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MIRA
INFORM REPORT
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Report No. : |
509321 |
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Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
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Name : |
TRANSTONNELSTROY AFCONS JOINT VENTURE |
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Registered
Office : |
Plot No. 1633, H Block, 1st Floor, 13 Main Road, Anna Nagar West, Chennai-600040,
Tamilnadu |
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Tel No.: |
91-44-25381444 |
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Country : |
India |
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Financials (as
on) : |
Not Available |
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Year of
Establishment : |
Not Divulged |
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Capital
Investment : |
Not Divulged |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TIN No.: |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
Joint Venture |
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Line of Business
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Subject engaged in the business of Construction of Railways, Metro, Bridges, etc. [From Indirect Sources] |
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No. of Employees
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10 [Approximately] [As per site visit] |
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 : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an Indo-Russian Joint venture between (Afcons Infrastructure Limited), arm of Shapoorji Pallonji Group and Russian based company (Transstonnelystroy Limited). The integrated joint venture is engaged in the business of construction of railways, metro, bridges, etc. Rating takes into consideration the project undertaken by Shapoorji Pallonji Group which is one of the largest conglomerate company along with “Transstonnelystroy” both the companies have well established and demonstrated history of working in construction industry. Further rating continue to derive strength from the venture company which has undertaken the first ever underwater rail project in Kolkata, India which has marked its entry into elevated segmental metro construction. However, these rating gets partially offset by its high working capital requirement, environmental risk and timely execution of the projects. Payments are reported to be regular and as per commitments. In view of aforesaid, this venture between “Shapoorji Pallonji Group” and “Transstonnelstroy Limited” can be considered for normal business dealings at usual trade terms and conditions. Note: Site visit was conducted at the given address and our executive had successfully traced the subject. At the premise our executive met Mr. Giman (Store Manager) denied to provide any information. As per our executive’s observation, it’s a 2 storey building and subject is situated on 1st floor admeasuring total area of 600 SQ.FT. Location was easy to find, locality seems to be commercial and area near the premise building appears to be upmarket. Our executive sighted approximately 10 employees at the premises along with telephone, computer, air conditioner, Xerox machine. Name Board of the subject was not sighted at the given premise address. On inquiry with Mr. Suresh from Lambda Career Institute” and Mr. Raja from “Essensuals” both person from neighbour companies confirmed the existence of the subject on the given address. |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
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 24.05.2018
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 BY
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Name : |
Mr. Sagayaraj |
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Designation : |
Manager |
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Contact No.: |
91-8754494536 |
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Date : |
23.05.2018 |
[91-44-25381444] Number is continuously ringing
LOCATIONS
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Registered Office : |
Plot No. 1633, H Block, 1st Floor, 13 Main Road, Anna Nagar West, Chennai-600040,
Tamilnadu, India |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-8754494536 [Mr. Sagayaraj] |
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Fax No.: |
Not Available |
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E-Mail : |
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Area: |
600 Sq. Ft. [As per site visit] |
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Locality: |
Commercial [As per site visit] |
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Branch Office : |
CMRL Project Central office, Kannappar Thidal Sydenhams RO, Adjust to
Old More Market, Choolai, Chennai, Tamilnadu, India |
MANAGEMENT
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Name : |
Mr. R V Ramanan |
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Designation : |
Director – Transportation |
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Name : |
Mr. H Jayaram |
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Designation : |
Joint General Manager |
KEY EXECUTIVES
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Name : |
Mr. Sagaya Raj |
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Designation : |
Manager |
BUSINESS DETAILS
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Line of Business : |
Subject engaged in the business of Construction of Railways, Metro, Bridges, etc. [From Indirect Sources] |
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Products/ Services : |
Civil Contractor for Developing |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
10 [Approximately] [As per site visit] |
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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
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
Not Divulged |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
NOT DIVULGED
The above information has been declined by Mr. Sagayaraj [Manager]
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
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 [As per site visit] |
Yes |
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5 |
Buyer visit details |
Yes |
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6 |
Contact numbers |
Yes |
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7 |
Name of the person contacted |
Yes |
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8 |
Designation of contact person |
Yes |
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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 [As per site visit] |
Yes |
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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 |
Yes |
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35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OBSERVATION POINTS
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Name of Company : |
TRANSTONNELSTROY AFCONS JOINT VENTURE |
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Address : |
Plot No. 1633, H Block, 1st Floor, 13 Main Road, Anna Nagar West, Chennai-600040,
Tamilnadu, India |
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Date of Visit : |
22.05.2018 |
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Person to whom we met: |
Mr. Giman [Store Manager] |
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Name Board : |
Not Sighted |
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Location: |
Easy |
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Total Floors of the Building : |
Ground + 2 Floors |
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Subject situated on: |
1st Floor |
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Locality: |
Commercial |
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Area of
Premises: |
600 Sq. Ft. |
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Area : |
Upmarket |
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No. of employees seen at premises: |
10 [Approximately] |
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Visibility of
Items: |
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Telephone ·
Computers ·
Air Conditioner ·
Xerox Machine |
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Neighbours Interview : |
On inquiry with Mr. Suresh from Lambda Career Institute” and Mr. Raja from “Essensuals” both person from neighbour companies confirmed the existence of the subject on the given address |
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Proof of visit: |
Photos |
PRESS RELEASE:
20.01.2013
AFCONS INFRA JV BAGS INR
9380.000 MILLION KOLKATA METRO PROJECT
Afcons Infrastructure today said the company along with its Russian partner Transtonnelstroy has bagged a project worth INR 9380.000 million from the Kolkata Metro Corporation.
The company has bagged the project in joint venture with Russian firm Transtonnelstroy and the scope of order includes design and construction of underground metro from the Howrah Maidan station to Central station, it said in a statement.
The order is part of East West Metro Project in Kolkata, Afcons Infrastructure Ltd Director Transportation Ramakrishna V Ramanan said.
The project will be completed in four years, Afcons Infra, the infrastructure arm of Shapoorji Pallonji Group, added.
INDIA’S FIRST
UNDERWATER RAIL TUNNEL COMPLETED AHEAD OF SCHEDULE
23.05.2017
THE CRITICAL JOB WAS
COMPLETED IN LESS THAN HALF THE TIME ALLOCATED FOR IT.
The deadline was July this year. But the engineers and employees of Afcons Transtonnelstroy and Kolkata Kolkata Metro Railway Corporation Ltd, the two entities implementing the East West Metro have completed boring the country’s first tunnel under the Hooghly river for establishing metro link between Howrah and Kolkata.
Rachna, a giant tunnel-boring machine (TBM), was deployed to dig the underwater tunnel that runs a length of 502 metres under the river.
The entire project is 16.6 km long, out of which 10.8 km runs under the ground. Of this 10.8 km, 502 metres is under the water. The project connects Howrah to the west and Salt lake to the east.
Digging this tunnel was the most difficult and critical task in the entire project. The job was completed in a time of one month and six days, about 50 days ahead of schedule. The project is built by Afcons Transtonnelstroy and implemented by KMRCL.
A senior official of KMRCL, who did not wish to be named, said that the work digging the tunnel started on April 14, 2016. “The entire credit for completion of the work much before scheduled deadline goes to the 250 odd engineers, technicians and workers, who have worked day and night to complete the task. On an average we have dug 35 to 40 metres every day, following which the digging of the entire tunnel length of 520 metres was completed in little more than a month,” the KMRCL officer said.
Noida-Kalkaji Delhi Metro link to open in June, cut travel time by 45 minutes
The stretch of 16.6 km will have 12 stations, six of which will be under the ground, while the remaining six stations will be on elevated tracks. The final commissioning of the project commissioning of the project is expected by December 2019, following which it will be operational.
“Considering the pace at which we completed the most difficult task of creating the underwater tunnel, we hope to meet the deadline of final commissioning,” the KMRCL official said.
The total project cost is $750 million, which roughly comes to around Rs 5,000 crores. Since the beginning, the project was held up several times mainly due to land allocation, slum relocation and route alignment problems among others.
The project was originally slated to be completed by 2012. It was first postponed to 2015 and finally to December 2019.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.21 |
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1 |
INR 91.43 |
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Euro |
1 |
INR 80.24 |
INFORMATION DETAILS
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Information
Gathered by : |
SUP |
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Analysis Done by
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NSG |
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Report Prepared
by : |
RUP |
SCORE FACTORS
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.
·