Maharashtra Maritime Board to appoint consultant for Rewas Port financial evaluation

Posted by Daily Shipping Times on 18-10-2017        Tweet

Mumbai - State Apex Maritime Regulator Body, Maharashtra Maritime Board (MMB) is set to appoint consultant to compute the value of tangible assets and liabilities of Rewas Port Ltd as on 31st March 2017, says a note on 11th Oct. Based on the above background, the brief scope of work is evaluate (i) Expenditure incurred as stated by Rewas Port Ltd. On Rewas Port project (ii) Valuation of Identified Assets (created and/or acquired)

(iii) Valuation of Liabilities (created and/or acquired).

MMB would provide support in procuring the requisite documents for the valuation study as per the request/ list provided by the consultant upon issuance of LOI. The following information would be tentatively (based on availability and on best effort basis) provided for the valuation exercise:

1.            Last 3 years (FY15-17) Audited Balance Sheet and Financial Statements of the Target Company

2.            KYC Documents: MOA, AOA, list of directors and their identity details

3.            Latest Shareholding pattern of the Target Company

4.            Concession Agreement and status of the Concession Agreement

5.            Asset Details: a. Land Acquisition status: How much land is acquired and details of the land type. b. Capital expenditure carried out till date c. Break up Tangible and Intangible Assets d. Asset Register

6.            Detailed Project Report

7.            List of Approvals obtained.

Rewas Ports Limited, an SPV for the development, operation and management of the port, is being promoted by the Reliance Group which has entered into a concession agreement with Maharashtra Maritime Board. MMB is planning to undertake valuation exercise for Rewas Port Ltd. in order to ascertain its current value. Accordingly, MMB is seeking services from qualified financial consultants to assist them in undertaking a valuation exercise of Identified Assets (created and/or acquired) including land bank of Rewas Ports Ltd. and prepare a report.