|
Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MIRA BHAYANDER MUNICIPAL CORPORATION |
|
|
|
|
Registered
Office : |
Indira Gandhi Bhavan, Chattrapati Shivaji Maharaj Marg, Bhayandar (West),
Thane – 401101, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Date of
Incorporation : |
02.06.1985 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Available |
|
|
|
|
Legal Form : |
Government Owned Enterprises |
|
|
|
|
Line of Business
: |
Providing Civil and Infrastructure Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Municipal Corporation owned by Government. It is an
established corporation having a satisfactory track. It is engaged into administrating city’s infrastructure and public
civil services. Trade relations are fair. Business sis active. Payment terms are
reported to be usually correct. The subject can be considered 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.
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
MANAGEMENT NON CO-OPERATIVE.
Contact No.: 91-22-28192828
LOCATIONS
|
Registered Office : |
Indira Gandhi Bhavan, Chattrapati Shivaji Maharaj Marg, Bhayandar (West),
Thane – 401101, Maharashtra, India |
|
Tel. No.: |
91-22-28192828/ 28197635 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
MANAGEMENT
NOT AVAILABLE
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
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 |
No |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
INTRODUCTION
The Mira-Bhayandar Municipal Corporation is the
governing body of the city of Mira-Bhayandar in the Indian State of
Maharashtra. The municipal corporation consists of democratically-elected
members, is headed by a mayor and administers the city’s infrastructure, public
services and police. Members from the state’s various political parties hold
elected offices in the corporation. Mira-Bhayandari Municipal Corporation is
located in Bhayandar.
Mira-Bhayander is a suburb of Mumbai
city, located to The North of Mumbai administered by Mira-Bhayander Municipal
Corporation (MBMC). The 2001 India census, [3] recorded a population of 520,301
in Mira-Bhyander. In this fast growing township of Maharashtra with a
population 1.000 Million (100,000), economic growth is led by the manufacturing
sector. Bhayander is divided into two parts by the Mumbai suburban rail line –
East and West. Mira Road has seen development only in the East part, while the
West part, on the other side of the railway line is covered with salt pans and
mangroves. Mira Road East is a predominantly residential area. Its calm, quiet
surroundings and low pollution make it a desirable residential oasis. Bhayander
West was traditionally residential, and the East predominantly an industrial
area. Recent population growth and a flurry of construction has blurred the
boundaries between Bhayander and neighbouring Mira Road on the East side of the
rail tracks, turning it into a populous suburb. Government-owned Salt Pans and
marshland in West Mira Road have restricted the southward spread of Bhayander Location
Coordinates 19°17′N 72°51′ECoordinates: 19°17′N 72°51′E
Country India State Maharashtra District (s) Thane.
ANCIENT HISTORY:
Mira Bhayander is a city which has its own Historic value. It was an important
port for business during past. This port has seen some most important Historic
Legends right from Alexander to Peshwas and some great kings who have travelled
through this port. The city is surrounded by big mountains on both the
side boundaries along with Arabian Sea guarding the west side of the city. The
North side of the city is surrounded by Vasai (Basin) Creek. So is the city of
Bhayander Situated at the Heart of the Nature.
As we all know that India was governed by British. British
also came to Bhayander but it was far time after as Bhayander and Vasai were
governed by Portuguese. Portuguese were the first one to rule on this part. But
British also ruled over Bhayander for quite some time. The example of British
existence can be seen by the Railway Bridge over Vasai (Basin) Creek.
A large estate of 3688 acres, exclusive of salt marsh was
granted by deed dated 1870 to Ramchandra Laxmanji of Bombay, on a lease of 999
years, in the village of Ghodbunder, Bhayander and Mira. The condition
attaching to this grant were that the lessee should pay a yearly rent of Rs.
6790/-; that he should keep the embankments, dams, and sluics in repair; that
he should demand no rent from Inamdars; that he should demand only survey rates
for Suti and Varkas lands; that he should keep boundary marks in repair; that
he should pay Patil’’s and hereditary officers’ claims and allowances; that he
should not interfere with the rights of way; that he should surrender land free
of cost for the Bhayander Railway Station; that he should give the Notice for
the assignment of the lands; that he should not assign lands without leave; and
that the salt marsh lands were liable for resumption if not reclaimed within
twenty years. This estate has been the cause of much litigation, owing to an
attempt of the leaseholder to levy from the yearly tenants one-half instead of
one-third of the produce. The District court and the High Court on appeal
(appeal 292 and 1880) have decided that the leaseholder’s claim to levy
one-half is contrary to the custom of the country.
The Devnar Estate include five Villages: Devnar, Borla,
Kirol, Chene and Varsava Borbhat . It was granted in perpetual lease to Mr.
Dhakji Dadaji in 1809 on a rental of Rs.5180. In addition to this a sum of Rs.
390/- is paid for lands held by husbandmen direct from Government. Only two of
the villages Chene and Varsava Borbhat remain in the family of the original
grantee. The other three have been sold to different buyers
FORMATION OF MIRA BHAYANDER AS
A CITY:
Being a neighboring city of Mumbai, the growth of the city is tremendous still
the city has managed to keep its originality like small scale industries,
farming, fishing, sand and salt cultivation as its major business. The small
scale industry situated in Bhyander (E) ranks Third in Asia. Agri and Koli are
the original residents of this city, but there are people of all
other Religion and casts.
On 12th June 1985, five Grampanchayats naming Bhayander, Kashi, Mira, Navghar
and Ghodbunder were integrated to form Mira Bhayander Municipal Council. In
1990 the Council got extended by including 4 other Grampanchayats naming
Chena, Varsova, Rai – Murdhe, Dongri – Uttan. Thus this corporation is
made up of 9 Grampanchayats, hence the Mira Bhayander Logo has 9 stars on it.
In 1990 the Council conducted its first election. Mr. Gilbert John Mendonsa was
the first President. on 28th February 2002 the Council was declared as
Corporation on the basis of its population. On 11th August 2002 the Corporation
conducted its first election which gave 79 elected and 5 Cops members. Mrs.
Mayra Gilbert Mendonsa was the first Female Mayor of the city.
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 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.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.