MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	DELHI METRO RAIL CORPORATION LIMITED
Registered Office :	Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi – 110001, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.05.1995
Com. Reg. No.:	55-068150
Capital Investment / Paid-up Capital :	Rs. 103057.104 Millions
CIN No.: [Company Identification No.]	U74899DL1995GOI068150
TAN No.: [Tax Deduction & Collection Account No.]	DELD03776D
PAN No.: [Permanent Account No.]	AAACD3254A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Rail Based Transport Company
No. of Employees :	6775 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 40000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a Government of India undertaking corporation having satisfactory track. Available information indicates high financial responsibility of the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions, being a Government of India company.

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

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	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 :	Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi – 110001, Delhi, India
Tel. No.:	91-11-23417910/12
Fax No.:	91-11-223417921
E-Mail :	pk_delhimetro@hotmail.com
Website :	www.delhimetrorail.com sksakhuja@gmail.com

DIRECTORS

As on 07.09.2011

Name :	Shri Sudhir Krishna
Designation :	Chairman DMRC Limited & Secretary (UD), MOUD, Nirman Bhawan, New Delhi-110011

Name :	Shri E. Sreedharan
Designation :	Managing Director DMRC Limited Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi-110001

Name :	Shri P. K. Tripathi
Designation :	Director DMRC Ltd & Chief Secretary Govt. of NCT of Delhi Vth Level, Delhi Sachivalaya I. P. Estate, New Delhi-110002

Name :	Shri A. P. Mishra
Designation :	Director DMRC Ltd & Member (Engineering) Railway Board Ministry of Railway, Rail Bhawan, New Delhi-110001

Name :	Smt. Vilasini Ramachandran
Designation :	Director DMRC Ltd & Special Secretary (Expend.) Ministry of Finance, Deptt. of Expenditure, New Delhi-110001

Name :	Shri G. S. Patnaik
Designation :	Director DMRC Limited & Vice Chairman, DDA, Vikas Sadan, New Delhi-110023

Name :	Mr. Shri R. C. Mishra
Designation :	Director DMRC Ltd & Addl. Secretary, (UD), MOUD, Nirman Bhawan, New Delhi-110011

Name :	Mr. Shri R. Chandramohan
Designation :	Director DMRC Ltd & Principal Secretary-cum-Commissioner (TPT.) GNCTD, Transport Department, 5/9, Underhill Road, Delhi- 110054

Name :	Shri D. M. Spolia
Designation :	Director DMRC Ltd & Principal Secretary (Finance), Govt of NCT of Delhi, IVth Level, Delhi Sachivalaya, IP Estate, New Delhi-110002

Name :	Shri Ramesh Chandra
Designation :	Director DMRC Ltd, F-6/3, 1st Floor, Vasant Vihar, New Delhi

Name :	Shri Satish Kumar
Designation :	Director (Electrical) DMRC Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi - 110001

Name :	Shri R. N. Joshi
Designation :	Director (Finance) DMRC Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi - 110001

Name :	Shri Raj Kumar
Designation :	Director (Operation) DMRC Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi - 110001

Name :	Shri H. S. Anand
Designation :	Director (Rolling Stock) DMRC Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi - 110001

Name :	Shri Mangu Singh
Designation :	Director (Works) DMRC Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi - 110001

Name :	Shri Kumar Keshav
Designation :	Director (Project) DMRC Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi - 110001

KEY EXECUTIVES

Name :	A.K. Garg
Designation :	Company secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.08.2010

Names of Shareholders	No. of Shares
The President of India	44188547
The Lt. Governor of India	44188549
A. K. Nigam	1
Vilasini Ramachandran	1
Rakesh Chopra	1
Rakesh Mehta	1
Navin Kumar	1
R.C. Mishra	1
R.K. Verma	1
J.P. Singh	1
Total	88377104

As On 06.12.2010

List of Allottees	No. of Shares
The President of India	7340000
The Lt. Governor of Delhi	7340000
Total	14680000

BUSINESS DETAILS

Line of Business :	Rail Based Transport Company
Product :	· Traffic Operation (Metro) · Real Estate (Property Development) · Consultancy services · External Project works

GENERAL INFORMATION

No. of Employees :

6775 (Approximately)

Bankers :

Corporation Bank – Ansals Chamber –I, Bhikaji Cama Place, New Delhi – 110066, Delhi, India

(Rs. In Millions)

Facilities :

UNSECURED LOAN	As on 31.03.2011	As on 31.03.2010
Interest free subordinate loans from Government of India (GOI) For Land For Central Taxes	5690.000 2942.000	5690.000 2942.000
Government of National Capital Territory of Delhi (GNCTD) For Land For Central Taxes	5690.870 1950.000	5690.870 1950.000
Haryana Urban Development Authority (HUDA) For Central Taxes	113.000	110.000
New Okhla Industrial Development Authority (NOIDA) For Central Taxes	138.000	138.000
Interest Bearing Loans From Government of India against Japan International Cooperation Agency (JICA) Formerly known as Japan Bank for International Cooperation) 2.3% Loan (includes interest accrued and due Nil (P.Y. Nil)	4382.740	4663.013
1.8% Loan (includes interest accrued and due ` Nil (P.Y. Nil)	27684.484	27722.539
1.3% Loan (includes interest accrued and due Rs.11,4.244 Millions (P.Y.Rs. 241.149 Millions	40614.892	40371.794
1.2% Loan (includes interest accrued and due Rs. 398.008 Millions (P.Y. Rs.593.618 Millions	68695.202	56228.186
1.4% Loan (includes interest accrued and due ` 32.393 Millions (P.Y. ` Nil)	5365.779	0.000
	163266.967	145506.402
Total

Banking Relations :	--
Statuary Auditors :
Name :	M/s S.N Nanda and company Chartered Accountant
Address :	C-43, Pamposh Enlave, Greater Kailash – 1, New Delhi – 110048, Delhi, India
PAN.:	AAAFS0270N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs. 1000/- each	Rs.200000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103057104	Equity Shares	Rs. 1000/- each	Rs. 103057.104 Millions

After as on 07.09.2011

Authorised Capital: Rs. 200000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 118239.504 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		103057.104	81734.104	66120.104
2] Share Application Money		5433.400	973.000	2.500
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(7943.270)	(3804.717)	(1752.431)
NETWORTH		100547.234	78902.387	64370.173
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		163266.967	145506.402	116030.235
TOTAL BORROWING		163266.967	145506.402	116030.235
DEFERRED TAX LIABILITIES		7531.135	3522.066	2374.107
Deferred Government Grants		27902.251	28266.293	19143.644
TOTAL		299247.587	256197.148	201918.159
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		271712.593	135295.533	108154.769
Capital work-in-progress		8997.057	106695.682	68030.449
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	463.931	361.297	329.176
	Sundry Debtors	2285.894	2197.021	1511.740
	Cash & Bank Balances	29195.710	15585.979	19699.206
	Other Current Assets	305.596	129.717	174.283
	Loans & Advances	7932.247	6322.066	3654.498
Total Current Assets		40183.378	24596.080	25368.903
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8027.087	8150.575	6795.797
	Other Current Liabilities	16482.705	11580.046	10761.659
	Provisions	733.577	570.233	845.578
Total Current Liabilities		25243.369	20300.854	18403.034
Net Current Assets		14940.009	4295.226	6965.869
MISCELLANEOUS EXPENSES		0.000	0.000	0.560
Construction stores and advance		3597.928	9910.707	18766.512
TOTAL		299247.587	256197.148	201918.159

11402.848

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	14429.112	6722.557	6659.942
		Other Income	1650.311	656.057	583.975
		TOTAL (A)	16079.423	7378.614	7243.917
Less	EXPENSES
		Traffic Operations	4889.063	2889.864	2286.890
		Consultancy	68.821	70.149	19.722
		Real Estate	116.674	48.648	42.857
		External Project Works	3328.290	803.456	0.000
		Decrease in the inventory (land)	0.000	0.000	277.974
		Miscellaneous Expenses written off	0.000	0.560	2.791
		Prior period adjustments	171.617	6.903	(113.570)
		TOTAL (B)	8574.465	3819.580	2516.664
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7504.958	3559.034	4727.253
Less	FINANCIAL EXPENSES (D)		1807.648	1164.507	1032.423
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5697.310	2394.527	3694.830
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5824.338	3296.374	2790.456
	PROFIT BEFORE TAX (E-F) (G)		(127.028)	(901.847)	904.374
Less	TAX (I)		4011.525	1150.439	491.169
	PROFIT AFTER TAX (G-I) (J)		(4138.553)	(2052.286)	413.205
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3804.717)	(1752.431)	(2165.636)
	BALANCE CARRIED TO THE B/S		(7943.270)	(3804.717)	(1752.431)
	Earnings Per Share (Rs.)		(40.15)	(29.13)	7.74

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	25.74	(27.81)	5.70
Net Profit Margin (PBT/Sales)	(%)	0.88	(13.41)	13.58
Return on Total Assets (PBT/Total Assets}	(%)	0.04	(0.57)	0.68
Return on Investment (ROI) (PBT/Networth)		0.00	(0.01)	0.01
Debt Equity Ratio (Total Liability/Networth)		1.87	2.10	2.09
Current Ratio (Current Asset/Current Liability)		1.59	1.14	1.38

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	No
29) Last accounts filed at ROC	No
30) Major Shareholders, if available	No

FINANCIAL HIGHLIGHTS

During the year the total revenue generated was Rs. 16079.400 Millions inclusive of income from operations, real estate, consultancy and other incomes. The total expenditure incurred for the same period was Rs.8402.800 Millions giving a profit before depreciation and interest amounting to Rs.7676.600 Millions. After adjustment of interest and depreciation amounting to Rs. 1807.600 Millions and Rs.5824.300 Millions respectively, a marginal loss amounting to Rs. 127.000 Millions (after adjustment of prior period transactions amounting to Rs. 171.600 Millions) was incurred. After providing for deferred tax liability and wealth tax etc. amounting to Rs.4009.100 Millions and Rs.2.500 Millions respectively, there is a net loss of Rs. 4138.600 Millions.

Operation income of Rs. 9386.500 Millions was earned during the year, against which expenditure incurred, (exclusive of interest and depreciation) was Rs.4889.100 Millions yielding an operating profit of Rs.4497.400 Millions. As against this budgeted provision for raffic income and expenditure for the year 2010-11 was Rs.10209.400 Millions and Rs.5607.500 Millions respectively yielding a surplus of Rs.4601.900 Millions. The major reasons for the shortfall in operational income are delays in the opening of sections as against the internal targets considered as base for the budgeted figures. However, compared with the previous year, there is an increase in the revenue under this head by an amount of Rs.4114.500 Millions i.e. 78.04%. Average ridership increased from 0.919 Million during the year 2009-10 to 1.259 Million in 2010-11 i.e. an increase of 36.99%.

In consultancy area, receipt was Rs.214.500 Millions and expenditure Rs.68.800 Millions yielding a surplus of Rs.145.700 Millions. As against this the budget provision for revenue and expenditure on these accounts were Rs.213.400 Millions and Rs.89.500 Millions respectively with expected surplus of Rs.123.900 Millions.

In case of External Project Works, the company executed the work of Rs.3844.300 Millions as against the cash budget estimates of Rs.6450.00 Millions. The reduction in external project work is mainly due to late picking of Jaipur project during the year.

The value of work done during the year was Rs.42965.00 Millions against budget estimates of Rs.43660.700 Millions. With the Capitalization of these assets, the total asset base of the company excluding capital works in progress went up to Rs. 292014.00 Millions.

JICA loan amounting to Rs.18326.200 Millions at interest rate of 1.20% to 1.40% was received during the year. With this, total amount of JICA loan as on 31st March 2011 stood at Rs. 147494.300 Millions, which has been utilised for Phase-I and Phase-II. Three installments of JICA loan amounting to Rs.337.200 Millions and interest amounting to Rs.2250.200 Millions had been paid to GOI during the year. Total repayment obligations of JICA loan upto the close of FY 2010-11, aggregating to Rs. 8265.00 Millions including interest payment of Rs.6969.500 Millions have been duly met by the company.

During the year, an amount of Rs. 21323.000 Millions were received from the Government of India and GNCTD towards equity. With this, total contribution of equity capital amounting to Rs. 103057.100 Millions has been allotted to both the Governments. An additional amount of Rs. 2364.200 Millions and Rs. 3069.200 Millions received from GNCTD & GOI respectively are available as Share Application Money pending allotment as on 31st March 2011. In addition to equity, Subordinate Debts of Rs. 30.00 Millions from HUDA towards Central Sales Tax was received during the year. With this, total contribution against Subordinate Debts as on 31st March 2011 stood at Rs.16523.000 Millions.

In addition to above, during the year the company received grants from HUDA Rs. 55.500 Millions for extension of Metro to Gurgaon, from GOI Rs. 13.900 Millions for extension of Metro to Gurgaon, from Delhi International Airport Limited (DIAL) Rs.72.200 Millions for Airport Express Line and from CISF Rs.28.500 Millions for construction of additional floor at CISF barracks at Shastri Park.

COMMERCIAL OPERATION

Status of the Delhi MRTS Project – Phase – II

Delhi Metro had completed 100 months of Metro Operations. The journey which began on 24th December, 2002 with only 8.5 kilometers and six Metro Stations for the public of Delhi today crosses the boundaries of the national capital to reach NOIDA and Gurgaon with 167.33 kilometers of network excluding 22.70 KMs of Airport Express Line.

Metro train operations also saw a considerable rise in the average ridership figures from 82,179 in December 2002 to almost 1.415 Million passengers presently in March 2011. The maximum ridership in a day was 2.083 Millions on 12.08.2011.The rise in ridership is mainly attributed to a number of openings/inaugurations on different corridors during the last nine years of its existence since 2002.

The company has targeted to achieve average ridership of 2 Million passengers per day by the end of current year i.e. by 31.12.2011.

To meet the expectations of increasing commuters, number of steps such as, augmentation of more train sets in the system, increasing the number of coaches in the existing trains and increasing passenger facilities at the stations have been taken. In a recent survey conducted by Japan International Cooperation Agency (JICA), almost 90 percent of the commuters have expressed their satisfaction about the quality of the services, punctuality of the trains, cleanliness at the stations, comfort levels in the trains, ticketing facilities at the stations and train announcements.

The company has clearly emerged has a preferred mode of public transport among Delhities.

SPECIAL FEATURES ON NEW METRO TRAIN

Various news measures have been taken to upgrade the metro train features for the comfort and safety of the commuters. Few of them are listed below: -

· Closed Circuit Television Cameras (CCTVs) have been fitted inside the coaches apart from cameras outside the coaches so that the driver can see the entry and exit of passengers from the train.

· Power supply connections are available inside the coaches so that the passengers can use their laptops and charge their mobiles while they are travelling in the Metro.

· The coaches have reduced noise levels inside the trains because of the use of special sound absorbing cushions in the walls of the coaches and more buffing on the Metro doors.

· Special humidity censors activate the heating system of the air-conditioners inside the Metro coaches to eliminate humidity for better comfort.

· As the trains now run on longer routes after the completion of Phase-II and more trains are terminating at intermediate stations, there are new destination sign boards in LED on windows of the side walls of the coaches adjacent to the platform for passenger convenience.

· The micro processor based controlled wheel mounted disc brakes in the trains procured for Phase-II are better than the existing braking system. All the above changes will bring better safety and comfort features for the travelling public.

WORLD CLASS SAFTY STANDEREDS

DMRC is striving for continual improvement in its Health & Safety policies, processes and procedures, CCTVs, detectors, scanners and metal detectors are installed to guard Metro stations. All measures are taken to comply with the highest safety norms and underground Metro stations conform to guidelines of the National Fire

Prevention Association, USA. All structures of Delhi Metro are earthquake resistant and have been designed to take care of seismic forces.

The world’s most sophisticated and advanced safety measures have been implemented in all Metro Stations and trains. The hi-tech Operation Control Centres (OCC) ensures that if a train breaks down on track, other scheduled trains will automatically stop at a safe distance away to avert collision.

Delhi Metro has been awarded OHSAS 18001 (Occupational Health and Safety Assessment Sequence 18001) by Registro Italiano Navale (RINA), Geneva. DMRC may be the only operational Metro to receive this certificate in such a short span of time. DMRC had earlier received ISO 14001 for environmental protection.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	2010-11	2009-10
Claims against the company not acknowledged as debts including foreign currency claim: - Capital Works - Land compensation cases (*) - Others	9086.951 1976.213 3542.637	5470.408 1976.129 391.564
Disputed Income Tax Demand	620.256	620.256
Employees State Insurance Corporation has charged u/s 45C and 45E of the employees State Insurance Act, 1948 on account of liability of contractor.	49.971	49.971
Disputed Service Tax Demand	222.408	222.408
Disputed Central Excise Demand	9.494	9.494
Demand for Service Charges by Municipal Corporation of Delhi	88.715	Nil
BSES Rajdhani Power Ltd, BSES Yamuna Power Ltd and North Delhi Power Ltd (Discoms) have raised a demand on the Company towards Electricity Tax.	192.369	136.792
Amount deposited with DDA/MCD/L&DO under protest on account of ground rent	62.144	61.937
Total	1245.357	198.729

(*) includes Rs. 1404.159 Millions (P. Y. Rs. 1517.470 Millions) deposited under protest with the Registrar General, Delhi High Court/L & DO.

In addition to the above:

· Some landowners have filed suites against the Company for alternate land, which cannot be quantified. Liabilities, if any, in respect of these cases pending with the courts shall be provided after completion of legal proceedings.

· Municipal Corporation of Delhi (MCD) objected to display of advertisements by DMRC on civil structure on the ground that as per Municipal Corporation of Delhi Act, 1957, prior approval of the Commissioner as well as sharing of its revenue is required in respect of such display. DMRC filed Special Leave Petition with Hon’ble Supreme Court of India and got stay on 28th March 2008. In the stay order Hon’ble Supreme Court allowed DMRC to erect fresh hoardings or to enter any new contracts in this regard subject to the provisions of Advertisement Policy, accepted by it and approved by the Hon’ble Supreme Court. Further the Hon’ble Supreme Court held that in case MCD raised any demand against DMRC for revenue sharing or gives it any notice for removal of any advertisement (s) put up on the DMRC land on ground that no prior permission was accorded by the municipal bodies or it was not in conformity with the policy specifications or for any other reasons, it will always be open to the DMRC to seek its remedies before an appropriate forum in accordance with law.

In the meantime, MCD has served various notices to DMRC for removal of advertisements on the ground that DMRC is displaying the advertisements on MCD land without obtaining permission from MCD and violating the undertaking given by it in regard to acceptance of technical parameters laid down in the policy. Against these notices DMRC filed Civil Writ Petition before Hon’ble High Court of Delhi challenging the above action of MCD claiming that DMRC will continue to maintain its right to advertisement on piers, viaduct and other civil structure. The Hon’ble High Court after hearing, granted interim stay against the action of MCD and the case is pending before the Hon’ble High Court.

· Karnataka Sales Tax Department has issued demand notices to MRM, a consortium comprising of three members i.e. Mitsubishi Corporation, Japan, Rotem Company, Korea & Mitsubishi Electric Corporation, Japan of Rs. 1113.521 Millions (P. Y. Rs.1113.521 Millions ) for the years 2003-04 to 2006-07, for the indigenous manufacture/assembly of 45 train sets, by Bharat Earth Movers Limited Bangalore (a sub contractor of MRM), MRM requested DMRC to advice further course of action and intimated that in the absence of advice, MRM would claim reimbursement of levy from DMRC along with litigation cost. DMRC intimated that MRM is solely responsible to deal with the above issues at their risk and cost, as DMRC has already discharged contractual obligation by issuing requisite exemption certificates/made reimbursement of sales tax as per contract conditions.

Proceedings against MRM for the year 2003-04 and 2004-05 are pending before Karnataka Sales Tax Tribunal and for the year 2005-06 and 2006-07 Karnataka High Court has granted the stay, till the Tribunal decides the matter for the earlier years.

· MCD raised a demand for payment of property tax amounting to Rs.120.065 Million for various properties of the company which were falling under the jurisdiction of MCD. Pursuant to the order of Hon’ble Supreme Court dated 19th November, 2009, MOUD issued Office Memorandum dated 15th December, 2009, wherein it was recommended that Union of India and its departments will pay Service Charges instead of property tax. DMRC being railway company under the Indian Railway Act is liable to pay service charges. In a meeting held with MCD on 28.03.2011 that DMRC has to pay only service charges for the properties including vacant land falling under jurisdiction of MCD. Also, different rates shall be applicable for operational and non-operational properties. Pending reconciliation of area of constructed properties and vacant land, company has made interim payment of Rs.31.351 Millions to MCD on account of Service Charges. On similar lines in the absence of any demand from New Delhi Municipal Corporation an adhoc provision of Rs. 25.000 Millions has been made. Final payments shall be made after due reconciliation with these agencies.

FIXED ASSETS

· Leasehold Land

· Leasehold Railway Land

· Building (Lease Hold)

· Buildings (Free Hold)

· Plant And Machinery

· Rolling Stock

· Signaling And Telcom Equipments

· Office Equipments

· Furniture And Fixtures

· Vehicles

· Survey Equipments

· Safety Equipments

· Feeder Bus

AS PER WEBSITE DETAILS

PROFILE:

Introduction

For implementation and subsequent operation of Delhi MRTS, a company under the name Subject was registered on 03-05-95 under the Companies Act, 1956. DMRC has equal equity participation from GOI and GNCTD.

Structure

• Chairman - Shri Navin Kumar
• Managing Director - Dr. E. Sreedharan
• Total No. of Directors – 16
• Nominee of Govt. of India - 5
• Nominee of Govt. of NCTD - 5 (Including MD)
• No. of full-time functional Directors at present including MD - 7
• The corporate office of the company is located at Metro Bhawan, Fire Brigade Lane, Barakhamba Road New Delhi - 110001, India

The Corporate Culture

• They should be totally dedicated and committed to the Corporate Mission.
• Personal integrity should never be in doubt, they should maintain full transparency in all there decisions and transactions.
• The Organization must be lean but effective.
• The Corporation must project an image of efficiency, transparency, courtesy and “they mean business” attitude.
• The construction activities should not inconvenience or endanger public life nor should lead to ecological or environmental degradation.
• All there structures should be aesthetically planned and well maintained.
• Safety of Metro users is there paramount responsibility.
• The stations and trains should be spotlessly clean.
• The staff should be smartly dressed, punctual, polite and helpful to the customers.
• Employees should discharge their responsibilities with pride, perfection and dignity

Delhi Metro is a world class Metro

Delhi Metro is a world-class metro. To ensure reliability and safety in train operations, it is equipped with the most modern communication and train control system. It has state-of-art air-conditioned coaches. Ticketing and passenger control are through Automatic Fare Collection System, which is introduced in the country for the first time. Travelling in Delhi Metro is a pleasure with trains ultimately available at three minutes frequency. Entries and exits to metro stations are controlled by flap-doors operated by 'smart-cards' and contact less tokens. For convenience of commuters, adequate number of escalators are installed at metro stations.

Unique feature of Delhi Metro is its integration with other modes of public transport, enabling the commuters to conveniently interchange from one mode to another. To increase ridership of Delhi Metro, feeder buses for metro stations are Operating. In short, Delhi Metro is a trendsetter for such systems in other cities of the country and in the South Asian region.

PRESS RELEASE:

The Delhi Metro Rail Corporation is going to plant 10,000 trees as part of a three week long greenery campaign beginning tomorrow. The inaugural plantation programme of this drive will be held tomorrow at the Sarita Vihar Metro depot where 1,650 saplings will be planted by the senior officers and employees of DMRC. The major highlights of this campaign are:

• A total of 10,000 saplings will be planted during the campaign from 23.07.2011 to 15.08.2011.
• Apart from Sarita Vihar, about 3,000 saplings will be planted at the Yamuna Bank depot.
• Similar plantation drives will also be carried out at all the Metro stations during this period.
• In a bid to encourage the practice of plantation among the public, DMRC will also distribute free saplings to the public from 52 Metro stations across the city. (Complete station list given below). Interested commuters should contact the station managers of these stations to get the saplings.
• The main varieties of trees and shrubs which will be planted are Amaltas, Gulmohar, Neem, Sheesam, Bottle brush, Calendra Kaner, Chandni etc.
• This campaign is a part of the “Till a Million Tree” plantation drive of the Government of Delhi in which all the government agencies are participating in a bid to plant a million more trees in the national capital.
• The Delhi Metro has always laid great emphasis on the conservation of environment. Since 2005, DMRC has planted more than a lakh trees and shrubs as part of its voluntary plantation programme. While 60,855 trees have been planted, the number of shrubs planted is 43,676.
• For each tree that the DMRC had to cut for its construction work, it has been paying the forest department for the plantation of ten trees as compensatory afforestation.
• The stations from which the saplings will be distributed are : Dilshad Garden, Mansarover park, Shahdara, Welcome, Shastri Park, Pratap Nagar, Shastri Nagar, Keshav Puram, Kohat Enclave, Pitam Pura, Rohini East, Rithala, Jahangirpuri, Adarsh Nagar, Azadpur, Model Town, Viswavidyalaya, Jorbagh, Hauz Khas, Malviya Nagar, Saket, Chhattarpur, Preet Vihar, Nirman Vihar, Mayur Vihar-I, Akshardham, RK Ashram Marg, Jhandewalan, Patel Nagar, Shadi Pur, Kirti Nagar, Moti Nagar, Rajouri Garden, Subhash Nagar, Janakpuri East, Uttam Nagar East, Dwarka, Dwarka Sector – 13, Dwarka Sector – 11, Dwarka Sector – 9, Dwarka Sector -21, Jangpura, Lajpat Nagar, Kalkaji Mandir, Sarita Vihar, Badarpur, Punjabi Bagh, Madi Pur, Paschim Vihar (East), Peera Garhi, Nangloi, Mundka

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.23
UK Pound	1	Rs.84.16
Euro	1	Rs.68.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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		47

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	-

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.