|
Report Date : |
23.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
METRO-LINK
EXPRESS FOR GANDHINAGAR AND AHMEDABAD (MEGA) COMPANY LIMITED |
|
|
|
|
Registered Office
: |
5th
Floor, Nirman Bhavn, Opposite New Sachivalaya, Gate No. 4, ‘CH’ Road, Sector
10/A, Gandhinagar – 382010, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.02.2010 |
|
|
|
|
Com. Reg. No.: |
04-059407 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 100.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U60200GJ2010SGC059407 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM3807N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject was incorporated by Government of Gujarat to implement Metro
Rail Project. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 350000 |
|
|
|
|
Status : |
Yet to commence commercial operation |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a special purpose vehicle which was incorporated during 2010
by the Government of Gujarat to implement Metro Rail Project. The management has failed to file its latest financial with Government
Department. As per previous years
financial, it seems that the company is yet to commence with its commercial
operation. However, capital base of the company is good. The company receives
good operational and financial support from the Government of Gujarat.
Payment terms are reported to be usually correct and as per commitments. Since it is Government Company, it can be considered good for normal
business dealings at usual trade terms and condition. |
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
|
Source
: CIA |
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. Sajeev |
|
Designation : |
Manager |
|
Contact No.: |
91-79-23248572 |
|
Date : |
22.02.2013 |
LOCATIONS
|
Registered Office : |
5th
Floor, Nirman Bhavn, Opposite New Sachivalaya, Gate No. 4, ‘CH’ Road, Sector
10/A, Gandhinagar – 382010, Gujarat, India |
|
Tel. No.: |
91-79-23248572 |
|
Fax No.: |
91-79-23248573 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
802, 8th Floor, GNFC Info Tower, Sarkhej-Gandhinagar
Highway, Bodakdev, Ahmedabad – 380054, Gujarat, India |
|
Tel. No.: |
91-79-26859765 |
|
Fax No.: |
91-79-26859766 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Executive Chairman |
|
Date of Birth/Age : |
19.06.1963 |
|
Qualification : |
B.E (Civil) |
|
Date of Appointment : |
08/04/2011 |
|
DIN No.: |
00006361 |
|
|
|
|
Name : |
Mr. Arvind Kumar Sharma |
|
Designation : |
Director |
|
Address : |
F-3, Samarpan Flat, Gulbai Tekra, Ahmedabad - 380006, Gujarat,
India |
|
Date of Birth/Age : |
11.07.1962 |
|
Qualification : |
IAS |
|
Date of Appointment : |
04.02.2010 |
|
DIN No.: |
01312673 |
|
|
|
|
Name : |
Mr. Syed Jawaid Haider |
|
Designation : |
Director |
|
Address : |
Bunglow No. KH -19, Sector - 19 Near Circuit House, Gandhinagar -
382019, Gujarat, India |
|
Date of Birth/Age : |
03.12.1965 |
|
Qualification : |
IAS |
|
Date of Appointment : |
04.02.2010 |
|
DIN No.: |
02879522 |
|
|
|
|
Name : |
Lalnunmawia Chuaungo |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.03.1962 |
|
Qualification : |
IAS |
|
Date of Appointment : |
26.07.2011 |
|
DIN No.: |
00032867 |
|
|
|
|
Name : |
Mr. Indrajeet Prasad Gautam |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.04.1953 |
|
Qualification : |
IAS |
|
Date of Appointment : |
20.07.2011 |
|
DIN No.: |
00260908 |
|
|
|
|
Name : |
Mr. Chotilal Raghunath Meena |
|
Designation : |
Director |
|
Date of Birth/Age : |
11.05.1952 |
|
Qualification : |
IAS |
|
Date of Appointment : |
20.07.2011 |
|
DIN No.: |
02597773 |
KEY EXECUTIVES
|
Name : |
Mr. Chaitanya Kapadia |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Sajeev |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Subject was incorporated by Government of Gujarat to implement Metro
Rail Project. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
State Bank of India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. Pandit and Company Chartered Accountants |
|
Address : |
2nd Floor, Varsha Niketan, Ahmedabad, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB5873E |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
100.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(11.460) |
|
|
NETWORTH |
|
|
88.540 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
88.540 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
100.000 |
|
|
Cash & Bank Balances |
|
|
0.000 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
100.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.010 |
|
|
Other Current Liabilities |
|
|
11.450 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
11.460 |
|
|
Net Current Assets |
|
|
88.540 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
88.540 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative Selling Other Expenses |
|
|
11.460 |
|
|
|
TOTAL |
|
|
11.460 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
(11.460) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
|
(11.460) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
(1.00) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(11.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
8.73 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 (Rs. In Millions) |
|
Creditors due small micro enterprises |
0.000 |
|
Creditors due others |
0.010 |
|
Sundry creditors |
0.010 |
|
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
one year |
No |
|
12] |
Profitability for last
one year |
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 involved in |
-- |
|
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 |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
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 |
No |
Note: The registered address
of the company has been shifted from B-Wing, 2nd Floor, GSCSCL Building,
"CH"
Road, Sector 10/A, Gandhinagar – 382010, Gujarat, India to the present w.e.f.27.09.2011
FINANCIAL RESULTS
The Company is incorporated
on 04th February, 2010. The Company has completed its first financial year
ended on 31.03.2011. During the period, the Company is yet to commence its
operation and hence there is no revenue during the period ended on 31.03.2011.
BUSINESS OPERATION / ACTIVITIES:
During the period,
the Company is yet to start its business operation. The Company has written off
the preliminary and preoperative expense of Rs. 11.450 Millions.
The Directors are
continuously looking for avenues for future growth of the Company in Metro Rail
industry. MEGA aims to create a landmark metro rail project not only for the
state of Gujarat but also for the whole country. MEGA is committed to deliver
most cost efficient metro within the shortest time span possible in the
country.
WEBSITE DETAILS:
PRESS RELEASE
METRO RAIL BETS ON WIND POWER TO RUN ITS TRAINS
Gandhinagar, Sun Jun
17 2012, 04:12 hrs
In a first in the country, the Rs 150000.000 Millions Ahmedabad-Gandhinagar Metro Rail project is likely to have a dedicated 20 MW wind power generation plant to run its trains and meet power requirements at its stations and other utilities.
The Special Purpose Vehicle (SPV) for the project, Metro Link Express for Gandhinagar and Ahmedabad (MEGA) Company Limited, recently invited expressions of interest from companies that are in wind power generation to set up and run the dedicated wind farm for the Metro project.
Sources said this would be the first Metro rail project in the country to run on "green power" for which carbon credits would also be claimed.
The capital cost of 1 MW of wind power is Rs 45.-68.500 MIllions, which is slightly higher than the cost of fossil fuel power. However, the running cost of a wind farm is very low as the fuel cost is zero and cost of operations and maintenance are very low.
The likely cost of a wind power plant dedicated for Metro rail is around Rs 1100.000 to Rs 1200.000 Millions.
The Metro rail is proposed to cover a 44-km route in its first phase. Later, the government also plans to link Dholera with Ahmedabad by the Metro rail.
The state government first came out with Metro rail proposal in 2005 and it was accepted by the Centre in 2006.
Once complete, the Metro rail is estimated to ferry 17 lakh commuters daily.
GUJARAT PUSHING
RS.120000.000 MILLIONS AHMEDABAD - GANDHINAGAR METRO RAIL LINK: REPORT
21 September 2011
The Gujarat government is going ahead with the Rs. 120000.000 Millions metro rail project linking Ahmedabad with the capital Gandhinagar. First phase of the project will begin by the year-end, reports quoting official source at the state government said today.
The metro rail project covering a 70-km route will be an elevated line, rising up to five metres from the ground.
The first phase of the project, covering a length of 24 km, will involve investment of around Rs. 34000.000 Millions, sources said.
Metro-link Express for Gandhinagar and Ahmedabad (MEGA) Company Limited, a special purpose vehicle (SPV) set up by the state government, will undertake implementation of the project.
Sanjay Gupta, a former bureaucrat, has been appointed as its chairman and four other bureaucrats as directors.
A high-level committee headed by chief secretary AK Joti would consider proposals submitted by MEGA soon.
The metro, when completed, will link Old and New Ahmedabad, its airport and the state capital. The project is expected to link some industrial hubs, including Sanand, reports said.
Ernst and Young has been appointed as bid process and corporate advisors while Grand Thornton International Ltd would be internal auditors.
The project has entered the detailed engineering and planning phase and once the project plan gets approval, work is expected to be completed 30 months.
The metro trains will initially run on a frequency of five minutes at peak hour in 2015, and stations will have an average distance of 800 to 1,000 metres. It will have an automatic fare collection system with five levels of system facilities using smart card technology.
The project will not face any land acquisition problem, as most of the lines will be on an elevated corridor. The Gujarat Urban Development Corporation (GUDC) has also directed the civic and urban bodies of both Gandhinagar and Ahmedabad not to clear any new projects in the 150-metre radius along the proposed metro route.
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. 54.43 |
|
|
1 |
Rs. 83.20 |
|
Euro |
1 |
Rs. 71.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.