MIRA
INFORM REPORT
|
Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
IL&FS RAIL LIMITED (w.e.f. 06.02.2012) |
|
|
|
|
Formerly Known
As : |
ITNL ENSO RAIL SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Ambience Corporate Towers, Ambience Island,
National Highway No. 8, Gurgaon – 122001, Haryana |
|
|
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.02.2008 |
|
|
|
|
Com. Reg. No.: |
05-039089 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2088.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63040HR2008PLC039089 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI8621F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in the business to develop metro rail
projects in domestic and international market. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9020000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a fine track record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered normal 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown.
Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of
the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non-fund based facilities : “A (SO)” |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
December, 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. Dheeraj Kumar |
|
Designation : |
Finance Head |
|
Contact No.: |
91-124-4716300 |
|
Date : |
10.07.2014 |
LOCATIONS
|
Registered Office : |
2nd Floor, Ambience Corporate Towers, Ambience Island, National
Highway No. 8, Gurgaon – 122001, Haryana, India |
|
Tel. No. : |
91-124-4716300 |
|
Fax No. : |
91-124-4716255 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 17.08.2013
|
Name : |
Mr. Sanjiv Rai |
|
Designation : |
Managing Director |
|
Address : |
D-828, New Friends Colony, New Delhi – 110065, India |
|
Date of Birth/Age : |
23.10.1954 |
|
Qualification : |
Graduate from the University of Michigan Ann Arbor, USA and has received management training at IMD, Lausanne, Switzerland |
|
Date of Appointment : |
19.09.2008 |
|
PAN No. : |
ANEPR1021K |
|
DIN No. : |
02076385 |
|
|
|
|
Name : |
Mr. Mukund Gajanan Sapre |
|
Designation : |
Director |
|
Address : |
139-140, The Orchid Bunglows, Opposite Nand Soc., Old Padra Road, Vadodara – 390020, Gujarat, India |
|
Date of Birth/Age : |
14.09.1959 |
|
Qualification : |
B Tech (Civil) and Diploma in Systems Management and Financial Management |
|
Date of Appointment : |
19.02.2008 |
|
DIN No. : |
00051841 |
|
|
|
|
Name : |
Mr. Rameshwarlal Badrilalji Kabra |
|
Designation : |
Director |
|
Address : |
161, Jupiter, 41, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
05.08.1951 |
|
Qualification : |
CA |
|
Date of Appointment : |
21.02.2008 |
|
DIN No. : |
00165612 |
|
|
|
|
Name : |
Mr. Deepak Dasgupta |
|
Designation : |
Director |
|
Address : |
C-604, Central Park, Sector 42, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
16.12.1942 |
|
Qualification : |
Master Degree in Science |
|
Date of Appointment : |
14.04.2011 |
|
DIN No. : |
00457925 |
|
|
|
|
Name : |
Mr. George Cherian |
|
Designation : |
Director |
|
Address : |
Flat No. 403, Daffodi LS CHS Limited, Nargis Dutt Road, Pali Hill, Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
22.05.1948 |
|
Qualification : |
CA |
|
Date of Appointment : |
12.02.2009 |
|
DIN No. : |
01531074 |
|
|
|
|
Name : |
Mr. Suresh Chand Mittal |
|
Designation : |
Director |
|
Address : |
A-59, Rail Nagar, Sector-50, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
12.12.1958 |
|
Qualification : |
M. Phil in Social Service |
|
Date of Appointment : |
18.01.2012 |
|
DIN No. : |
02607734 |
KEY EXECUTIVES
|
Name : |
Mr. Prasad Jagdish Aggarwal |
|
Designation : |
Secretary |
|
Address : |
F-74, Green Park Main, New Delhi – 110016, India |
|
Date of Birth/Age : |
21.08.1957 |
|
Date of Appointment : |
12.04.2011 |
|
PAN No. : |
AALPA0013A |
|
|
|
|
Name : |
Mr. Dheeraj Kumar |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.08.2013
|
Names of Shareholders |
No. of Shares |
|
IL&FS Transportation Networks Limited, India |
241641567 |
|
Vinay Maloo |
10 |
|
IL&FS Transportations Limited, India and Krishna Ghag |
10 |
|
IL&FS Transportation Networks Limited, India and K. Ramchand |
10 |
|
IL&FS Transportations Limited, India and Ajay Menon |
10 |
|
Enso Infrastructures Private Limited, India |
86073293 |
|
IL&FS Transportations Limited, India and Jagdish Aggarwal |
10 |
|
IL&FS Employees Welfare Trust, India (Through Karunakaran
Ramchand, Ramesh Chander and Vibhav Kapoor) |
12585090 |
|
Total |
340300000 |
Allottees as on 10.03.2014
|
Names of Allottees |
No. of Shares |
|
IL&FS Transportation Networks Limited, India |
38343925 |
|
Enso Infrastructures Private Limited, India |
13656075 |
|
Total |
52000000 |
Allottee as on 23.05.2014
|
Names of Allottee |
No. of Shares |
|
IL&FS Transportation Networks Limited, India |
32473350 |
|
Total |
32473350 |
As on 17.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
96.30 |
|
Other top fifty shareholders |
3.70 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business to develop metro rail
projects in domestic and international market. |
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Products : |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
|
|
|
|
Customers : |
Not Divulged |
|
|
|
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
· Ing Vysya Bank Limited, 103/104, 'A' Wing, I Floor, Floral Deck Plaza, MIDC Central Road, Andheri (East), Mumbai - 400093, Maharashtra, India State Bank of India, Industrial Finance Branch, Andheri
(East), Mumbai - 400069, Maharashtra, India ICICI Bank Limited, Pune Branch, "A", Shangrila
Gardens, III Floor, Bund Garden Road, Pune - 411001, Maharashtra, India Bank of Baroda, International Business Branch, Mumbai -
400021, Maharashtra, India Standard Chartered Bank, 90, M G Road, Fort, Mumbai -
400001, Maharashtra, India · Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building No. 10, Tower B, DLF Cyber City Complex, DLF City, Phase II, Gurgaon - 122002, Haryana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD2095B |
|
|
|
|
Holding company : |
IL&FS Transportation Networks Limited, India CIN No.: L45203MH2000PLC129790 |
|
|
|
|
Ultimate Holding
Company : |
Infrastructure Leasing And Financial Services Limited CIN No.: U65990MH1987PLC044571 |
|
|
|
|
Subsidiary Company
: |
Rapid MetroRail Gurgaon South Limited CIN No.: U35990HR2012PLC046882 |
|
|
|
|
Fellow Subsidiary
Company : |
· Rapid MetroRail Gurgaon Limited CIN No.: U60200HR2009PLC039116 IL&FS Financial Services Limited CIN No.: U65990MH1995PLC093241 |
|
|
|
|
Associate : |
· IL&FS Engineering and Construction Company Limited CIN No.: L45201AP1988PLC008624 IL&FS Technologies Limited CIN No.: U74999MH1993PLC070724 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
Enso Infrastructures Private Limited CIN No.: U70102MH2008PTC184049 |
CAPITAL STRUCTURE
After 17.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
660,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 6600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
424,773,350 |
Equity Shares |
Rs.10/- each |
Rs. 4247.734 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
260,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 2600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
208,800,000 |
Equity Shares |
Rs.10/- each |
Rs. 2088.000 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 |
2088.000 |
1680.000 |
780.000 |
|
(b) Reserves & Surplus |
167.077 |
18.401 |
(74.771) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2255.077 |
1698.401 |
705.229 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
51.630 |
|
(d) long-term provisions |
0.944 |
2.272 |
2.691 |
|
Total Non-current Liabilities (3) |
0.944 |
2.272 |
54.321 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
295.104 |
233.121 |
96.972 |
|
(c) Other current
liabilities |
49.304 |
141.921 |
237.290 |
|
(d) Short-term provisions |
35.111 |
5.737 |
2.357 |
|
Total Current Liabilities (4) |
379.519 |
380.779 |
336.619 |
|
|
|
|
|
|
TOTAL |
2635.540 |
2081.452 |
1096.169 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11.616 |
6.454 |
4.793 |
|
(ii) Intangible Assets |
0.100 |
0.062 |
0.044 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1850.594 |
943.000 |
533.500 |
|
(c) Deferred tax assets (net) |
3.872 |
2.859 |
1.840 |
|
(d) Long-term Loan and Advances |
274.002 |
72.861 |
36.433 |
|
(e) Other Non-current assets |
76.523 |
0.000 |
0.020 |
|
Total Non-Current Assets |
2216.707 |
1025.236 |
576.630 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
71.831 |
148.992 |
0.000 |
|
(d) Cash and cash
equivalents |
49.723 |
9.991 |
9.055 |
|
(e) Short-term loans and
advances |
77.450 |
789.015 |
382.825 |
|
(f) Other current assets |
219.829 |
108.218 |
127.659 |
|
Total Current Assets |
418.833 |
1056.216 |
519.539 |
|
|
|
|
|
|
TOTAL |
2635.540 |
2081.452 |
1096.169 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2054.791 |
2243.921 |
523.814 |
|
|
|
Other Income |
36.078 |
36.400 |
8.199 |
|
|
|
TOTAL (A) |
2090.869 |
2280.321 |
532.013 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
176.985 |
214.928 |
0.000 |
|
|
|
Employees Benefits Expense |
90.688 |
81.525 |
72.453 |
|
|
|
Other Expenses |
1593.530 |
1875.230 |
463.790 |
|
|
|
TOTAL (B) |
1861.203 |
2171.683 |
536.243 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
229.666 |
108.638 |
(4.230) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
1.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
229.666 |
108.638 |
(5.455) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.003 |
1.933 |
1.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
225.663 |
106.705 |
(7.379) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
76.987 |
13.533 |
(1.416) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
148.676 |
93.172 |
(5.963) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts |
118.063 |
118.261 |
0.000 |
|
|
TOTAL IMPORTS |
118.063 |
118.261 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.85 |
0.74 |
(0.11) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.11 |
4.09 |
(1.12) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.98 |
4.76 |
(1.41) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.89 |
9.40 |
(1.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.06 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
2.77 |
1.54 |
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 |
780.000 |
1680.000 |
2088.000 |
|
Reserves & Surplus |
(74.771) |
18.401 |
167.077 |
|
Net
worth |
705.229 |
1698.401 |
2255.077 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
523.814 |
2243.921 |
2054.791 |
|
|
|
328.381 |
(8.429) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
523.814 |
2243.921 |
2054.791 |
|
Profit |
(5.963) |
93.172 |
148.676 |
|
|
(1.14%) |
4.15% |
7.24% |
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 |
No |
|
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 |
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 |
----- |
|
23] |
Banking Details |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10399951 |
27/12/2012 |
1,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B66770371 |
BACKGROUND
The Company was incorporated as a Joint Venture between IL&FS Transportation Networks Limited (ITNL), ENSO Limited and Sanjiv Rai vide a joint venture agreement dated February 4, 2008 to undertake activities under the said agreement. ITNL holding more than 50% capital is the Holding Company. The Company was incorporated under the Companies Act, 1956 on February 19, 2008 and the Registrar of Companies has issued a Certificate of Commencement of Business dated April 10, 2008. During the year ended 31 March, 2012 the name of the Company was changed to IL&FS Rail Limited and a fresh certificate of incorporation was issued by the Registrar of Companies, NCT of Delhi and Haryana on 06 February, 2012. The Company has been set up for the development of urban and inter urban mass and freight transport infrastructure projects. The Company along with a consortium of IL&FS Transportation Networks Limited and DLF Limited had been awarded a Metrorail Project in Gurgaon by Haryana Urban Development Authority which is being executed through Rapid Metrorail Gurgaon Limited (RMGL), a special purpose entity. The Company has been awarded a construction contract for development of Metro Rail project by RMGL. The Company along with a consortium of IL&FS Transportation Networks Limited had been awarded a extention of Metrorail Project in Gurgaon by Haryana Urban Development Authority which is being executed through Rapid Metrorail Gurgaon South Limited (RMGSL) a special purpose entity.
PERFORMANCE REVIEW
The Company was incorporated in Feb 2008 with a primary objective to develop metro rail projects in domestic and international market. The Company has been successfully awarded two projects and the Company is making continuous efforts to get new projects as and when new projects are announced by the Government and other public Authorities. Gurgaon Metro Rail Project (Phase I) As informed to the members in the last report, the Company as a member of the consortium and a shareholder had formed an SPV namely Rapid Metrorail Gurgaon Ltd (RMGL) for execution of the Gurgaon Metro Rail project. The Company’s SPV RMGL had signed a 99 years Concession Contract (CC) with Haryana Urban Development Authority (HUDA) on 9th December 2009 followed by financial closure of the project on June 5, 2010. During the year, the Company has awarded almost all 100% of total land requirement for the project has been secured. All major design / equipment contracts awarded (approx. 99% on cost basis). All the major design work including design for Gateway Tower Station has been completed. All the structural work except for Gateway Tower station has been completed. Regarding the system work:- 1st, 2nd and 3rd trains are under testing in Gurgaon while the 4th train is under commissioning. 5th train is under dynamic testing in ZELC, China, likely to be shipped by mid April. Power system equipments delivery at site is completed. Equip-ment erection is ongoing. Signalling installation work is in progress, all material available at the Siemens warehouse in Gurgaon. For Communication System, all materials have been received at Gurgaon warehouse. Equipment installation work is completed at DLF Phase 2, DLF Phase 3, MOI stations and Depot and on-going at Sikanderpur and Belvedere Tower stations. Lifts and Escalators have been installed at DLF Phase 2 and Phase 3 stations. Installation of escalators ongoing at MOI sta-tion. All the escalators have been delivered at site. E&M works are ongoing at all the stations except Gateway Tower station. DLF Phase and Phase 3 work is completed except public area lighting works. Chillers have been delivered at Depot, HVAC work is ongoing.
Target date will be end of April/ early May 2013. Gurgaon Metro Rail South Extension (Phase II):- The Haryana Urban Development Authority (HUDA) has granted a concession for a period of 98 years to the Company for financing, design, construction, procurement, installation, commissioning, operation and maintenance of all systems required for successful project. The main consortium partners are IL&FS rail Limited and IL&FS Transportations Networks Limited. The Gurgaon Metro South Extension Phase II (RMGSL) project involves construction of metro rail link from Sikanderpur metro station on the Delhi Metro line to Sector 56 in the south-east of Gurgaon traversing along the Golf Course Road serving various employment and residential areas in its immediate vicinity. Length of the corridor is approximately 7 km. New Projects: Management is continuously trying to procure more projects based on the experience Company has gained in executing the RMGL project. Apart from the Phase-1 and Phase-2 of Gurgaon Metro project, currently the Company is working on several Domestic, as well as international metro and mono rail projects, some of which are as under: North Extension of Gurgaon Metro Rail: The proposed North Extension of Gurgaon Metro project will connect Phase 1 (RMGL) to the industrial corridors of Udyog Vihar, along the Old Delhi-Gurgaon road, and finally merge with the proposed Delhi metro line (connecting the Delhi suburb of Dwarka to Gurgaon) by 2016-17. The project is still under planning. The feasibility studies like DPR etc. are being currently finalized with HUDA and various other agencies.
Chennai Mono Rail Project: Government of Tamil Nadu had invited bids for prequalification for development of 57 km of Mono Rail project in Chennai on a PPP basis. Company in collaboration with Scomi, (Malaysia) and ITNL has submitted its Pre Qualification bids to Metropolitan Transport Corporation of Chennai in the month of March, 2012. Scomi (Malaysia) is one of leading players in Mono Rail manufacturing and is currently executing projects in Mumbai, Malaysia and Brazil. IRL with Scomi, and Gammon with CAF, are the two consortiums that participated in Pre-Bid of the RFP. Atlanta Urban Circulator Project(AUC): AUC is a small showcase project in Atlanta, USA to demonstrate US developed Maglev technology. The project is 1.1 km in length with two stations at each ends. There will be two trains operated as a shuttle between campus of Georgia State University and Turner Field. The system will make use of Linear Induction Motor technology and employs a smart vehicle on a stupid guide way. Delhi Mono Rail Project: Government of Delhi is desirous of implementing a 11 km stretch of Mono Rail from Shastri Park to Trilokpuri on a PPP basis.
The company has initiated the initial Due Diligence on the project. A meeting was also held with the Delhi CM and other senior officials of Delhi Government. As per initial understanding the Government is working to finalize the route alignment and it is likely that the tendering process may be initiated in 2013. Company is also exploring opportunities for upcoming Metro Rail projects in Istanbul and Mauritius and conducting some preliminary due diligence for the same. With the successful execution of major part of the Phase I and award of contract for Phase II, the Company is fast emerging as leading Company involved in consultancy, development and execution of metro projects in the country.
FIXED ASSETS
Tangible Assets
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Factory
Equipment
Office
Equipment
Computer
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 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] 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.59.88 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.