|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
MUMBAI METRO ONE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Mumbai Metro One Depot, D.N. Nagar, J.P. Road, 4 Bungalows, Andheri
(West), Mumbai – 400053, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-166433 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5120.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201MH2006PTC166433 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM30883G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Rail Based Transport Company |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 42000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a joint venture between Reliance Infrastructure Limited, India,
Veolia Transport SA. France (Veolia Region) and Mumbai Metropolitan Region
Development Authority (MMRDA) for construction of Metro Rail in Mumbai City. The project is still under its implementation stage. Trade relations are fair. Business is active. Payments are reported to
be usually correct. In view of strong promoters, the company can be considered normal for
dealings at usual trade terms and conditions. Note: Profit and loss account of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
External Commercial Borrowing: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
September 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Virendra Joshi |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-9320327682 |
|
Date : |
03.12.2013 |
LOCATIONS
|
Registered Office : |
Mumbai Metro One Depot, D.N. Nagar, J.P. Road, 4 Bungalows, Andheri (West),
Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-33789895 |
|
Mobile No.: |
91-9320327682 (Mr. Virendra Joshi) |
|
Fax No.: |
91-22-33789820 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 12.07.2013
|
Name : |
Mr. Murthy Radhakrishna Paparaju |
|
Designation : |
Nominee director |
|
Address : |
A-501, Amar CHS,
Off 90 feet Road, Thakur Complex, Kandivli - East, Mumbai – 400101,
Maharashtra, India |
|
Date of Birth/Age : |
01.07.1960 |
|
Date of Appointment : |
08.11.2007 |
|
DIN No.: |
00388370 |
|
|
|
|
Name : |
Mr. Lalit Jalan |
|
Designation : |
Nominee director |
|
Address : |
49 Usha Kiran,
15 M L Dahanokar Marg, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
23.09.1956 |
|
Date of Appointment : |
30.10.2013 |
|
DIN No.: |
00194986 |
|
|
|
|
Name : |
Mr. Ramesh Ganpati Shenoy |
|
Designation : |
Nominee director |
|
Address : |
E 115, Bussa
Apartment, B M Bhargava Marg, Santacruz -West, Mumbai – 400054, Maharashtra,
India |
|
Date of Birth/Age : |
07.10.1949 |
|
Date of Appointment : |
17.11.2007 |
|
DIN No.: |
00007241 |
|
|
|
|
Name : |
Mr. Debasis Mohanty |
|
Designation : |
Nominee director |
|
Address : |
1 A, 1401 and
1402, 14th Floor, High Land Tower, Lokhandwala Township, Akurli Road,
Kandivali East, Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
12.06.1972 |
|
Date of Appointment : |
21.03.2012 |
|
DIN No.: |
02565267 |
|
|
|
|
Name : |
Mr. Abhay Mishra |
|
Designation : |
Nominee director |
|
Address : |
Gp Ii , 4 B
Gurgaon One, Old Delhi-Gurgaon Road, Mulahera Sector 22, Gurgaon – 122015, Haryana, India |
|
Date of Birth/Age : |
12.08.1960 |
|
Date of Appointment : |
30.10.2013 |
|
DIN No.: |
00213826 |
|
|
|
|
Name : |
Mr. Bharat Bhushan Modgil |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. 102, Building No. 3, Sagar Darshan Cooperating Housing Society,
Sector 18, Nerul, Navi Mumbai – 400706, Maharashtra, India |
|
Date of Birth/Age : |
09.05.1950 |
|
Date of Appointment : |
23.05.2012 |
|
DIN No.: |
05139137 |
|
|
|
|
Name : |
Manu Kumar Srivastava |
|
Designation : |
Nominee director |
|
Address : |
Malabar Hill, Water Reservoir, Next to Phirozshah Mehta Garden, B G
Kher Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1963 |
|
Date of Appointment : |
13.08.2012 |
|
DIN No.: |
02506592 |
|
|
|
|
Name : |
Mr. Urvinder Pal Singh Madan |
|
Designation : |
Nominee director |
|
Address : |
501., Nilambari, Maharishi, Karva Marg, Cooperage, Mumbai – 400021,
Maharashtra, India |
|
Date of Birth/Age : |
08.10.1959 |
|
Date of Appointment : |
22.04.2013 |
|
DIN No.: |
03570256 |
|
|
|
|
Name : |
Mr. Satish Kumar Mishra |
|
Designation : |
Nominee director |
|
Address : |
102B, Radhika, Plot No.-31, Sector-17, Vashi, Navi Mumbai – 400703,
Maharashtra, India |
|
Date of Birth/Age : |
02.07.1962 |
|
Date of Appointment : |
30.10.2013 |
|
DIN No.: |
03538005 |
|
|
|
|
Name : |
Mr. Hasit Navinchandra Shukla |
|
Designation : |
Nominee director |
|
Address : |
403, Sabita Co- Operative Housing Society Limited. Plot No.596, Cts F/38,
16th Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
28.08.1962 |
|
Date of Appointment : |
30.10.2013 |
|
DIN No.: |
00004549 |
KEY EXECUTIVES
|
Name : |
Mr. Shivprakash Kedarnath Singh |
|
Designation : |
Manager |
|
Address : |
Room No. 29, Plot No. 273, Akshata Cooperating Housing Society
Limited, Sector Mo. 2A, Charkop, Kandivali (West), Mumbai – 400067,
Maharashtra, India |
|
Date of Birth/Age : |
20.12.1962 |
|
Date of Appointment : |
08.11.2011 |
|
PAN No.: |
AKJPS5460R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Infrastructure Limited, India |
|
353280000 |
|
Mumbai Metropolitan Region Development Authority, India |
|
133120000 |
|
Veolia Transport SA, France |
|
25600000 |
|
Total |
|
512000000 |
Equity Share Break up (Percentage of Total Equity)
As on 12.07.2013
|
Category |
Percentage |
|
Government [Central and State] |
26.00 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
5.00 |
|
Bodies corporate |
69.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Rail Based Transport Company |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Not Divulged |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution : |
IDBI Trusteeship Services Limited, Asian Building, ground Floor, 17,
R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharahstra, India |
|
|
|
|
Auditors : |
|
|
Name : |
T R Chadha and Company Chartered Accountants |
|
Address : |
1, Smruti, Ground Floor, M V Panloskar Marg, Hanuman Cross Road No.2,
Vile Parle (East), Mumbai – 400057, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFT1655Q |
|
|
|
|
Holding Company: |
·
Reliance Infrastructure Limited, India CIN: L99999MH1929PLC001530 |
|
|
|
|
Others: |
·
Mumbai Metropolitan Region Development Authority
(MMRDA) ·
Veolia Transport SA |
|
|
|
|
Enterprises
where holding company having significant influence: |
·
Metro One Operations Private Limited, India CIN: U60200MH2009PTC190650 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550000000 |
Equity Shares |
Rs.10/- each |
Rs. 5500.000 Millions |
|
500000000 |
Preference Shares |
Rs.10/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.
10500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
512000000 |
Equity Shares |
Rs.10/- each |
Rs. 5120.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5120.000 |
5120.000 |
4060.050 |
|
(b) Reserves & Surplus |
5494.872 |
4217.338 |
3518.508 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
488.627 |
|
Total
Shareholders’ Funds (1) + (2) |
10614.872 |
9337.338 |
8067.185 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15749.967 |
8258.096 |
5389.323 |
|
(b) Deferred tax liabilities (Net) |
561.468 |
420.959 |
278.283 |
|
(c) Other long term liabilities |
12.471 |
9.041 |
6.098 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
16323.906 |
8688.096 |
5673.704 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
599.948 |
1114.777 |
315.500 |
|
(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
2904.332 |
791.434 |
557.858 |
|
(d) Short-term provisions |
1.035 |
2.039 |
0.000 |
|
Total Current Liabilities (4) |
3505.315 |
1908.250 |
873.358 |
|
|
|
|
|
|
TOTAL |
30444.093 |
19933.684 |
14614.247 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
40.380 |
31.559 |
27.831 |
|
(ii) Intangible Assets |
0.000 |
0.630 |
1.260 |
|
(iii) Capital
work-in-progress |
28337.469 |
17849.573 |
10044.413 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
1218.364 |
2422.662 |
|
(e) Other Non-current assets |
329.464 |
259.132 |
197.460 |
|
Total Non-Current Assets |
28707.313 |
19359.258 |
12693.626 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.378 |
28.455 |
9.186 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
624.172 |
189.194 |
983.374 |
|
(e) Short-term loans and
advances |
640.268 |
95.749 |
118.283 |
|
(f) Other current assets |
471.962 |
261.028 |
809.778 |
|
Total Current Assets |
1736.780 |
574.426 |
1920.621 |
|
|
|
|
|
|
TOTAL |
30444.093 |
19933.684 |
14614.247 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.54
|
1.00 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.50
|
0.30 |
2.20 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
1183.049 |
189.469 |
0.000
|
|
|
|
|
|
|
Total |
1183.049 |
189.469 |
0.000
|
|
Sr. No. |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
No |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
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 involved in |
Yes |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Presentation Date:- |
08/07/2013 |
|
|
||||||
|
|
Lodging No.:- |
CPL/459/2013 |
Filing Date:- |
08/07/2013 |
Reg. No.:- |
CP/531/2013 |
Reg. Date:- |
06/09/2013 |
|
|
|
Petitioner:- |
Vardhman Precision Profiles
And Tubes Private Limited. Through Its Managing Director Mr.Nirdosh Jain |
Respondent:- |
M/S. Mumbai Metro One
Private Limited, CIN
No.U45201mh2006ptc166433 |
|
|
|
Petn.Adv.:- |
Shashik Jain |
|
|
|
District:- |
OUTSIDE MAHARASHTRA |
|
|
|
Bench:- |
SINGLE |
|
|
|
|
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439
COMPANIES ACT |
|
|
|
Next Date:- |
17/12/2013 |
Stage:- |
FOR DIRECTION [ORIGINAL SIDE MATTERS] |
|
|
|
Coram:- |
HON'BLE SHRI JUSTICE N.M. JAMDAR |
|
|
|
Last Date:- |
26/11/2013 |
Stage:- |
FOR ACCEPTANCE |
|
|
|
Last Coram:- |
HON'BLE SHRI JUSTICE N.M. JAMDAR |
|
|
|
Act :- |
Companies Act & Rules 1956 |
Under Section:- |
433,434 AND 439 |
NOTE:
The Registered office of the company has been 301, 3rd Floor, Satellite
Silver Building, Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400059,
Maharashtra, Indiato the present address w.e.f. 01.01.2013.
BUSINESS OPERATIONS
During the year, the
Company did not carry out any revenue service activities.
Status of the Project
During the year
the Project has moved significantly towards its final stage of commissioning.
The key achievements of the Project during the year are as follows:
The Company has
completed its two major special bridges, along the alignment at Western Express
Highway and Andheri Railway crossing over Western Line of Indian Railways. The
Cable Stayed Bridge at Western Express Highway and the Steel Bridge at Andheri
(crossing the Western Line of Indian Railways) are technological marvels in the
metro-construction segment. The Company has completed the construction
activities on the dense road and rail corridors with negligible inconvenience
to the general public and with the highest level of safety. The overall civil
work has been completed to the extent of 99%; all the stations buildings have
been completed and the work of station access facilities and architectural
finishing are nearing completion, for the first 8 stations. The system
implementation (including system integration) is in the final stage of
completion. Ten trains of four coaches each have been received and commissioned
at Depot; and the delivery of balance is in line with the agreed schedule with
the supplier. The Company has laid 23 Km of rail track (out of 26 Km) at
Viaduct and Depot. Two electrical sub-stations (at Marol and D N Nagar) have
been commissioned. EIG sanction for sub-station at D N Nagar has been received
and the same is awaited for Marol sub-station. EIG sanction has been received
for charging about 1.8 Km OHE in the Depot and 3rd line on Viaduct. The Company
is in the process of obtaining the EIG sanction for the stretch of Versova to
Azad Nagar (P3 to P125). EIG sanctions for ASS2 and ASS3 at the Depot have been
received and the same for ASS at Versova, D N Nagar, Marol, Airport Road and
Chakala Stations are awaited. The Maintenance Workshop and Stabling Lines at
Depot have been completed and testing and commissioning of equipment have
started. All major Depot Plant and Machinery / Equipment like Diesel Shunting
Locomotive, Re-Railing Vehicle, Train Simulator, Rail Car Lifting System, Bogie
Test Bench, Electrical Tractor and Cranes have been received and are under
commissioning. The work of installation of Lifts and Escalators has commenced
at the Stations and Depot. All the Lifts required for the Project have been
received and installation work is in progress. Automatic Fare Collection
System: The Testing and Development Central Computer System, Automatic Gates,
Ticket Issuing Machines and other Equipment for test platform have been
installed and commissioned. The application software testing is in progress.
The main Central Computer System installation is in progress at Operation and
Control Centre (OCC).
Increase in Project Cost
During the year,
the Company reassessed its cost to complete the project; the estimated project
cost is now revised to Rs 43210.000 Millions from earlier estimation of Rs
23560.000 Millions.
It may be noted that
the project cost has increased primarily due to delay in providing the
unencumbered and contiguous Right of Way (RoW) for construction as per the
agreed schedule (forming part of the Concession Agreement) by the relevant
authorities. Apart from the delay in obtaining the RoW, the Company had to
overcome challenges in construction due to issues emanating from utilities
diversion (difficulty in shifting the utilities, change in design due to
failure to shift utilities etc.). The delay has given rise to increase in
Project Cost due to inflation, higher interest cost, higher pre-operative
expenses, FOREX variation etc. The Project Cost has increased to Rs 43210.000
Millions from the earlier estimation of Rs 23560.000 Millions (an increase of
83%).
A comparison
between the schedule of RoW as per the Concession Agreement and actual receipt
of the RoW is attached as Annexure 1 for ready reference.
Procurement of
Additional Rolling Stocks:
Based on the
Traffic Forecast undertaken during October 2011, the Company has made provision
(in Project Cost) for acquisition of additional rolling stocks (44 coaches)
from CSR Nanjing.
The said
procurement of additional coaches will ensure cost advantage as per the
original contract for acquisition of rolling stock and will also de-risk the
project from the supply side issues of coaches which is a long lead item.
The Company will
finalize the delivery schedule based on the commuter-usage pattern in due
course of time.
Financing of Revised Project Cost
In order to meet the
additional project cost for implementing the Project, based on a robust
business plan and extensive support of the promoters, the Lenders have agreed
to provide additional debt to the project to the tune of Rs.9360.000 Millions.
The Promoters,
namely Reliance Infrastructure Limited, infused sub-ordinate debt of
Rs.4124.300 Millions in the company.
In order to
minimize the cost of borrowing, the Company may approach banks and financial
institutions or any other agencies for additional foreign currency loans under
the external commercial borrowings or from the export credit agencies or to
issue domestic bonds (Alternate Debt), as the case may be (to the extent of 50%
of the Rupee Loans), for the purpose of not availing the undisbursed portion of
the Rupee Loans and/or for the purpose of repayment of the Rupee Loans.
Project
Commissioning
The Company is
confident and making all the arrangements to commence the commercial operations
during the year 2013-14.
Fare Increase
Apart from the substantial
increase in the interest and pre-operative expenses (emanated directly out of
the increase in the capital expenditure), there has been substantial increase
in the micro economic conditions due to extreme inflationary scenario in the
country, especially during the period.
The increase in
cost to operate the line is unanticipated and beyond the reasonable control of
the Company. The increase in cost to operate the line therefore needs to be
appropriately addressed through an increase in the user fees or the Fare for
the metro train service. The increase in Fare is critical to maintain the
Projects financial viability.
In line with the
provisions of the Concession Agreement, the Company has filed an application
with Government of Maharashtra for an upward increase in Fare by 150% over and
above the Fare increase stipulated under the Concession Agreement (11% in every
4th year).
BACKGROUND
Mass Rapid Transit
System for Versova Andheri - Ghatkopar corridor in Mumbai:
Subject was
incorporated on 22nd December, 2006 to undertake the business to construct,
develop, own, market, operate maintain and transfer the Mass Rapid Transit
System for Versova Andheri - Ghatkopar corridor in Mumbai.
Mumbai
Metropolitan Region Development Authority, Reliance Infrastructure Limited and
Veolia Transport S.A. have incorporated the Company to undertake the said
business and have accordingly entered into the Shareholders Agreement with the
Company on 7th March 2007.
The Concession
Agreement for the Mass Rapid Transport System has been executed on 7th March
2007 with Mumbai Metropolitan Region Development Authority. The project is
under construction at present stage.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
4124.269 |
0.000 |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
997.269 |
|
Total |
4124.269 |
997.269 |
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10361240 |
25/05/2012 |
1,500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B41877002 |
|
2 |
10284294 |
29/03/2011 |
1,150,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B11191475 |
|
3 |
10129177 |
23/04/2013 * |
23,080,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, |
B77519726 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(a) The Company
has not given guarantee on behalf of others. Bank guarantees issued for
performing its own obligations are not considered as part of contingent
liability.
(b) Claims against
the Company not acknowledged as Debts
-On account of
demand for non-conversion of agricultural land Rs .75.000 Millions (Previous
Year Rs. 51.689 Millions).
-Claims of
suppliers against the company not acknowledged as debt Rs.487.519 Millions
(Previous Year Rs. Nil).
FIXED ASSETS
Tangible assets
·
Buildings
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Other equipment’s
Intangible assets
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.62.53 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.