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MIRA INFORM REPORT
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Report No. : |
515982 |
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Report Date : |
23.06.2018 |
IDENTIFICATION DETAILS
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Name : |
DAEWOO-TPL-JOINT VENTURE |
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Registered
Office : |
3rd Floor, Transocean House, Lak Boulevard Road, Hiranandani Gardens,
Mhada Colony, 19, Powai, Mumbai-400076, Maharashtra |
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Mobile No.: |
91-7415440199 [Office] |
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Country : |
India |
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Financials (as
on) : |
Not Divulged |
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Year of Establishment
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Not Divulged |
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Capital
Investment : |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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Legal Form : |
Joint Venture |
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Line of Business
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Subject is engaged into Construction Activity [Construction of
Bridge]. [From Indirect Sources] |
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No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between the “Tata Projects Limited” and
“Daewoo E & Co South Korea”. This venture was emerged as a lowest bidder for
constructing approximately 22 km long Mumbai Trans Harbour Links (MTHL)
project across the Mumbai Bay. The rating takes into consideration, the project undertaken by “Tata
Group” which is the one of the largest company in India along with “Daewoo
Group” both the companies have well established and demonstrated history of
working in construction industries and gearing on time delivery of its
projects. Further rating continue to derive strength from the “Tata Group
sharing INR 56,120 million out of total project cost INR 1,29,510 million,
with this Mumbai Trans Harbour Links (MTHL) project, the Tata Project Limited
marked its entry into mega infrastructure project in heavy civil engineering
segment. Business is active. Payment seems to be usually correct. In view of aforesaid, 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.
EXTERNAL AGENCY RATING
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
31-03-2018.
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 23.06.2018.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-7415440199]
LOCATIONS
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Registered Office : |
3rd Floor, Transocean House, Lak Boulevard Road, Hiranandani Gardens,
Mhada Colony, 19, Powai, Mumbai-400076, Maharashtra, India |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-7415440199 [Office] |
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Fax No.: |
Not Available |
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E-Mail : |
MANAGEMENT
NOT DIVULGED
BUSINESS DETAILS
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Line of Business : |
Subject is engaged into Construction Activity [Construction of
Bridge]. [From Indirect Sources] |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management |
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Bankers : |
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Auditors : |
Not Divulged |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
Not Divulged
FINANCIAL ANALYSIS
[all figures are
in INR Million]
NOT DIVULGED
LOCAL AGENCY FURTHER INFORMATION
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Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
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1 |
Year of establishment |
No |
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2 |
Constitution of the entity -Incorporation
details |
Yes |
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3 |
Locality of the entity |
Yes |
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4 |
Premises details |
No |
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5 |
Buyer visit details |
-- |
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6 |
Contact numbers |
Yes |
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7 |
Name of the person contacted |
No |
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8 |
Designation of contact person |
No |
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9 |
Promoter’s background |
No |
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10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
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11 |
Pan Card No. of Proprietor / Partners |
No |
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12 |
Voter Id Card No. of Proprietor / Partners |
No |
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13 |
Type of business |
Yes |
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14 |
Line of Business |
Yes |
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15 |
Export/import details (if applicable) |
No |
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16 |
No. of employees |
No |
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17 |
Details of sister concerns |
No |
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18 |
Major suppliers |
No |
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19 |
Major customers |
No |
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20 |
Banking Details |
No |
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21 |
Banking facility details |
No |
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22 |
Conduct of the banking account |
-- |
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23 |
Financials, if provided |
No |
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24 |
Capital in the business |
No |
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25 |
Last accounts filed at ROC, if applicable |
No |
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26 |
Turnover of firm for last three years |
No |
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27 |
Reasons for variation <> 20% |
-- |
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28 |
Estimation for coming financial year |
No |
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29 |
Profitability for last three years |
No |
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30 |
Major shareholders, if available |
No |
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31 |
External Agency Rating, if available |
No |
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32 |
Litigations that the firm/promoter
involved in |
-- |
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33 |
Market information |
-- |
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34 |
Payments terms |
No |
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35 |
Negative Reporting by Auditors in the Annual
Report |
No |
PRESS RELEASES :
TATA PROJECTS-DAEWOO JT VENTURE WINS INR 56120.000 Million MUMBAI TRANS
HARBOUR LINK PROJECT
PACKAGE INVOLVES CONSTRUCTION OF A 7.8-KM-LONG BRIDGE SECTION ACROSS THE
MUMBAI BAY
Hyderabad,
Dec 4 2017
Tata Projects Ltd through a joint venture
with Daewoo E&C of South Korea has announced that it has secured a
$850-million contract (INR 56120.000 Million) to design and build a part of
India’s longest sea-bridge - Mumbai Trans Harbour Link.
While the Tata joint venture emerged as the
lowest bidder for both the sea packages 1 & 2, it was awarded only one of
the packages (package 2) as provided in the tender conditions.
The package awarded to Daewoo-Tata Projects
joint venture involves construction of a 7.8-km-long bridge section across the
Mumbai Bay, including Shivaji Nagar Interchange at Navi Mumbai, at a contract
value of INR 56120.000 Million ($850 million), which is a complex stretch.
Tata Projects is one of India’s fastest
growing construction companies and together with its Korean partner, it will
bring new technology and latest construction methods and techniques to deliver
this milestone project.
The project will use reverse circulation
drill method for foundation and erection of a large block (180m) orthotropic
steel deck structure at navigational span. Specialised steel will be imported
from Japan for fabrication. Tata Projects adheres to highest quality and safety
norms and is geared for on-time delivery of its projects.
Reverse circulation drilling
Reverse circulation drilling is a method of
piling in hard rock strata wherein the machine drills through the rock and the
cut material gets mixed with water, which the machine brings back to surface by
using pressurised air.
This method is faster and proven to be
successful than conventional bored piling method in hard rock. High drilling
penetration rates can be achieved using this method as it is quite versatile.
It is also an environment friendly technique when compared to conventional
methods as it doesn’t use bentonite/polymer.
An orthotropic steel desk structure -
comprises structural steel plate and an extended arm. The arm is located at the
obligatory span for enabling navigation. This structure is stiffened
longitudinally and transversely to allow for bearing various loads. Thus,
prefabricated structures can be moved across. The 180m structure planned is
among the largest used.
TATA-DAEWOO LOWEST
BIDDER IN MTHL PROJECT
September 16, 2017
Tata Projects Ltd (TPL) has announced that its joint venture
with Daewoo of Korea has been declared the lowest bidder in two
packages of the Mumbai Trans Harbour Link (MTHL) project.
The consortium quoted a total of INR
129510.000 Million for these two packages; however, it cannot be awarded more
than one of these.
However, a decision on placing the contract
with the consortium is likely to be delayed, as these bid quotes are about 15
per cent higher than what was estimated by the Mumbai Metropolitan Region
Development Authority.
"It is a landmark mega infrastructure
project in heavy civil engineering, as it entails bridge construction of
approximately 18 km in the sea and four km on land," TPL stated.
The project is split in three packages. The
TPL-Daewoo venture had participated in two of these, covering the
sea part of the bridge, and was declared lowest bidder in both. According to
the bidding contract, only one package can be awarded to the consortium. The
other bidders whose financial bid was opened were L&T-IHI, HCC-SK E&C
and ITD-Simplex-SMCC.
The first MTHL package for which TPL-Daewoo is the lowest bidder involves construction of a
10.38-km bridge section across the Mumbai Bay, including Sewri Interchange.
This is for INR 7,3390.000 Million. The second package, for which it is also
the lowest, includes construction of a 7.8-km bridge across the Bay, including
Shivaji Nagar Interchange. For this, the Tata consortium bid INR 56120.000 Million.
MTHL is to connect Mumbai with Navi Mumbai across the sea and
is seen as an important project to decongest the metropolis. The first two
packages are sea-bridge components, while the third is construction of a road
up to Chirle in Raigad district.
DAEWOO CLINCHES
INR 8630.000 MILLION-DOLLAR DEAL IN MUMBAI
November. 21, 2017
South Korean construction company Daewoo
Engineering & Construction has partially won a construction project to
build the longest ocean bridge in India. Experts say the latest deal will add
momentum to the company’s ongoing disposal process, on the strength of the
series of overseas orders it recently won.
Daewoo Engineering & Construction
announced on Monday that its consortium with Tata Project Limited (TPL), a
subsidiary of India’s Tata Group, struck a deal for Package 2 of the Mumbai
Trans Harbour Link project from the Mumbai Metropolitan Region Development
Authority (MMRDA) for 863 million U.S. dollars. In conjunction with TPL, Daewoo
E&C will carry out the design, purchasing and construction, taking a 60
percent stake worth 618 million dollars.
The project ordered from the MMRDA is aimed at
building a sea link connecting Mumbai and its satellite city Navi Mumbai.
Spanning 21.8 kilometers long, the structure will become the longest sea link
in India once completed. The total construction cost of the Mumbai sea link
hovers around 2.2 billion dollars.
Industry experts attributed Daewoo E&C’s
successful bidding to its rich experiences in bridge construction projects at
home and abroad. As much facilitating was the company’s formulation of a
consortium with India’s Tata Group. Daewoo E&C made inroads into the Indian
market in 1995 for a construction project of a car factory. In 2016, the Korean
constructor won a construction order to build a bridge in the Ganges of the
State of Bihar, coming back to the Indian market for the first time in 16 years.
In August this year, Daewoo won Package 1
among the three packages of the Duqm Refinery project (worth a total 2.75
billion dollars) in Oman, forming a joint venture with Tecnicas Reunidas, a
Spanish engineering procurement construction company. As the company has won a
series of major overseas orders lately, experts project that its ongoing
sell-off process will make further progress. A preliminary bidding was made on
last Monday, and the preferred bidders will be selected early next year after
the official bidding in December.
The Mumbai deal will be welcome news for
other construction companies in South Korea. With the orders from the oil
producing countries in the Middle East weakening, the overseas orders of the
local constructors have failed to reach their expectations this year. In terms
of prices, South Korean constructors also pale in comparison with Chinese or
European competitors.
According to the International Contractors
Association of Korea, as of Monday the volume of South Korea’s overseas
construction orders stands at 22.8 billion dollars, down 2 percent from last
year’s 23.3 billion dollars.
MUMBAI METRO
UPDATE: MMRDA APPOINTS SYSTRA AS DETAIL DESIGN CONSULTANTS FOR MUMBAI METRO-4
CORRIDOR (WADALA-GHATKOPAR-MULUND-THANE-KASARVADAVALI)
Mumbai: The Mumbai
Metropolitan Region Development Authority (MMRDA) executive committee, headed
by chairman Sumit Mallick, and chief secretary, Government of Maharashtra,
appointed M/s Systra MVA Consulting India Pvt Ltd as Detail Design Consultants
for the Wadala-Ghatkopar-Mulund-Thane-Kasarvadavali Metro-4 corridor.
“The Metro-4 corridor will not only provide
quicker and safe mode of transport to the people from sister cities – Mumbai
and Thane, it will also reduce vehicle trips on the route. The corridor will
encourage people to opt for comfortable Metro journey compared to languishing
in irritating traffic jams,” said U P S Madan, MMRDA Metropolitan Commissioner.
MMRDA Appoints Three
Contractors For MTHL
The committee also accorded
administrative approval to the appointment of three contractors to construct
all three packages of the 22-km Mumbai Trans Harbour Link (MTHL).
The Three Packages
- The consortium of L&T-IHI will
construct package 1 (Sewri side of sea bridge)
- Daewoo-TPL (JV) got package 2 (Navi Mumbai
side of sea bridge)
- L&T package 3 (bridge portion on
land towards Chirle)
Madan said,”MTHL, a very
important area development project, will not only provide excellent
connectivity with the new airport at Panvel and for traffic towards Pune and
Goa, but it will also make available vast parcels of under-developed land in
Navi Mumbai, creating a positive impact on the development of the city. The
flyover on NH-4 will end congestion and time-consuming snarls for commuters.”
T&T Infra To Construct
Flyover At Navade Phata Junction
- T&T Infra Pvt Ltd was appointed to
construct a flyover at Navade Phata Junction to improve traffic and ease
congestion on NH-4.
- The project includes widening of NH-4.
MMRDA
APPOINTS THREE CONTRACTORS FOR MTHL
Nov
10, 2017
The Mumbai Metropolitan Region Development Authority (MMRDA) executive committee, headed by chairman Sumit Mallick, and chief secretary, government of Maharashtra, on Thursday, accorded administrative approval to the appointment of three contractors to construct all three packages of the 22-km Mumbai Trans Harbour Link (MTHL). The consortium of L&T-IHI will construct package 1 (Sewri side of sea bridge), Daewoo-TPL (JV) got package 2 (Navi Mumbai side of sea bridge) and L&T package 3 (bridge portion on land towards Chirle).
The committee also appointed Systra MVA Consulting India Pvt
Ltd as detail design consultants for the
Wadala-Ghatkopar-Mulund-Thane-Kasarvadavali Metro-4
corridor.
T&T Infra Pvt Ltd was appointed to construct a flyover at Navade Phata Junction
to improve traffic and ease congestion on NH-4. The project includes widening
of NH-4.
“MTHL, a very important area development project, will not only provide excellent connectivity with the new airport at Panvel and for traffic towards Pune and Goa, but it will also make available vast parcels of under-developed land in Navi Mumbai, creating a positive impact on the development of the city. The flyover on NH-4 will end congestion and time-consuming snarls for commuters,” said UPS Madan, metropolitan commissioner, MMRDA.
“The Wadala-Kasarvadavali Metro-4 corridor will not only provide a quicker and a safe mode of transport to people from Mumbai and Thane, but it will also reduce trips on the route. The corridor will encourage people to opt for a comfortable Metro journey instead of languishing in irritating traffic jams,” Madan said.
MMRDA
APPOINTS THREE CONTRACTORS TO CONSTRUCT $2.7BN MTHL IN MUMBAI
13 Nov 2017
The Development Authority (MMRDA) has selected three contractors to construct all three packages of the 22-km Mumbai Trans Harbour Link (MTHL) of worth INR178.43bn ($2.7bn).
A consortium of L&T-IHI will construct package 1 including Sewri side of sea bridge, while Daewoo E&C and Tata Projects (TPL) (JV) will be responsible for delivering package 2 including Navi Mumbai side of sea bridge.
L&T will be responsible for constructing package 3, which includes bridge portion on land towards Chirle in Navi Mumbai, for which the company emerged as the sole bidder.
The MTHL is a landmark mega infrastructure project, which includes approximately 18-km of bridge construction in the sea and about 4-km on land.
Additionally, Systra MVA Consulting India Pvt Ltd has been appointed as detail design consultants for the Wadala-Ghatkopar-Mulund-Thane-Kasarvadavali Metro-4 corridor.
MMRDA believes that the Mumbai Trans Harbour Link will provide good connectivity with the new airport at Panvel while helping to decrease traffic congestion towards Pune and Goa.
MMRDA metropolitan commissioner UPS Madan said: “MTHL, a very important area development project, will not only provide excellent connectivity with the new airport at Panvel and for traffic towards Pune and Goa, but it will also make available vast parcels of under-developed land in Navi Mumbai, creating a positive impact on the development of the city. The flyover on NH-4 will end congestion and time-consuming snarls for commuters.”
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 records 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 |
INR 67.77 |
|
|
1 |
INR 89.96 |
|
Euro |
1 |
INR 78.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--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.