|
|
|
%20COMPANY%20LIMITED%20-%20486465_MIRA%2017-Jan-2018_files/image015.jpg){kind=small}
%20COMPANY%20LIMITED%20-%20486465_MIRA%2017-Jan-2018_files/image016.jpg)
%20COMPANY%20LIMITED%20-%20486465_MIRA%2017-Jan-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
486465 |
|
Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
METRO-LINK EXPRESS FOR GANDHINAGAR AND
AHMEDABAD (MEGA) COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Block No. 1, First Floor, Karmayogi Bhavan, Behind Nirman Bhavan,
Sector 10/A, Gandhinagar – 382010, Gujarat |
|
Tel. No.: |
91-79-23248572 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
04.02.2010 |
|
|
|
|
Com. Reg. No.: |
04-059407 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 15512.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U60200GJ2010SGC059407 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTIN: |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM3807N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Urban and suburban Metro Railway Transport Services. (Registered activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Metro-Link Express for Gandhinagar and Ahmedabad (MEGA) Company
Limited was established by Government of Gujarat on 4th February
2010 to provide world class metro-rail services for Ahmedabad and
Gandhinagar. The project is under construction mass-tansit rail system for the
cities and Ahmedabad and Gandhinagar, Gujarat, India. The special purpose
vehicle company was established in February 2010 and the phase-1 of project
was approved in October 2014 and is expected to complete by December 2018. The project is proposed with an estimated cost of INR 107730.000
Million for a total length of 35.96 KMS for both corridors. The Ahmedabad rail project phase – I is in a
pre-operative/construction stage and no operational profit were generated
during the year FY 2017. The moderate financial profile of the company is marked by low reserve
base as compared to its capital. However, rating takes into consideration equity infused by its
promoters and strong debt coverage indicators due to low debt balance sheet
profile. Ratings continue to derive strength from strong financial and
managerial support received from Government of Gujarat backed by its well
experience management team. Payments are reported to be slow but correct. In view of aforesaid, the Metro-Link Express for Gandhingar and
Ahmedabad (MEGA) Company Limited can be considered for 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 17.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-79-23243572)
91-79-26800000 (CONTINUOUSLY RINGING)
LOCATIONS
|
Registered Office : |
Block No. 1, First Floor, Karmayogi Bhavan, Behind Nirman Bhavan,
Sector 10/A, Gandhinagar – 382010, Gujarat, India |
|
Tel. No.: |
91-79-23248572/ 26800000 |
|
Fax No.: |
91-79-26859766 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
802, 803, 8th Floor, GNFC Info Tower, Sarkhej-Gandhinagar
Highway, Bodakdev, Ahmedabad – 380 054, Gujarat, India |
|
Tel. No.: |
91-79-26800000 |
|
Fax No.: |
91-79-26859766 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Indrajeet Prasad Gautam, |
|
Designation : |
Managing director |
|
Address : |
K-201, Sector - 19, Gandhinagar – 382 019, Gujarat, India |
|
Date of Birth/Age : |
02.04.1953 |
|
Qualification : |
IAS / Post Graduate |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
00260908 |
|
|
|
|
Name : |
Mr. Biren Dineshchandra Parmar |
|
Designation : |
Whole-time Director |
|
Address : |
E/6, Samarpan Flats, Gulbai Tekra, Near IDBI Bank, Ellisbridge,
Ahmedabad - 380006, Gujarat, India |
|
Date of Birth/Age : |
02.04.1968 |
|
Qualification : |
IAAS |
|
Date of Appointment : |
19.10.2015 |
|
DIN No.: |
02603933 |
|
|
|
|
Name : |
Mr. Anil Gopishankar Mukim |
|
Designation : |
Nominee Director |
|
Address : |
A 5/1 Sector 13, R K Puram New Delhi – 110022, India |
|
Date of Birth/Age : |
15.08.1960 |
|
Qualification : |
IAS |
|
Date of Appointment : |
08.09.2016 |
|
DIN No.: |
02842064 |
|
|
|
|
Name : |
Mr. Satyanarayan Shivsinhji Rathore |
|
Designation : |
Nominee Director |
|
Address : |
Sector – 2A, Plot No. 54/2, Gandhinagar - 382007, Gujarat, India |
|
Date of Birth/Age : |
15.03.1956 |
|
Qualification : |
IAS |
|
Date of Appointment : |
05.07.2016 |
|
DIN No.: |
00128987 |
|
|
|
|
Name : |
Mrs. Durga Shanker Mishra |
|
Designation : |
Nominee Director |
|
Address : |
House No. 1-C Tower - 3, New Moti Bagh Colony, Sarojini Nagar, Delhi – 110023, India |
|
Date of Appointment : |
30.06.2017 |
|
DIN No.: |
02944212 |
|
|
|
|
Name : |
Mr. Ashwinikumar Rajendraprasad Yadav |
|
Designation : |
Nominee Director |
|
Address : |
Bungalow No. 215/A KH Type, Sector 19, Gandhinagar –
382019, Gujarat,
India |
|
Date of Birth/Age : |
28.04.1975 |
|
Qualification : |
IAS |
|
Date of Appointment : |
09.12.2016 |
|
DIN No.: |
06581753 |
|
|
|
|
Name : |
Mr. Mukund Kumar Sinha |
|
Designation : |
Nominee Director |
|
Address : |
Y/7, Type - 4S, HUDCO Place Extension, Andrews Ganj, Delhi – 110049,India |
|
Date of Birth/Age : |
16.01.1969 |
|
Qualification : |
IRSE |
|
Date of Appointment : |
18.03.2015 |
|
DIN No.: |
06774923 |
|
|
|
|
Name : |
Jhanja Tripathy |
|
Designation : |
Nominee Director |
|
Address : |
5/B, Railway Officers Colony, Tilak Bridge, New Delhi – 110001, India |
|
Date of Birth/Age : |
15.07.1960 |
|
Qualification : |
IRAS |
|
Date of Appointment : |
09.12.2015 |
|
DIN No.: |
06859312 |
|
|
|
|
Name : |
Mr. Mukesh Gulshanrai Puri |
|
Designation : |
Nominee Director |
|
Address : |
A/03, Samarpan Flats, Near Idbi Bank Gulbai Tekra, Ambawadi, Ahmedabad – 380015, Gujarat, India |
|
Date of Appointment : |
18.07.2017 |
|
DIN No.: |
03582870 |
|
|
|
|
Name : |
Mr. Rajeev Narayan Dwivedi |
|
Designation : |
Nominee Director |
|
Address : |
No.903, J Block, 9th Floor, 44, Pillayar Koil Street,
Metrozone, Annanagarwes, Chennai – 600040, Tamilnadu, India |
|
Date of Birth/Age : |
07.04.1962 |
|
Qualification : |
BE(CIVIL) |
|
Date of Appointment : |
09.12.2016 |
|
DIN No.: |
07554468 |
|
|
|
|
Name : |
Mr. Sahadeva Singh |
|
Designation : |
Wholetime Director |
|
Address : |
Flat No. 6, Sector-12, Pocket-4, Shubham Apartments, Dwarka,
Delhi – 110075, India |
|
Date of Birth/Age : |
02.07.1960 |
|
Qualification : |
BE (CIVIL)-IIT.M.TECH |
|
Date of Appointment : |
01.02.2017 |
|
DIN No.: |
07712386 |
|
|
|
|
Name : |
Mr. Sanjay Kumar Garg |
|
Designation : |
Nominee Director |
|
Address : |
E-224, Railway Bunglow, Near Circuit House , Shaibaug, Ahmedabad- 380004, Gujarat, India |
|
Date of Appointment : |
23.09.2017 |
|
DIN No.: |
07875825 |
KEY EXECUTIVES
|
Name : |
Mr. Navin Sohanraj Varma |
|
Designation : |
Secretary |
|
Address : |
Q-308 Shrinandnagar-2, Vejalpur, Ahmedabad
- 380051, Gujarat, India |
|
Date of Birth/Age : |
14.04.1972 |
|
Qualification : |
CS |
|
Date of Appointment : |
15.09.2015 |
|
PAN No.: |
AAKPV3109P |
|
|
|
|
Name : |
Mr. Shabbir Saifuddin Sabuwala |
|
Designation : |
Chief Financial Officer |
|
Address : |
Plot - 527/2, Sector - 6/B, Gandhinagar -
382006, Gujarat, India |
|
Date of Birth/Age : |
24.08.1961 |
|
Qualification : |
B.COM, ICWA |
|
Date of Appointment : |
21.07.2014 |
|
PAN No.: |
AMOPS1664C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Shri I P Gautam (On Behalf of H.E. the Governor of Gujarat) |
|
10 |
|
Shri Shivshankar Ganpatram Bhatt (On Behalf of H.E. the Governor of Gujarat) |
|
10 |
|
Dr. Manjula Subramaniam, IAS (Retd) (on behalf of H.E. the Governor of Gujarat) |
|
10 |
|
Ashoksinh T. Parmar, Deputy Secretary (on behalf of
H.E. the Governor of Gujarat) |
|
10 |
|
Yogeshkumar Balubhai Patel (on behalf of H.E. the Governor of Gujarat) |
|
10 |
|
Yogesh P. Raval (on behalf of H.E. the Governor of Gujarat) |
|
10 |
|
Ashok V. Shah (on behalf of H.E. the Governor of Gujarat) |
|
10 |
|
Ashvinkumar Kantilal Sharma (on behalf of H.E. the Governor of Gujarat) |
|
10 |
|
His Excellency the Governor of Gujarat |
|
1099999920 |
|
Rajiv Gauba (on behalf of H.E. the President of India) |
|
10 |
|
Smt Jhanja Tripathy (on behalf of H.E. the President of India) |
|
10 |
|
Mukund Kumar Sinha (on behalf of H.E. the President of India) |
|
10 |
|
His Excellency the President of India |
|
451209970 |
|
Total |
|
1551210000 |
LIST OF ALLOTTEES
As on 23.09.2017
|
Names of Allottee |
|
No. of Shares |
|
His Excellency the President of India |
|
100000000 |
|
Total |
|
100000000 |
As on 24.07.2017
|
Names of Allottee |
|
No. of Shares |
|
His Excellency the President of India |
|
100000000 |
|
Total |
|
100000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter – (Government – Central
Government) |
29.09 |
|
Promoter – (Government – State Government) |
70.91 |
|
Total |
100.00 |
%20COMPANY%20LIMITED%20-%20486465_MIRA%2017-Jan-2018_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
Providing Urban and suburban Metro Railway Transport Services. (Registered activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Ramanlal G. Shah and Company Chartered accountants |
|
Address : |
Shreeji House, Opposite Tata Teleservices, Behind
Devnandan Mall, Ashram Road, Ellisbridge, Ahmedabad - 380009, Gujarat, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAEFR1584J |
|
|
|
|
Secretarial Audit
Report : |
|
|
Name : |
Arvind Gaudana and Company Chartered accountants |
|
Address : |
307, Ashirwad Paras, Corporate Road, Near Prahladnagar Garden Prahladnagar, Satellite, Ahmedabad-380015, Gujarat, India |
|
Tel. No: |
91-79-40324567/ 40324568 |
|
Email: |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ABBFA1874A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
After 23.09.2017
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000000 |
Equity Shares |
INR 10/- each |
INR 40000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1751210000 |
Equity Shares |
INR 10/- each |
INR 17512.100 Million |
|
|
|
|
|
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000000 |
Equity Shares |
INR 10/- each |
INR 40000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1551210000 |
Equity Shares |
INR 10/- each |
INR 15512.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
15512.100 |
13252.100 |
11000.000 |
|
(b) Reserves and Surplus |
418.639 |
181.676 |
(77.286) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
3120.000 |
3120.000 |
1500.000 |
|
(3) Deferred Government Grants |
3971.556 |
2363.518 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
23022.295 |
18917.294 |
12422.714 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1677.721 |
97.084 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
10.806 |
4.023 |
3.171 |
|
Total Non-current
Liabilities (3) |
1688.527 |
101.107 |
3.171 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
20.183 |
34.522 |
19.185 |
|
(c) Other
current liabilities |
1844.514 |
573.923 |
156.819 |
|
(d) Short-term
provisions |
5.241 |
2.265 |
143.715 |
|
Total Current
Liabilities (4) |
1869.938 |
610.710 |
319.719 |
|
|
|
|
|
|
TOTAL |
26580.760 |
19629.111 |
12745.604 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2734.624 |
2113.746 |
1659.785 |
|
(ii)
Intangible Assets |
4338.450 |
53.643 |
76.476 |
|
(iii) Tangible assets
capital work-in-progress |
12476.133 |
7201.367 |
5278.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
1336.649 |
59.251 |
433.585 |
|
(e) Other
Non-current assets |
1459.719 |
1820.215 |
0.000 |
|
Total Non-Current
Assets |
22345.575 |
11248.222 |
7448.646 |
|
|
|
|
|
|
(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
bank balances |
1095.864 |
2688.157 |
1488.997 |
|
(e)
Short-term loans and advances |
3016.126 |
5671.620 |
3604.384 |
|
(f) Other
current assets |
123.195 |
21.112 |
203.577 |
|
Total
Current Assets |
4235.185 |
8380.889 |
5296.958 |
|
|
|
|
|
|
TOTAL |
26580.760 |
19629.111 |
12745.604 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
328.999 |
386.609 |
422.075 |
|
|
Other Income |
24.219 |
0.031 |
0.043 |
|
|
TOTAL |
353.218 |
386.640 |
422.118 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
132.184 |
90.717 |
59.885 |
|
|
Other expenses |
164.839 |
139.479 |
129.341 |
|
|
Exceptional items |
(517.687) |
(293.146) |
(262.600) |
|
|
TOTAL |
(220.664) |
(62.950) |
(73.374) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
573.882 |
449.590 |
495.492 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
110.785 |
0.238 |
0.258 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
463.097 |
449.352 |
495.234 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
129.757 |
62.948 |
73.116 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
333.340 |
386.404 |
422.118 |
|
|
|
|
|
|
|
Less |
TAX |
96.377 |
127.359 |
143.465 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
236.963 |
259.045 |
278.653 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.17 |
0.23 |
0.26 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
332.902 |
386.399 |
371.399 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
3.903 |
(0.073) |
225.335 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors / Purchases
* 365] |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.03 |
0.05 |
0.07 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.13 |
0.04 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.07 |
0.01 |
0.00 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
0.08 |
0.03 |
0.03 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.85 |
0.50 |
0.56 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
5.18 |
1889.03 |
1920.51 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
72.03 |
67.00 |
66.02 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
0.89 |
1.32 |
2.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
1.03 |
1.37 |
2.24 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
2.26 |
13.72 |
16.57 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
2.26 |
13.72 |
16.57 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.87 |
0.96 |
0.97 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
0.11 |
0.01 |
0.00 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current Assets
/ Total Current Liabilities] |
|
2.26 |
13.72 |
16.57 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
11000.000 |
13252.100 |
15512.100 |
|
Reserves & Surplus |
(77.286) |
181.676 |
418.639 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
1500.000 |
3120.000 |
3120.000 |
|
Deferred
Government Grants |
0.000 |
2363.518 |
3971.556 |
|
Net
worth |
12422.714 |
18917.294 |
23022.295 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
97.084 |
1677.721 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
97.084 |
1677.721 |
|
Debt/Equity
ratio |
0.000 |
0.005 |
0.073 |
%20COMPANY%20LIMITED%20-%20486465_MIRA%2017-Jan-2018_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
422.075 |
386.609 |
328.999 |
|
|
|
(8.403) |
(14.901) |
%20COMPANY%20LIMITED%20-%20486465_MIRA%2017-Jan-2018_files/image024.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
422.075 |
386.609 |
328.999 |
|
Profit/ (Loss) |
278.653 |
259.045 |
236.963 |
|
|
66.02
% |
67.00
% |
72.03
% |
%20COMPANY%20LIMITED%20-%20486465_MIRA%2017-Jan-2018_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Subject (CIN: U60200GJ2010SGC059407) is a public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. The registered office of the company is located at Block No.1, First Floor, Karmayogi Bhawan, Sector 10/A, Gandhinagar-382010. The Company is 50:50 Joint Venture between Government of India (GOI) and Government of Gujarat (GOG). The Company's main object is to carry on the business to set up, manage, operate and maintain a Rail Based Mass Rapid Transport System around and between Ahmedabad and Gandhinagar to provide the general public with a fast, reliable, convenient, efficient, modern and economical mode of public transport.
It has an independent board nominated equally by the joint venture partners having a non-executive Chairman and a whole time Managing Director. The Company is a Special Purpose Vehicle (SPV)of the Government and accordingly provisions of Section 139(5) and 139(7) of the Companies Act,2013 are attracted. This is the Seventh Accounting Period covering 12 Months ended on March 31, 2017. During the period, the Company was in pre-operative/construction stage.
PROJECT OVERVIEW
MEGA Company Limited is committed for providing a world class Metro-rail services in and around the Ahmedabad City, and in consonance to its commitment; MEGA has initiated the work for implementation of 'Ahmedabad Metro Rail Project Phase-1' (hereinafter referred as 'the Project') under the aegis of State Government and Central Government.
The Government of India has approved implementation of the Ahmedabad Metro Rail Project Phase-1 through MEGA Company Limited as a 50:50 basis jointly owned Special Purpose Vehicle (SPV) of Government of India (GoI) and Government of Gujarat (GoG).
Ahmedabad Metro Rail Project Phase -1 will have Metro Rail network for the following routes:
PROJECT PROGRESS
MILESTONES
- MEGA Company Limited has been converted in to a Joint Venture Company (50:50 basis) of Government of India and Government of Gujarat with effect from 18thMarch, 2015.
- A Memorandum of Understanding / Tripartite Agreement was signed between Government of India, Government of Gujarat and MEGA Company Limited on 21stJuly, 2015.
- The Foundation Stone laying ceremony of the Ahmedabad Metro Rail Project Phase-1 for North-South Corridor was done by the then
Honorable Chief Minister, Government of Gujarat on 17thJanuary, 2016 at Jivraj Park, Ahmedabad.
- Western Railway approved use of Railway Land for construction work of Ahmedabad Metro on North South Corridor.
- All civil construction contracts have been awarded and construction work has been started.
PROGRESS ON GROUND
General Engineering
Consultant
On the project front, General Engineering Consultancy work was awarded and the contract was signed on 5thOctober, 2015. GEC has commenced its work from 14thOctober, 2015.
Civil Work
All civil construction contracts have been awarded. The civil construction works have commenced and work is progressing at a brisk pace on both the corridors.
i. East-West Corridor (From Vastral Gam to Thaltej Gam)
Viaduct Work
Viaduct Progress from
Vastral Gam to Apparel Park
The East West Corridor route from Vastral Gam to Apparel Park is identified as Priority Reach. As on date , construction of construction of 100 % Pile, 100 % Pile Cap,98 % Piers , 91 % Pier Cap, 25 % portal pier, 92 % portal beam, 90 % segments and 72 % spans erecting completed on Reach 1 of East -West Corridor.
Viaduct Progress from
Thaltej to Stadium Reach 2,
The company has awarded a contract for the Construction of Elevated Viaduct from Thaltej Gam to End of Western Ramp (ch -710 to + 7503) in E-W Corridor R2 including Bridge over Sabarmati river and 7 Stations Thaltej Gam, Thaltej, Doordarshan Kendra, Gurukul, Gujarat University, Commerce Six Road and Stadium Circle and excluding Interchange Old High Court Station on 25th January 2017 and construction work has been started. As on date, 8 % piles for viaduct work and 9 % piles for station work has been completed.
Under Ground From
Apparel Park to Shahpur
The company has
awarded two contracts for the Underground Construction work.
- The company has awarded first contract for Design and Construction of Underground Stations and Tunnel including Finishes and excluding PHE, Electrical and HVAC from Kalupur to Shahpur on 25th January 2017.
- The company has awarded contract for Design and Construction of Underground Stations and Tunnel including Finishes and excluding PHE, Electrical and HVAC from Shahpur to Apparel Park on 2nd March 2017.
Station construction
work
The company has awarded a contract for construction of Six elevated Metro Stations including the viaduct portion and transition spans on either sides of the stations (Vastral Gam, Nirant Cross Roads, Vastral, Rabari Colony, Amraiwadi and Apparel Park) on Reach-1 of East-West Corridor.
Casting Yard
Work for viaduct casting yard for Priority Reach (Vastral Gam to Apparel Park) has also commenced. Casting yard hasbeen established in July 2015 and segment casting work has been started in September 2015. As on date 7, 1523 Out of 1776 segments have been cast. Work being done at the rate of 3 segments/day.
Depot work
17 Hectares of land for Apparel Park depot is allotted by GIDC to the Company and the possession was taken by MEGA on 21stOctober, 2015. The work started on 09thFebruary 2016. The various activities i.e. construction of Embankment, excavation of Foundation , PCC, reinforcement work and construction work of Stabling Shed, Repair bay, RSS building, Admin Building is in full swing.
ii. North - South Corridor (From APMC to Motera)
Viaduct Work
- Ranip to Motera, Package 4A
The company has awarded a contract for Construction of Elevated viaduct from Ranip to Motera (package 4A) on 12thJanuary 2016. As on date, construction of 43.24 % Pile, 36.41 % Pile cap, 28.9 % Pier, 14.96 % pier cap, 16.79 % segment and 4.89 % span erection work has been completed on package 4A of NS Corridor.
- APMC to Shreyas, Package 1
The company has awarded a contract for the Construction of Elevated viaduct and Station from APMC to Shreyas (Package 1). As on date, construction of 65.02 % Pile, 55.03 % pile cap, 40.43 % Pier, 21.99 % pier Cap, 31.70 % segment casting work and 2.21 % segment launching work has been completed on package 1 of NS Corridor.
Viaduct Progress from Shreyas to Ranip , Package 2
The company has awarded a contract for the Construction of Elevated viaduct and Station from Shreyas to Ranip (package 2) on 31thDecember 2016. As on date, construction of 19 Piles completed on package 2 of NS Corridor.
GENERAL INFORMATION
ORGANIZATIONAL SET-UP
As you are aware your Company is a 50:50 basis jointly owned Special Purpose Vehicle (SPV) of Government of India and Government of Gujarat.
Government of India and Government of Gujarat appoint Five (5) Directors each with Secretary, Ministry of Housing and Urban Affairs (MoHUA), Government of India appointed as Chairman of the Company. The Managing Director is the nominee of Government of Gujarat with prior concurrence of Government of India and appointed by the Board of Directors. Managing Director is the Chief Executive Officer of the Company and assisted by Functional Directors, Chief Financial Officer, General Managers, Company Secretary and other officers on deputation / contract basis.
The tasks are periodically monitored by the Managing Director and the Functional Director(s) assisted by a team of competent and dedicated officers drawn from the Central and State Government. Progress made in implementation of the project is reported to the Board of Directors from time to time and corrective steps are taken wherever necessary.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Borrowing from government semi-government bodies |
1677.721 |
97.084 |
|
Total |
1677.721 |
97.084 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C04230801 |
10438308 |
PUNJAB NATIONAL BANK |
29/06/2013 |
- |
28/04/2014 |
10000000000 |
SHASTRY PARK, AHMEDABAD-380015, GUJARAT, INDIA |
|
2 |
B90272543 |
10443704 |
UNITED BANK OF INDIA |
28/06/2013 |
- |
02/11/2013 |
1000000000 |
UNITED BANK OF INDIA BUILDING, LAL DARWAJA, AHMEDABAD-380001, GUJARAT, INDIA |
|
3 |
B90300690 |
10417037 |
VIJAYA BANK |
28/03/2013 |
- |
01/11/2013 |
2500000000 |
INDUSTRIAL FINANCE BRANCH, KAMDHENU COMPLEX, OPPOSITE POLYTECHNIC, AMBAVADI, AHMEDABAD-380015, GUJARAT, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
49025.709 |
18502.589 |
FIXED ASSETS
- Land
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
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
|
INR |
|
US Dollar |
1 |
INR 63.76 |
|
|
1 |
INR 87.91 |
|
Euro |
1 |
INR 78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
SWT |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.