MIRA
INFORM REPORT
|
Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
GATI
INFRASTRUCTURE LIMITED |
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Formerly Known As : |
TCI INVESTMENTS LIMITED |
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Registered Office : |
1-7-293 M |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.10.1983 |
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Com. Reg. No.: |
01-4226 |
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CIN No.: [Company
Identification No.] |
U65993AP1983PLC004226 |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Development
/ Implementation of Hydro Electric Power Projects. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1800000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Gati Limited
Promoted the subject which has a fine track of performances and track
records. It provides cargo management services and logistic solution. Trade
relations are fair. Payments are usually correct and as per commitments. Although subject
is a new company of Gati Group, it has ambitious project of power generators
with the State Governments. At his juncture
no financials and more details could not be available. Management also
remained silght argument our several requets details. In any case the
company can be considered good for normal business dealings in view of strong
promoters. |
LOCATIONS
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Registered Office : |
1-7-293 M |
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Tel. No.: |
91-40-27843788 |
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Fax No.: |
91-40-27894284 |
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E-Mail : |
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Project Site Office (Gangtok) |
Orchidale
House No W-VI-432, Development Area, J.T.Road |
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Tel. No.: |
91-3592-201213 |
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Project Site Office (Rangali) : |
Opp.
Power Station, Sundung, Rangali, East Sikkim |
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Tel. No.: |
91-3592-201213/14/227692 |
DIRECTORS
|
Name : |
Mr. Vitthal Tryambak Pawar |
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Designation : |
Director |
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Address : |
1-7-293 M |
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Date of Birth/Age : |
02.06.1948 |
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Date of Appointment : |
01.07.2006 |
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Name : |
Mr. Jayakumar H Peter |
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Designation : |
Director |
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Address : |
Flat 11 Deepti Chambers, Opposite Nin Tarnaka, Secunderabad, |
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Date of Birth/Age : |
11.12.1963 |
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Date of Appointment : |
30.05.1998 |
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Date of Ceasing : |
01.04.2005 |
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Name : |
Mr. Manoj Agarwal |
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Designation : |
Director |
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Address : |
Flat No – 14, 1st Floor, Jagruthi Residency, Near Dena
Bank, Opposite Navin Super Market, Maredpally, Secunderabad, Hyderabad – 500026,
Andhra Pradesh, India |
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Date of Birth/Age : |
07.12.1963 |
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Date of Appointment : |
12.11.2003 |
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Date of Ceasing : |
01.04.2005 |
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Name : |
Ms. Meera Madhusudan |
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Designation : |
Director |
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Address : |
Plot No. 44, Jupitor Colony, |
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Date of Birth/Age : |
19.04.2005 |
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Date of Appointment : |
30.09.2005 |
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Date of Ceasing : |
01.04.2005 |
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Name : |
Mr. Sai Ram Mocherla |
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Designation : |
Driectsor |
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Address : |
6-3-649/1, 1st Floor, Nalanda Apartments, Medinova Complex,
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Date of Birth/Age : |
27.08.1964 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. S M Jalan |
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Designation : |
Director |
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Address : |
134 Persi Polis, Cuffee parade, Mumbai – 400005, |
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Date of Birth/Age : |
24.10.1945 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Ms. Ruchi Agarwal |
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Designation : |
Company Secretary |
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Address : |
House No. 52, Vahini Nagar, |
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Date of Birth/Age : |
03.09.1975 |
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Date of Appointment : |
01.12.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Salgunan K. C. |
|
600 |
|
Poornasri |
|
600 |
|
B. Jaya Lakshmi |
|
600 |
|
Laxmi Narain Kumawat |
|
650 |
|
Marudhar Vyapaar Private Limited |
|
10000 |
|
Orieff Iron and Steel Private Limited |
|
50000 |
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Bhikshu Vinimay Private Limited |
|
50000 |
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Aastha Tradelink Private Limited |
|
50000 |
|
Goodhope Consultants Private Limited |
|
50000 |
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Dankuni Merchandise Private Limited |
|
50000 |
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TCI Finance Limited |
|
14100 |
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Ved Prakash Goyal |
|
4700 |
|
Ramesh Sivaraman |
|
4700 |
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Tanisha Business Private Limited |
|
100000 |
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Jayam Vyapaar Private Limited |
|
100000 |
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Elegant Pharmaceuticals Limited |
|
40000 |
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Bhanwarial Harsh |
|
20000 |
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Anam Mercantile Private Limited |
|
30000 |
|
Manoj D. Garg |
|
50000 |
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Mahesh Tarilal Shah |
|
50000 |
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Mahendra R Agarwal |
|
50000 |
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Mangeram Sharma |
|
50000 |
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Rishi Cement Limited |
|
30000 |
|
Sanjay Kumar Agarwal |
|
10000 |
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Category |
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Percentage of
Holding |
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Bodies corporate |
|
80.05 % |
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Directors or relatives of directors |
|
0.24 % |
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Other top fifty shareholders |
|
19.71 % |
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Total |
|
100.00
% |
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BUSINESS DETAILS
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Line of Business : |
Development
/ Implementation of Hydro Electric Power Projects. |
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Products : |
Hydro Electric Power |
GENERAL INFORMATION
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Bankers : |
v
State
Bank of v
ICICI
Bank v
UTI
Bank |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Luharuka and Associates Chartered Accountants |
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Address : |
5-4-187/3 & 4, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000000 |
Equity Shares |
Rs. 10/- each |
Rs. 750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50493275 |
Equity Shares |
Rs. 10/-
each |
Rs. 504.933 Millions
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19.906 |
19.906 |
19.906 |
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2] Share Application Money |
447.244 |
78.250 |
2.500 |
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3] Reserves & Surplus |
0.512 |
0.512 |
0.511 |
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4] (Accumulated Losses) |
[5.345] |
[4.568] |
[7.601] |
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NETWORTH |
462.317 |
94.100 |
15.316 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
18.953 |
1.456 |
0.000 |
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2] Unsecured Loans |
71.693 |
58.626 |
10.235 |
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TOTAL BORROWING |
90.646 |
60.082 |
10.235 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
552.963 |
154.182 |
25.551 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.413 |
3.870 |
0.005 |
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Capital work-in-progress |
359.919 |
157.631 |
22.503 |
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INVESTMENT |
5.354 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
0.000
|
5.353 |
1.993 |
|
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
2.574
|
15.724 |
0.999 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
112.670
|
0.549 |
0.184 |
|
Total
Current Assets |
115.244
|
21.626 |
3.176 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
8.526
|
28.605 |
0.106 |
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Provisions |
6.441
|
0.340 |
0.027 |
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Total
Current Liabilities |
14.967
|
28.945 |
0.133 |
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Net Current Assets |
100.277
|
[7.319] |
3.043 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
552.963 |
154.182 |
25.551 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
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Other Income |
0.018 |
5.737 |
NA |
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Total Income |
0.018 |
5.737 |
NA |
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Profit/(Loss) Before Tax |
0.013 |
5.321 |
NA |
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Provision for Taxation |
-- |
-- |
NA |
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Profit/(Loss) After Tax |
0.013 |
5.321 |
NA |
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Expenditures : |
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Payment to Auditors |
0.000 |
0.045 |
0.027 |
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General Expenses |
0.000 |
0.000 |
0.027 |
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Interest Paid |
0.000 |
0.000 |
0.840 |
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|
Legal and Filing Fees |
0.000 |
0.000 |
0.012 |
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Loss on |
0.000 |
0.000 |
0.907 |
|
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Other Expenditure |
0.005 |
0.007 |
0.000 |
|
Total Expenditure |
0.005 |
0.052 |
1.813 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
72.22
|
92.75 |
NA |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.01
|
20.87 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.06 |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.023
|
0.95 |
0.68 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
7.70
|
0.75 |
23.88 |
LOCAL AGENCY FURTHER INFORMATION
The company is a subsidiary
and Gati Limited which is a listed company on the stock exchange.
Fixed Assets
- Motor Car
- Computer
- Electrical Equipments
- Furniture and Fixture
- Land
- Software
- Office Equipments
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U65993AP1983PLC004226 |
|
Name of the
company |
GATI
INFRASTRUCTURE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1-7-293 M |
|
Type of charge |
Uncalled share capital Movable property Goodwill Patent, license under a patent Movable property Trademark Copyright or license under a copyright |
|
Particular of
charge holder |
U65191TN1997PLC037415 Infrastructure Development Finance Company Limited ITC Centre, 3rd Floor, 760, Anna Salai, Chennai – 600002, |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of Hypothecation dated 14.03.2007 |
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Date of
instrument Creating the charge |
14.03.2007 |
|
Amount secured by
the charge |
Rs. 1.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest The rupee loan
agreement dated 14.03.2007 Terms of
repayment Rupee loan
agreement dated 14.03.2007 Margin The charge
operates as security interalia for the due repayment by the “Borrower” Extent and
operation of the charge Rupee 1500
Millions as per rupee term loan agreement and deed of hypothecation |
|
Short particulars
of the property charged |
The whole of the
movable properties of the borrower including its movable plant and machinery,
machinery spare, tools and accessories, vehicles, furniture etc both present
and future |
As Per Website
Details:
Gati
Infrastructure has entered into an agreement with Sikkim Power Development
Corporation (SPDC) Limited, a Government of Sikkim undertaking
and Goverment of Sikkim for Development /Implementation of following three
Hydroelectric Power Projects on BOOT(Build,Operate,Own and Transfer)arrangement:
99MW at Chuzachen
HEPP(Hydroelectric Power Project) across rivers Rango and Rangli, near
51MW Bhasmey
HEPP(Hydroelectric Power Project) across rivers Rangpo, near
71MW Sada-Mangder
HEPP(Hydroelectric Power Project) across rivers Rangit and Relli,near
Type
of Hydro Electric Projects
Hydro Electric projects can
be divided in to three types.
- Micro-Scale
- Small-Scale
- Run-of-the-River
Micro-Scale
As their name implies, Micro-Hydroelectric plants are the smallest type of
Hydroelectric energy systems. They generate between one kilowatt and one
megawatt of power. The main application of these hydro systems is in small,
isolated villages in developing countries. They are ideal for powering smaller
services such as the operation of processing machines.
Small-Scale
Small Hydropower systems can supply up to 20 megawatts of energy. These systems
are relatively less expensive and reliable. They have the potential to provide
electricity to rural areas in developing countries throughout the world. Small
systems are especially important to countries that may not be able to afford
the costs of importing fossil fuels such as petroleum from other countries.
Run-of-the-River
In some areas of the world, the flow rate and elevation drops of the water are
consistent enough that Hydroelectric plants can be built directly in the river.
The water passes through the plant without greatly changing the flow rate of
the river. In many instances a dam is not required, and therefore the
Hydroelectric plant causes minimal environmental impact on its surroundings.
Chuzachen-with 99 MV capacity
Bhasmey-with 51MW Capacity
Sada-Mangder-with 71 MW capacity
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 |
Rs.41.34 |
|
|
1 |
Rs.81.81 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|