Port were taken up only after it became a
Major Port. A number of developmental projects were implemented under the
various Five Year Plans of the Government of India. Consequently, a dedicated
mineral oil berth, berth No. 8 was constructed in 1976. Later on as the general
cargo traffic was gradually picking up in the Port, a number of schemes were
implemented with a view to augment the general cargo handling facilities at the
Port. Two multi-purpose general cargo berths, berth No.10 and No.
11 having draft of 11.00 mts and 12.50 mts were constructed and commissioned
in 1985 and 1994 respectively. Meanwhile the Mechanical Ore Handling Plant
installed in 1959 at Berth No. 6 was de-commissioned in 1992 due to obsolesce.
The age old berths 1 to 3 were leased out to a private company, Western India
Shipyard Limited, for installing a modern ship repair facility, which was
commissioned in 1995. In 1997, the metre guage railway of the Port linking to
the south Central Railway was converted to broad guage. By this, the Mormugao
Port is now accessible for any part of the country through the broad guage
railway system.
MORMUGAO PORT TRUST AND IRON ORE
Over the years, the port and the iron ore industry have developed a
symbiotic relationship. During the economic blockade years of 1955-1961, it was
iron ore that kept subject alive and functioning. The strength of this long
relationship can be seen from the fact that the Port is consistently recording
the highest export tonnage of ore in the country.
Today, countries like China, South Korea, Italy and other European
countries have joined the roster of countries to which Goan iron ore is
exported. China has replaced Japan as the largest consumer, importing 28.76
million tonnes of ore during the year 2008-2009
Ever since the inception of the iron ore trade in Goa, ore exporters
have displayed a remarkable ability to adapt and devise innovative responses to
changing circumstances and times, in the process branching out into related
industries that have made them increasingly self sufficient and reliant. The
present draft at Berth No.9, permits the loading of Panamax as well
as Cape size vessels alongside the Mechanical Ore handling plant. Undaunted,
the mine owners have acquired transhippers, which up top the vessel in
midstream. This form of combination loading enables vessels of 2,50,000 DWT to
be served at Mormugao port, is a unique instance of private investment, helping
to raise the port to international standards and enabling Goa retain its place
in the world Iron ore market.
The port has constructed 3 mooring dolphins capable of handling three to
four vessels at a time. This facility can handle 5.30 million tonnes of traffic
annually. At present, considering the demand for trade, additional 3 mooring
dolphins are constructed which could handle 2.00 million tonnes of traffic
annually.
Recently the port has introduced Trade Promotion Scheme whereby Ships
are permitted to load by Ships' own gears at West of Breakwater.
LANDMARK EVENTS OF THE PAST SEVENTY YEARS
LANDMARK EVENTS OF THE CENTURY AND OVER
Berth No. 6 completed and Berth No. 7 was also constructed as an adjunct
to the Mechanical Ore Handling Plant at Berth No. 6 and commissioning of
Mechanical Ore handling Plant at Berth No. 6 owned by M/s Chowgule and Company
Private Limited with an initially rated capacity of 600 TPH.
b) Under the Indian Ports Act, 1908, the Mormugao Port was declared as a
Major Port (Seventh Major Port), by the Ministry of Transport on 2.12.1963.
Construction of Oil Berth
Construction of Berth No.9 equipped with Mechanical Ore Handling Plant
Dredging and Reclamation
2) Annexe to the Administrative Office Building at Mormugao Harbour
inaugurated by Shri Veerendra Patil, Hon'ble Minister for Shipping and
Transport on 19.4.1982
Foundation Stone of Secondary School Building of the Port Trust was
unveiled by Shri Z.R.Ansari, Hon'ble Minister of State for Shipping and
Transport on 15.4.1985.
The Corner Stone for extension of Port Hospital, Phase-II consisting of
new Operation Theatre and Surgical Ward was unveiled by His Excellency Shri
Gopal Singh, Lt. Governor of Goa, Daman and Diu on 15.4.1985.
A book called the 'SONG OF THE GOLDEN GATEWAY' written by Shri Mario Cabral e
Sa was released by Shri Pratapsingh Rane, Hon'ble Chief Minister of Goa, Daman
and Diu on 15.4.1985.
The Port also celebrated its centenary on 15.4.1985, commemorating the
berthing of its first ship s. s. 'WEST BOURNE' on the same date,a 100 years
back.
The new Computer system for Mormugao Port was inaugurated by Shri Cecil
Noronha, Chairman Mormugao Port Trust on 3.9.1986
A regular container Feeder Service started from Mormugao Port on 12.9.92
at the hands of Shri. Shaikh Hassan Haroon, Hon'ble Speaker of Goa Legislative
Assembly.
Berth No.11 was commissioned on 9.8.94, pending the completion work of
back-up area.
A floating Dry Dock constructed by WISL was inaugurated by Shri.
Rajasekharamurthy, Hon'ble Minister for surface transport on 23.12.95.
The Sports Academy inaugurated and Foundation Stone for Sports Academy
Complex was laid by Shri. Venketaraman, Hon'ble Minister for Surface Transport
on 26.12.1996.
New Administrative Office Building at Headland inaugurated by Shri.
Venketaraman, Hon'ble Minister for Surface Transport on 27.12.1996.
A book 'DESTINATION GOA - THE INVESTOR-FRIENDLY PARADISE', written by
Mario Cabral e Sa was released at the hands of Shri. Venketaraman, Hon'ble
Minister for Surface Transport on 26.12.96.
The Letter of Intent given to M/s A.B.G. Heavy Industries, Mumbai for
reconstructing old berths 5 and 6 into deep drafted berths for handling coal,
steel and other cargoes on 8.7.97.
B.G. Railway operations were inaugurated on 2/12/97, by Shri Yogendra
Narain
A commemorative volume was released by MPT marking 50 years of
Indian Independence.
The Port procured a high powered WDSL loco (1350 HP,4500 T) hauling
capacity from Diesel Locomotive Works, Varanasi.
The Mormugao Dock Labour Board was merged with Mormugao Port Trust with
effect from 1/4/98.
Vessel Traffic Management System was installed on 27th March 2002 for
vessel traffic control and to improve safety in navigation.
Commissioning of 3 nos. Mooring dolphins with a combined capacity of two
million tonnes per annum for vessels upto 70,000 DWT.
Two highly manoeuvrable tugs with Voith Schneider propulsion systems of
45 tonne Bollard pull each have been procured for augumenting pilotage
services.
NEWS
PRESS RELEASE
SECURITY CONCERNS
COMPEL MORMUGAO PORT TRUST (MPT) TO CLOSE KHAREWADO JETTY
PRAVEEN AGARWAL - CHAIRMAN- MPT
The recent Mumbai
terrorist attacks have exposed the relatively ineffective and weak security
along with the long
Indian Coast Line.
Some of the vulnerable landing points used by terrorists, smugglers, subversive
elements, and
similar
anti-national elements, are the fish landing points at various locations
throughout the 6500 kms and odd
Coast of the country.
Khariwado fishing
jetty at Vasco Beach and Bay, almost within arm’s length from Berth No.11 of
Mormugao Port Trust is a major security threat to vital port installations as
well as International and Indian Merchant Ships calling
at Mormugao
Harbour. Its existence has all through been a matter of serious concern for the
port authorities and the Union Government. Captains of visiting international
merchant ships have repeatedly expressed concerns on
the prevailing
grave insecurity due to the operations of large number of fishing trawlers and
boats at touching distance from their ships, even when they are at berth.
Merchant ships have time and again drawn attention of the
Port Authorities
to the criss-crossing of fishing trawlers, boats and canoes, on the port
navigational channel when
the ships enter or
leave the port. They have been reporting to the international shipping
community, that their ships are in extremely insecure condition while at
Mormugao Port, due to the existence of the large number of fishing boats and
trawlers alongside. Many a time, the khariwado fishermen cast their nets and
carry out fishing in Port Operational waters, which has been strongly
recommended to be prohibited forthwith by the Indian Coast Guard and Navy.
There have been
innumerable instances of thefts and pilferages from MPT premises due to the
existence of the
fishing jetty and
kharewado slums contiguous to MPT’s operational areas. Instances of Pakistani
seamen employed on International Merchant Ships being ferried by kharewado
fishing trawlers and boats to the shore have been frequently reported, even
though this is expressly prohibited as per the laws of the land.
Kharewado slums
are notorious for smuggling and illegal activities since the last 30 years or
so. Their immediate proximity to the fishing jetty supports the strong
likelihood of the kharewado fishing jetty being used for illegal and anti
national activities. Fishing trawlers and boats not belonging to the Goa
Fishing Boats Owners Association (GFBOA) have been reported to be berthing at
the jetty. These have often been found to be carrying alleged fishermen and
others without any proper identification documents.
With the coming
into force of the International Ships and Ports Facility Code (ISPS) from 2004
onwards, MPT runs the risk of losing its traffic of Merchant Ships due to the
very existence of the khariwado fishing jetty within Vasco Bay. The ISPS Code
is a mandatory legal provision, necessarily to be complied with, by Ports where
international merchant ships call. If the international shipping community
finds MPT to be non-compliant with the ISPS Code, international merchant ships
will stop calling at the Port altogether. This would be a national disaster and
major blow to the trade and commerce of Goa in particular, and to the economy
of the nation in general.
After the American
Naval Ship “USS Cole” was
hit by an explosives laden barge by terrorists in 2001, the USA has made it an
abundantly clear that US registered merchant ships, as well as US naval ships,
will not call at
international
ports which fail to comply with the ISPS Code. Similar stand has been taken by
all other developed
countries. With
the heightened stress on proper implementation of the ISPS Code throughout the
world, all Indian Ports, including Mormugao Port, have to take steps for full
compliance in all respects.
Very recently,
security agencies all over the country, the Intelligence Bureau (IB), the Home
Ministry – Union Government, Directorate General (Shipping), which is the
statutory authority charged with the responsibility of implementing the ISPS
Code, various committees set up by the Government for improving security and
safety measures at Indian Ports, and a number of other bodies, have recommended
immediate relocation of the khariwado fishing jetty outside Vasco Bay, if MPT
wishes to obtain the certificate of proper compliance with the ISPS Code.
Consequent upon these recommendations and findings, and keeping in view the
fact that merchant shipping activity at MPT is the life line of the Goan
economy, MPT has been making consistent efforts to persuade the khariwado
fishing community, the khariwado slum dwellers, and most importantly the State
Government, to identify a mutually acceptable alternate location for
construction of a world class fishing jetty for the khariwado fishermen.
Keeping in view its social responsibilities, Mormugao Port has offered to
construct the relocated new state of the art fishing jetty entirely at
the expense of the Central Government and MPT itself. The entire work of
planning, designing, obtaining statutory and regulatory clearances like
environment clearance, funding, actual construction of the jetty, reclamation
of land, and a host of other activities, has been undertaken to be done by the
MPT itself, even though all these activities are outside the scope of the
normal port operations and activities, and are really the responsibility of the
Government of Goa. Interestingly, while the Goa Port is upgrading the Malim,
Betul, Cortalim and Chapora fishing jetties, no attention has been paid to the
khariwado jetty. Significantly, only MPT has gone out of its way till now to
consistently maintain and provide all facilities at the kharewado jetty. This
will no longer be possible in view of the serious security threat.
Moreover, for many
years now, MPT has been unable to proceed further in its stated objective of
constructing a
world class
fishing jetty for the khariwado fishermen, simply because the State Government
has not given its approval to an alternate location. At one stage, MPT had
obtained all the clearances, other than the Government of Goa approval,
including funding of Rs.150.000 millions for construction of the new fishing
jetty at Gina Penta Chicalim. However, only because the State Government did
not give its consent to the proposed location, MPT had to shelve the
project. Now, the likely cost of the new
fishing jetty is in the region of Rs.350.000 millions. The Central Government
and MPT are willing to bear this entire huge cost. MPT is willing to offer any
suitable site within MPT limits, outside Vasco Bay, for the new jetty. It may
not be out of place to mention that MPT will be giving away a large and
valuable water area of its own for the jetty.
Once again, the
absence of the requisite sanction of the State Government is the only obstacle
to the construction of the new jetty.
MPT has also
offered to bear the beneficiary cost for each residential unit, the
contribution of the urban local body, which in this case is the Mormugao Municipal
Council (MMC), the unit cost difference, the consultant’s cost, and other
expenses and costs necessary to be incurred for rehabilitating and relocating
the khariwado slum dwellers under the Integrated Housing and Slum Development
Programme (IHSDP) of the Ministry of Urban Poverty Alleviation, New Delhi.
Under this scheme, all the present khariwado slum dwellers, who are essentially
encroachers as they have constructed unauthorized structures in violation of
CRZ Regulations on MPT land at Vasco Beach, Vaddem and other coastal areas,
will be given legitimate modern flats of their own at Adarshnagar land acquired
by MPT for rehabilitating its Project Affected Persons. Thus, after their
relocation and rehabilitation, the quality of life of the khariwado slum
dwellers and others would improve substantially, and they would have houses
with proper legal ownership. Again this Project for rehabilitating the
khariwado slum dwellers to Adarshnagar is held up for want of the ‘No
Objection’ from the Mormugao Municipal Council and the State Government. MPT is
willing to offer Adarshnagar land valued at over Rs. 200.000 millions for this
project.
Looking to the
urgency of the situation; the continued security threat to MPT; and the absence
of the requisite approval of the GoG for the new location, MPT is constrained
to stop the operations of the khariwado jetty completely. Consequently, all the
recurring costs incurred by MPT for years now in keeping the khariwado jetty
operational, including payment of electricity bills of the khariwado jetty,
continued permission for operation of the
diesel dispensing
unit at khariwado, etc., will have to be stopped forthwith. Incidentally, till
now MPT has been bearing the cost of the innumerable illegally tapped
connections of electricity from the khariwado fishing jetty, with a view not to
deprive the khariwado fishermen of this important facility. However, such
misuse cannot be allowed to continue for too long now.
MPT had convened a
High Level Meeting on 16/1/2009 to resolve this relatively simple issue.
However, the concerned authorities and GFBOA did not attend. MPT has again
convened a High Level Meeting on 3/2/2009, in
which, senior
Ministers of the GoG have been requested to attend along with the
representatives of the GFBOA, GBOA and other constituents of MBA. All that MPT
desires is the go ahead from the State Government, with absolutely zero
financial implications, for the alternate site outside Vasco Bay, but within
MPT limits, for starting the construction of the new Jetty. Once the new
location is found mutually acceptable, MPT can plan how best the fishing
activities of the kharewado fishermen can continue, till they shift to the new
jetty after its completion.
We must ask
ourselves what is it in our system of governance that prevents those having
power and authority to take actions, which are clearly for the benefit of
individuals, community at large, and the nation. If the above proposals for
bringing about qualitative improvement in the livelihood of the people of
Vasco, and providing better living conditions for their families, can remain
pending for so long, maybe it is necessary for administrators and leaders to
take a serious relook at their styles of functioning. We are also left
wondering whether there is any concern at all for the integrity and security of
the nation.
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. 51.04 |
|
|
1 |
Rs. 81.08 |
|
Euro |
1 |
Rs. 67.39 |
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.