Suyog Gurbaxani Funicular Ropeways Ltd - Stock Valuation and Financial Performance

Suyog Gurbaxani Funicular Ropeways is an infrastructure development and constructions company engaged in building & operating the Funicular Ropeways Systems. The company is currently involved in an Infrastructural Development project through a Build, Operate and Transfer mode (BOT) wherein, it has completed the construction of a Funicular Ropeway System project (also known as Incline Ropeways) at Saptashrungi Gad Temple situated at Vani, Nashik, Maharashtra. Saptashrungi Gad Temple is a popular destination for devotees where people come from all over India for taking the blessings of Goddess and this temple experiences a large number of visitors throughout the years and also experiences some of the peak seasons at the time of Navratri festivals which happens two times in a year. The company’s project is spread over in an area of 10 acres, which houses the funicular ropeway system, a shopping mall, a parking facility and a hotel facility.

The company’s Saptashrungi Project primarily has a Funicular Ropeway System consisting of 2 Air Conditioner funicular vehicles / coaches which can carry 60 passengers/ devotees at a time. The Shopping complex, forming a part of its project, provides the facility of more than 50 shops providing various buying avenues to the visitors including food shops. The parking facility built in the vicinity of the funicular ropeway, has a capacity of more than 150 vehicles including four wheelers and two wheelers. Lastly, it also has constructed a hotel which houses 28 guest rooms & dormitories, a multi cuisine restaurant and a coffee shop.

Business area of the company

The company provides infrastructure construction services. It offers ropeway facilities, as well as provides stay, shopping, and parking services.

Major events

• 2010: Incorporation of Company.
• 2010: Received Work Order for construction of Funicular Ropeways at Saptashrungi.
• 2010: Forest Department granted 4 hectare of land for construction of project.
• 2010: Possession for the above land received
• 2010: Received Water permission for the project from the Maharashtra Water Department.
• 2010:  Received consent of Gram pachayat for construction of the Project.
• 2011: The plan / drawing for the project with single track system approved by the PWD Steering Committee.
• 2011: Obtained confirmation from RITES to act as technical consultant for the single track project.
• 2012: Obtained RITES confirmation for change in project plan to double track instead of single track
• 2013: Received consent from Temple Trust to build machine room near the temple.
• 2014: Extension request letter given to PWD by the Company citing various statutory clearance delays and change in plans.
• 2015: The official Project management Consultant certified that the construction of the Funicular ropeway is as per approved drawings & specification of PWD.
• 2017: Extension Approval for 3 years 1 month and 27 days received from the PWD, Nashik.
• 2017: Foreign Safety Consultant suggested additional braking facility before certifying the safety measures of the Funicular Ropeway.
• 2017: Final Safety Certificate received from Tribal Public Works Division.
• 2018: Received certificate from Damodar Ropeways Private Limited confirming the employee training for operating the Funicular Ropeway.
• 2018: Received provisional Completion Certificate from PWD, Nashik.
• 2018: Fire NoC received for operating the Ropeway for Public use.
• 2018: Construction Completed and Inauguration by Hon. Chief Minister of Maharashtra Mr. Devendra Phadnavis.
• 2019: Final Completion Certificate received from PWD, Nashik.