MIRA INFORM REPORT

Report Date :

02.04.2014

IDENTIFICATION DETAILS

Name :	DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED
Registered Office :	Room No. 101 / A, Rail Bhawan, Raisina Road, New Delhi - 110001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.10.2006
Com. Reg. No.:	55-155068
Capital Investment / Paid-up Capital :	Rs.19650.500 Millions
CIN No.: [Company Identification No.]	U60232DL2006GOI155068
TAN No.: [Tax Deduction & Collection Account No.]	DELD09388B
PAN No.: [Permanent Account No.]	AACCD4768M
Legal Form :	Government Owned Enterprises
Line of Business :	To build, operate and maintain the dedicated freight railway lines along the Golden Quadrilateral rail routes and its diagonals.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 108309000
Status :	Project under implementation
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a “Special Purpose Vehicle” established by Government of India under the administrative control of ministry of Railways in order to fulfil a strategic goal i.e planning, construction, operation and maintenance of dedicated freight railway corridors, which is still under implementation during the year under review. The company possesses an excellent financial profile supported by a decent capital base during 2013. The funding has been arranged by ministry of railways, through a combination of general budgetary support, commercial loans and equity. The ratings also take into consideration the monitoring of the project by the prime minister’s office. Trade relations are trustworthy. Business is active. Payment terms are reported as slow but correct and as per commitment. In view of technical, managerial and financial support from its parent, the subject can be considered good 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AAA
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	June 06, 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 DENIED BY

Name :	Ms. Mittal
Designation :	Finance Head
Contact No.:	91-11-23454701
Date :	27.03.2014

LOCATIONS

Registered Office :	Room No. 101 / A, Rail Bhawan, Raisina Road, New Delhi - 110001
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	mkapoor@dfcc.co.in
Website :	http://www.dfccil.org
Head Office :	5th Floor, Pragati Maidan, Metro Station Building Complex, New Delhi – 110001, India
Tel. No.:	91-11-23454890
Fax No.:	91-11-23454701

DIRECTORS

As on 27.09.2013

Name :

Mr. Arunendra Kumar

Designation :

Director

Address :

Bungalow No.7, Moti Bagh New Delhi - 110021, India

Date of Birth/Age :

13.12.1954

Date of Appointment :

05.07.2013

DIN No. :

06643537

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U60232DL2006GOI155068	DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED	Director	05/07/2013	05/07/2013	-	Active	NO
2	U60200DL2013GOI256716	NATIONAL CAPITAL REGION TRANSPORT CORPORATION LIMITED	Director	21/08/2013	21/08/2013	-	Active	NO

Name :

Mr. Ram Kumar Gupta

Designation :

Managing director

Date of Appointment :

10.05.2011

DIN No. :

03525313

Name :

Mr. Mahesh Kumar Mittal

Designation :

Director

Address :

Flat No. 609-610, Nestle Apartments, Wing C, P. B. Marg, Lower Parel, Mumbai 400013, Maharashtra, India

Date of Birth/Age :

11.09.1960

Date of Appointment :

16.09.2013

DIN No. :

02889021

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999MH1960GOI011895	HINDUSTAN ORGANIC CHEMICALS LIMITED	Director	22/12/2009	22/12/2009	29/07/2011	Active	NO
2	L25206AP1983PLC004037	HINDUSTAN FLUORO CARBONS LTD.	Director	12/08/2010	05/05/2010	29/07/2011	Active	NO
3	U24100MH1997PLC112652	HOC - CHEMATUR LIMITED	Nominee director	07/05/2010	07/05/2010	29/07/2011	Active	NO
4	U60232DL2006GOI155068	DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED	Director	16/09/2013	16/09/2013	-	Active	NO

Name :

Mr. Hari Das Gujrati

Designation :

Director

Address :

T-V/37, Rail Enclave, San Martin Marg, Chanakyapuri New Delhi – 110021, India

Date of Birth/Age :

12.08.1961

Date of Appointment :

29.11.2012

DIN No. :

01393052

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28992MH2004PTC148047	TRIDENT TERMINALS PRIVATE LIMITED	Director	29/12/2006	29/12/2006	29/08/2008	Amalgamated	NO
2	U63000MH2004PTC146805	ALBATROSS INLAND PORTS PRIVATE LIMITED	Nominee director	12/06/2007	02/02/2007	25/06/2008	Active	NO
3	U63030HR2007PLC036995	Container Gateway Limited	Additional director	21/11/2007	21/11/2007	28/12/2008	Active	NO
4	U14220RJ1964GOI001188	SAMBHAR SALTS LIMITED	Director	24/09/2010	24/09/2010	04/02/2013	Active	NO
5	U14220RJ1958GOI001049	HINDUSTAN SALTS LIMITED	Director	24/09/2010	24/09/2010	04/02/2013	Active	NO
6	U60232DL2006GOI155068	DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED	Director	29/11/2012	29/11/2012	-	Active	NO

Name :

Anshuman Sharma

Designation :

Whole-time director

Date of Appointment :

05.04.2011

PAN No.:

ACKPS9718B

DIN No. :

03500815

Name :

Mr. Anil Kumar Dutta

Designation :

Whole-time director

Date of Appointment :

01.04.2010

DIN No. :

03031324

Name :

Mr. Gajendra Haldea Nath

Designation :

Nominee director

Date of Appointment :

02.05.2008

DIN No. :

02197994

Name :

Mr. Girish Pillai

Designation :

Nominee director

Date of Appointment :

14.11.2012

DIN No. :

00382088

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45203KA2003PLC032183	HASSAN MANGALORE RAIL DEVELOPMENT COMPANY LIMITED	Nominee director	07/06/2006	07/06/2006	17/03/2010	Active	NO
2	U45200DL2000PLC151199	PIPAVAV RAILWAY CORPORATION LIMITED	Director	12/10/2006	21/06/2006	08/02/2010	Active	NO
3	U60100KA2000PLC028171	RAIL INFRASTRUCTURE DEVELOPMENT COMPANY (KARNATAKA) LIMITED	Nominee director	29/06/2006	29/06/2006	17/03/2010	Active	NO
4	U45400DL2008PLC172316	Delhi Mumbai Industrial Corridor Development Corporation Limited	Additional director	29/09/2009	29/09/2009	22/03/2010	Active	NO
5	U60232DL2006GOI155068	DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED	Nominee director	14/11/2012	14/11/2012	-	Active	NO

Name :

Bhaskar Gupta

Designation :

Director

Date of Appointment :

23.11.2010

PAN No.:

AAAAA3333A

DIN No. :

03391044

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U60232DL2006GOI155068	DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED	Director	23/11/2010	23/11/2010	-	Active	NO
2	U64202DL2000GOI107905	RAILTEL CORPORATION OF INDIA LIMITED	Director	26/05/2011	26/05/2011	-	Active	NO

Name :

Mr. Radhey Shyam Sharma

Designation :

Director

Date of Appointment :

25.04.2012

PAN No.:

AAAAA4444A

DIN No. :

00013208

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L23201MH1959GOI011388	INDIAN OIL CORPN. LIMITED	Nominee director	27/03/2002	27/03/2002	03/08/2007	Active	NO
2	U74899DL1965GOI004343	ONGC VIDESH LIMITED	Director	03/04/2002	03/04/2002	01/02/2011	Active	NO
3	U40101TR2005PTC008234	NORTH EAST POWER TRANSMISSION COMPANY PRIVATE LIMITED	Director	25/05/2006	25/05/2006	-	Amalgamated	NO
4	U40101TR2004PLC007544	ONGC TRIPURA POWER COMPANY LIMITED	Director	25/05/2006	25/05/2006	01/02/2011	Active	NO
5	L85110KA1988GOI008959	MANGALORE REFINERY AND PETROCHEMICALS LIMITED	Director	25/05/2006	25/05/2006	01/02/2011	Active	NO
6	L74899DL1993GOI054155	OIL AND NATURAL GAS CORPORATION LIMITED	Managing director	25/07/2007	25/05/2006	01/02/2011	Active	NO
7	U51909TN2006PLC059710	MANGALAM RETAIL SERVICES LIMITED	Director	20/12/2007	02/06/2006	26/12/2008	Active	NO
8	U45209KA2006PLC038590	MANGALORE SEZ LIMITED	Nominee director	08/07/2006	08/07/2006	01/02/2011	Active	NO
9	U45200AP2003PTC041961	KAKINADA SEZ PRIVATE LIMITED	Director	09/08/2006	09/08/2006	23/06/2008	Active	NO
10	U23209AP2005PTC047372	KAKINADA REFINERY AND PETROCHEMICALS PRIVATE LIMITED	Director	21/09/2006	21/09/2006	23/06/2008	Active	NO
11	U23209GJ2006PLC060282	ONGC Petro additions Limited	Nominee director	29/11/2006	29/11/2006	01/02/2011	Active	NO
12	U40107KA2006PLC041258	ONGC Mangalore Petrochemicals Limited	Nominee director	16/01/2007	16/01/2007	01/02/2011	Active	NO
13	U74900DL2012PTC230900	COREVALUES CONSULTING PRIVATE LIMITED	Director	02/02/2012	02/02/2012	-	Active	NO
14	L65191PN1994PLC076333	INDUSIND BANK LTD.	Director	17/07/2012	19/04/2012	07/08/2013	Active	NO
15	U99999MH1999PTC123358	AVENDUS CAPITAL PRIVATE LIMITED	Director	29/09/2012	23/04/2012	-	Active	NO
16	U60232DL2006GOI155068	DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED	Director	25/04/2012	25/04/2012	-	Active	NO
17	U74999DL2012PTC231128	STEAG O&M Company Private Limited	Director	06/08/2013	24/05/2012	-	Active	NO
18	U74999DL2003GOI118633	RAIL VIKAS NIGAM LIMITED	Director	11/06/2012	11/06/2012	-	Active	NO
19	U74899DL1994PLC063063	GEOENPRO PETROLEUM LIMITED	Additional director	13/02/2013	13/02/2013	15/03/2013	Active	NO
20	U65993TN2008PLC069837	HINDUJA LEYLAND FINANCE LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO
21	L27109DL1973GOI006454	STEEL AUTHORITY OF INDIA LIMITED	Additional director	19/02/2014	19/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Meenu Kapoor
Designation :	Secretary
Address :	16/80 A, Geeta Colony, Delhi – 110031, India
Date of Birth/Age :	25.0.1977
Date of Appointment :	31.03.2008
PAN No.:	AORPK0359K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
The President of India	27077394
Prakash Dudeja	1
Jagmohan Gupta	1
Girish Pillai	1
Niraj Kumar	1
Mukul Saran Mathur	1
Ajay Kumar Puthia	1
Total	27077400

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government (Central and State)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To build, operate and maintain the dedicated freight railway lines along the Golden Quadrilateral rail routes and its diagonals.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Jain Chopra and Company Chartered Accountants
Address :	New Delhi, India
PAN No. :	AAAFJ3015C

CAPITAL STRUCTURE

After 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.1000/- each	Rs.80000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27077400	Equity Shares	Rs.1000/- each	Rs.27077.400 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.1000/- each	Rs.40000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19650500	Equity Shares	Rs.1000/- each	Rs.19650.500 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	19650.500	7742.900	5591.300
(b) Reserves & Surplus	0.000	0.000	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	7426.900	3907.600	1080.000
Total Shareholders’ Funds (1) + (2)	27077.400	11650.500	6671.300
(3) Non-Current Liabilities
(a) long-term borrowings	942.774	934.894	380.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	214.143	66.678	18.349
(d) long-term provisions	4.784	0.987	0.303
Total Non-current Liabilities (3)	1161.701	1002.559	398.652
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	1074.204	988.296	1173.392
(d) Short-term provisions	0.471	0.013	0.010
Total Current Liabilities (4)	1074.675	988.309	1173.402
TOTAL	29313.776	13641.368	8243.354
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.241	77.238	95.512
(ii) Intangible Assets	4.110	3.366	3.274
(iii) Capital work-in-progress	10001.121	6571.178	3608.510
(iv) Intangible assets under development	26.892	4.766	3.574
(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	13122.207	2285.870	1875.436
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	23221.571	8942.418	5586.306
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	5419.234	4189.848	2318.884
(e) Short-term loans and advances	522.787	293.243	220.582
(f) Other current assets	150.184	215.859	117.582
Total Current Assets	6092.205	4698.950	2657.048
TOTAL	29313.776	13641.368	8243.354

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	0.000	0.000	0.000
	Other Income	199.266	98.457	99.123
	TOTAL	199.266	98.457	99.123
Less	EXPENSES
	TOTAL	0.000	0.000	0.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	199.266	98.457	99.123
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	199.266	98.457	99.123
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	199.266	98.457	99.123
Less	TAX	64.312	31.144	31.092
	PROFIT/ (LOSS) AFTER TAX	134.954	67.313	68.031
	Earnings / (Loss) Per Share (Rs.)	6.87	3.42	3.46

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	67.73	68.37	68.63
Return on Total Assets (PBT/Total Assets}	(%)	1.03	1.39	2.14
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Debt /Networth)		0.03	0.08	0.06
Current Ratio (Current Asset/Current Liability)		5.67	4.75	2.26

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5591.300	7742.900	19650.500
Reserves & Surplus	0.000	0.000	0.000
Share Application money pending allotment	1080.000	3907.600	7426.900
Net worth	6671.300	11650.500	27077.400
long-term borrowings	380.000	934.894	942.774
Short term borrowings	0.000	0.000	0.000
Total borrowings	380.000	934.894	942.774
Debt/Equity ratio	0.057	0.080	0.035

LOCAL AGENCY FURTHER INFORMATION

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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 involved in	-----
23]	Banking Details	No
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Semi government bodies	942.774	934.894
Total	942.774	934.894

INDEX OF CHARGES

No Charges Exist for Company

SUMMARY OF ANNUAL ACCOUNTS 2012-13.

Financial Statements for financial year 2012-13 are prepared in accordance with the Companies (Accounting Standards) Rules, 2006 and Schedule VI to the Companies Act, 1956. The Corporation has incurred the following expenditure during the year 2012-13:

Expenditure on Project Execution

The cumulative expenditure on Project Execution is Rs. 10001.100 millions as on 31stMarch, 2013. The gross expenditure during the year 2012-13 on Project Execution is Rs. 4034.900 millions which includes direct expenditure of Rs. 2946.300 millions; Overheads of Rs. 1024.300 millions; taxes on Interest Income and on Facility Management and Rent charges income of Rs. 64.300 millions.

The Corporation has Gross Receipts of Rs. 605.000 millions during the year, which includes Interest Income of Rs. 366.400 millions, Facility management charges and Rent Recovered on sub-lease Rs. 82.100 millions and other Receipts including liquidated damages of Rs. 156.500 millions.

Thus, the net expenditure during the year 2012-13 is Rs. 3429.900 millions.

MAJOR CONTRACTS

Progress of Ongoing Contracts

During the period , the company has the following major contracts under progress:

WESTERN CORRIDOR

Works Contracts: IR Funded

Design and Construction of Important and Major Bridges (54) of Western Freight Corridor between Vaitrana and Utran (approx.200Kms) on Vasai-Baruch section in the states of Maharashtra and Gujarat, India on lump sum contract basis. (Contract Agreement No. HQ/EN/WC/Bridges/D and B/1/Soma, dated 17-03-2009). The Physical progress as on 31-03-2012 is 56%.

Consultancy Contracts: IR Funded

The contract Agreement (Contract Agreement No. HQ/EN/WC/Bridges/PMC/1/Span, Dated 12-06-2009) for Project Management Consultancy for Design and Construction of Important and Major Bridges (54) of Western Freight Corridor between Vairarna and Utran (approx.200Kms.) on Vasai-Baruch section in the states of Maharashtra and Gujarat has been executed on 12-06-2009. The Currency of the Contract has been extended up to December, 2014 and the work is in continuation.

Consultancy Contract: JICA Funded (Phase-I)

Engineering Service Consultancy Services Contract for the work of Construction of WDFC from Rewari to Vadodara (Phase-1 of the project) has commenced on 13-06-2010.

• In Case of combined Civil Contract Package -CTP-1 and 2, Technical Evaluation Completed by ES Consultants.
• In Case of Special Bridge Pacakge-3A, Prequalification Evaluation Completed.
• In Case of Civil Contract Pacakge-CTP-3, Prequalification Evaluation Completed.

Consultancy Contract: JICA Funded (Phase-II)

In Case of Civil Contract Packages CTP-12and13, Special Bridge Package-15A, 15B and 15C, Pre-Qualification Documents finalized.

Works tenders: JICA Funded

WDFC Phase-I (Rewari- Vadodara)

CONTRACTS AWARDED

During the Financial Year

Works:

• Civil System and Track Contract Bhaupur - Khurja Lot 101 from Bhaupur village to Bhatura village KM 1040-1170. The Cost of the work awarded is Rs. 13294.900 millions and the contract signed on 24.01.2013.

• Civil System and Track Contract Bhaupur - Khurja Lot 102 from Bhatura village to Birauni village KM 1170-1266. The Cost of the work awarded - Rs.Rs.9259.000 millions and the contract signed on 24.01.2013.

• Civil System and Track Contract Bhaupur - Khurja Lot 103 from Birauni village to Khurja village KM 1266 to 1367.9. The cost of the work awarded - Rs. 10121.500 millions and the contract signed on 24.01.2013.

Consultancy:

General Consultancy services for Bhaupur - Mughalsarai section and Khurja - Dadri and Khurja - Ludhiana section of Eastern DFC. Cost of the work Rs.181.800 millions and contract signed on 24.01.2013.

FIXED ASSETS

œ Furniture and Fixtures

œ Office Equipment

œ Computer Equipments

œ Leasehold Improvements

PRESS RELEASES:

Minister of Railways Reviews Progress of Dedicated Freight Corridors

21 January, 2013

The Minister of Railways, Shri Pawan Kumar Bansal reviewed the implementation of Dedicated Freight Corridor (DFC) projects in India being implemented by Dedicated Freight Corridor Corporation of India (DFCCIL), the fully owned Special Purpose Vehicle (SPV) of Ministry of Railways specially constituted for the purpose. Shri R K Gupta Managing Director DFCCIL made a detailed presentation. The Minister of Railways alongwith Chairman, Railway Board, Shri Vinay Mittal, and the Members of Indian Railway Board took stock of the current status of various activities involved in the project implementation and also discussed various issues having critical impact on the project implementation.

One of the notable features reflected during the review as acquisition of 7968 hectares of land constituting over 82 per cent which marks achievement of a major landmark of 80 per cent land acquisition stipulated by the funding agencies, e.g. World Bank, Japan International Cooperation Agency (JICA). It was appreciated that approximately 8000 hectares of land over 9 States and 61 Districts has been acquired in a span of less than three years, which is very remarkable. The remaining 18 per cent land acquisition is also progressing steadily.

DFCCIL officials also highlighted the current procurement status for physical execution of works indicating that contract for railway track works over 1000 kms is expected to be awarded in coming months making the physical execution visible at the ground level. Shri Vinay Mittal apprised the Railway Minister regarding the remarkable achievement of project authorities in obtaining environmental clearance of two Wild Life Sanctuaries and one Bird Sanctuary within 10 to 16 months, which has been possible due to active support and cooperation of the State Governments of Gujarat and Maharashtra and their Forest and Environment officials. The Union Ministry of Forest and Environment has also provided necessary assistance by lending the services of an experienced officer to assist DFC project authorities and guide them in processing various forest and environment clearances. The inter-ministerial cooperation has been very effective for the DFC project in this respect. Shri Mittal also pointed out that DFCCIL has successfully complied with stringent requirement of social impact assessment and its mitigation as stipulated by funding agencies like World Bank and JICA.

The initial timelines of commissioning of the entire project by December 2016 for both Eastern and Western Corridors stipulated at the time of approval of the project were also reviewed in the light of the subsequent developments of requirement of environmental clearances, processes involved and the ground realities encountered in the project implementation. It was brought out by the project authorities before the Railway Minister that due to sequential progressive processing of different phases of the project by both World Bank and JICA and course correction in the alignment due to various reasons, the commissioning of DFC would now be achieved in phases varying from December 2015 depending on the availability of funds and funding arrangement being tied up wherever it is yet to be concluded.

The Railway Minister emphasized the importance of DFC project to be implemented and commissioned at the earliest and the DFCCIL project authorities assured that no stone will be left unturned with the support and assistance of the Ministry of Railways to achieve this mega project of national importance.

Huge Response for Pre-Qualification for Civil Contract for Bhaupur – Mughalsarai Section of Eastern Dedicated Freight Corridor of Indian Railways.

14-February, 2014

A total 16 international companies in joint venture with leading Indian companies qualified in pre qualification bid process for Civil structure &Track work Contract for Bhaupur- Mughalsarai section package 201 and 202 (400 route km.) of Eastern Dedicated Freight Corridor project. There has been huge response and the contractors/firms from all over the world are competing in the bid process. Those qualified to submit their bids are from Spain, Turkey, Korea, Taiwan, China, Mexico, Brazil, Russia and UK apart from India. Some of the firms are, ISOLUX CORSAN CORVIAM-SADBHAV-ECI (JV), GAMMON-YUKSEL (JV),POSCO-PNC(JV),China Railway Bureau Group Corporation, ESSAR-KEC-SACYR Consortium, AG-AFCONS (JV),PEL-BSCPL-CGS (JV), etc.

It may be recalled that the World Bank has agreed in principle to part finance the Eastern Corridor project from Mughalsarai to Ludhiana, which has been divided into 3 phases.  The total in principle loan commitment is US$ 2.725 billion, out of which the loan for the first phase to the tune of US$ 975 million was sanctioned in May, 2011 and the loan agreement was signed in October, 2011.  The loan for the second phase is expected to be of the order of USD 1100 million and is expected to be signed in June 2014.

DFCCIL, a Special Purpose Vehicle (SPV) is engaged in planning, construction, operation and maintenance of the dedicated freight corridors and in the first phase, the two corridors, namely, Eastern Corridor from Ludhiana to Dankuni (1839 kms) and the Western Corridor from Dadri to Jawaharlal Nehru Port (JNPT) (1499 kms) are being constructed.  The entire Western Corridor is being funded by Japan International Cooperation Agency (JICA), while the Eastern Corridor from Mughalsarai to Ludhiana is being funded by the World Bank.

Dedicated freight corridor's eastern arm may see funding issue

November 6, 2013

New Delhi, The eastern arm (Ludhiana to Dankuni) of the Indian Railways’ ambitious Dedicated Freight Corridor project is expected to face funding hurdles.

Of the 1,839-km eastern corridor, 1,130 km is funded by the World Bank. The funding is capped at $2.725 billion (about Rs 163500.000 millions, at current exchange rates).

For construction and civil works related to the freight corridor, costs stand at about Rs 10/km. Senior officials of the Dedicated Freight Corridor Corporation (DFCC) said following the tranche for the second phase, the third and last phase would have inadequate funds. “We might have to explore the option of market borrowing. We will just have about $0.65 billion left for the third phase,” said a senior official. The amount would be sufficient to complete the civil works; additional funds would be required for signalling and electrification.

In the eastern, corridor the remaining stretch is to be completed through funding by the Ministry of Railways and the public-private partnership (PPP) route. While the ministry is expected to provide about Rs 40000.000 millions for the Mughalsarai-Son Nagar stretch, the Son Nagar-Dankuni section is to be funded through the PPP route.

Ministry sources said the financial model or the revenue structure hadn’t been decided and, therefore, no bids had been invited for the PPP section. Though the deadline to complete the entire eastern corridor is 2018, it is unlikely the project would be completed by then. If Dedicated Freight Corridor Corporation has to adhere to the deadline, it has to award all the projects for civil works by the end of 2014. Each phase takes about four years for completion.

“We expect to award contracts of about Rs 140000.000 millions by the end of this year for the remaining section of phase-I on the western corridor and phase-II of the eastern corridor,” said Rakesh Gupta, managing director, Dedicated Freight Corridor Corporation.

So far, two contracts have been awarded — one each for the eastern and western corridors. On the eastern corridor, a 343-km stretch from Ludhiana to Mughalsarai was awarded to Tata-Aldesa. The civil contract is worth Rs 3,300 crore and the section accounts for 18.5 per cent of the entire eastern corridor.

In the western corridor, the first contract awarded accounts for 43 per cent of the entire corridor. This corridor is completely funded by Japan International Cooperation Agency. The first contract was awarded to L and T and Sojitz for a 640-Km stretch between Rewari and Vadodara. With the next contract award, construction on 62 per cent of the corridor would be underway.

DFCC has already secured environment clearances.

And, about 93 per cent of the entire land has been acquired. Going ahead, this could make the PPP route smoother and keep other works insulated from delays. The delay being seen in the eastern corridor could prove to be a costly affair for Indian Railways, as the Ludhiana-Khurja section is the starting point of the eastern corridor.

According to Dedicated Freight Corridor Corporation’s projections, this corridor is expected to account for the movement of about 54 million tonnes of powerhouse coal each year by 2017. Also, the corridor is crucial for providing coal from the eastern coal fields to power plants in Uttar Pradesh, Delhi, Haryana, Punjab and parts of Rajasthan.

The delays would also affect the railways’ ambitious plan to increase the speed of passenger trains to up to 200 km/hour.

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 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.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	7
--CREDIT LINES	1~10	9
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		74

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.