MIRA INFORM REPORT

 

 

Report Date :

04.08.2008

 

IDENTIFICATION DETAILS

 

Name :

GINA ENGINEERING COMPANY PRIVATE LIMITED

 

 

Registered Office :

Jubilee Building, 45, Museum Road, Bangalore-560025, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

15.06.1988

 

 

Com. Reg. No.:

08-9201

 

 

CIN No.:

[Company Identification No.]

U04520KA1988PTC009201

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRG03241A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Construction Activity

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 530000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company meeting its normal commitments timeously. Trade relations are fair. Business is active.

 

The company can be considered good for normal business dealings.

 

 

LOCATIONS

 

Registered Office :

Jubilee Building, 45, Museum Road, Bangalore-560025, Karnataka, India

Tel. No.:

91-80-25587497/ 2581077/ 51121705

Mobile No.:

91-9845307477/ 9845096068

Fax No.:

91-80-25587519

E-Mail :

ginaengg@vsnl.com

Website :

http://www.ginaengineering.com

 

 

DIRECTORS

 

Name :

Mr. T J Thomas

Designation :

Managing Director

Address :

# 45, 11th Cross, 1st Stage, Indira Nagar, Bangalore-560038, Karnataka, India

Date of Birth/Age :

25.02.1932

Date of Appointment :

15.06.1988

 

 

Name :

Mr. Valannath Kunjeeamma Narayanan Nair

Designation :

Director

Address :

Ashirvad, 151, 1st Block, 13th Cross, Rabindranth Tagore Nagar, Bangalore-560032, Karnataka, India

Date of Birth/Age :

06.12.1930

Date of Appointment :

15.06.1988

 

 

Name :

Mr. Krishna Pollai Parmeswaran Nair

Designation :

Whole Time Director

Address :

79, Subhash Nagar, Virgo Nagar, Bangalore-5600049, Karnataka, India

Date of Birth/Age :

10.12.1935

Date of Appointment :

15.06.1988

 

 

Name :

Mr. Kayalackakom Tomy Thomas

Designation :

Whole time director

Address :

331, 1st Floor, 1st Stage, Indiranagar, Bangalore-560038, Karnataka, India

Date of Birth/Age :

14.01.1969

Date of Appointment :

21.09.2002

 

 

Name :

Mr. Sathy Parameswaran Sugesh Kumar

Designation :

Whole time Director

Address :

79, Subhash Nagar, Virgo Nagar, Hosakote, Bangalore-560049, Karnataka, India

Date of Birth/Age :

16.03.1973

Date of Appointment :

21.09.2002

 

 

Name :

Mr. Lawrence Backia Nathan

Designation :

Additional Director

Address :

Lamansu, 36/37, Pappaiah Layout, Horamavu Road, Kalyannagar, Bangalore-560043, India

Date of Birth/Age :

05.05.1945

Date of Appointment :

30.12.2006

 

 

KEY EXECUTIVES

 

Name :

Mr. R Partgasarathi

Designation :

Company Secretary

Tel No.

91-80-26686553/ 41300458

Mobile No.:

91-22266266

E Mail :

Rpl123@airtelbroadband.in

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 02.02.2008

 

List of Allottees

 

No. of Shares

Allotted

K Parmeshwaran Nair

 

20000

Gina Jaison

 

60000

E P Menon

 

15000

Jose Jacob

 

5000

V Chandrashekhar

 

2500

Tomy  Thomas

 

60000

S P Sugesh Kumar

 

50000

Lawrence B Nathan

 

20000

Satish Kumar and Dhanya Satish

 

20000

Sudheer Kumar , S.P and Beena Sudheer

 

20000

Sandhya Suresh and Suresh Bhaskaran

 

10000

Bristow David

 

5000

Keshavaramu K

 

5000

Madhusudana P

 

5000

Yogendraswamy H G

 

5000

Ramesh D N

 

5000

Anantharam C K

 

5000

Prabhakar Y

 

5000

Sugesh Kumar

 

20000

 

Equity Share Breakup (Percentage of Total Equity)

As on 13.08.2007

 

Category

 

 

Percentage

Directors or relatives of directors

 

91.48

Others

 

8.52

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Construction Activity

 

 

 

GENERAL INFORMATION

 

Customers :
  • Biocon India Limited
  • Biocon Limited
  • Advaith Motors Private Limited
  • Anglo French Drug Company. (Eastern) Limited
  • Arch Diocese of Bangalore
  • Bangalore International School Board
  • Biocon India
  • Biocon India Limited
  • Biokem International Private Limited
  • M/S. Bovis Lend Lease Limited
  • Brigade Investments
  • Brigade Investments
  • Chinmaya Mission Hospital
  • M/S. Choudri-Inns Private Limited
  • Cipla Limited
  • Congregation of Teresian Carmelites
  • Corporate Infrastructure Services Private Limited
  • M/S. Courtaulds Coatings And Sealants
  • Craigmore Textiles Private Limited
  • Cvl Sastry
  • Dakshin Foundry Private Limited
  • Don Bosco
  • Dynamatic Technologies Limited
  • East Coast Rocklines
  • Embassy Builders
  • Exxon Company India Private Limited
  • Gescocorporation (South) Limited
  • Good Shepherd Society
  • M/S. Guhring India Private Limited
  • M/S. H M Constructions
  • M/S. H M Constructions,
  • H.M.Constructions
  • Helix Biotech Private Limited
  • Hercules Speciality Chemicals (India) Private Limited
  • Hinduja Estate Developers
  • Hindustan Lever Limited
  • Holy Marys Convent
  • Indian Institute Of Management
  • M/S. Industrial Credit And Development Syndicate Limited
  • Industrial Credit And Development Syndicate Limited
  • Information Technology Park Limited
  • Infosys Technologies Limited
  • K.Raheja Hotels And Estates Private Limited
  • Kanpha Labs
  • Karnataka Antibiotics And Pharmaceuticals Limited,
  • Lapp Kabel India Limited
  • Laxmi Electronics Moulds And Precision Private Limited
  • M/S. Leela Scottish Lace Private Limited
  • M.M.Housing Private Limited
  • M/S Vaswani Development
  • Millenia Developers Private Limited
  • Motor Industries Company. Limited
  • Mr. M Babu Reddy
  • Mr. M Ramesh
  • Mr.Jawahar Gopal
  • Navnit Kachallia And Associates
  • Nisha Designs
  • Nishant Commercials Private Limited
  • Oracle Software India Limited
  • M/S. Pcs Investments
  • Peoples Education Society
  • Prestige Estate And Properties
  • Prestige Estate Projects Private Limited
  • M/S. Prestige Estates Projects Private Limited
  • M/S. Prime Props
  • M/S. Puravankara Projects Limited
  • Reliance Engineering Associates Private Limited
  • M/S. Rocklines Constructions
  • Royal Orchid Hotels Limited
  • Salarpuria Consultants Private Limited
  • Sami Chemicals And Exctracts Limited
  • Shahi Export House
  • Shahi Exports
  • Shahi Group
  • Sisters Of St.Joseph Of Tarbes
  • Sisters Of The Poor
  • Sophia High School
  • Sree Seshachala Builders
  • Srf Limited
  • State Bank Of India
  • Syngene International Private Limited
  • Taegutec India Limited
  • The Administrator Archdiocese Of Bangalore Millers Road Bangalore.
  • The Bangalore Salesian Society
  • The Printers (Mysore) Limited,
  • Unitech Limited
  • Vaswani Development
  • Veera Soudha Trust
  • Venus Udyog (India) Limited

 

 

Bankers :

State Bank of Mysore, Dr. Ambedkar Veedhi Branch, Raj Bhavan Road, Bangalore-560001, Karnataka, India

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

S Janardhan and Associates

Chartered Accountant

Address :

Apartment No. 106 and 203, Embassy Centre, No. 11, Crescent Road, Bangalore-560001, Karnataka, India

 

 

CAPITAL STRUCTURE

 

As on 30.09.2007

 

Authorised Capital :

No. of Shares

Type

Value

Amount

10000000

Equity Shares

Rs. 10/- each

Rs. 100.000 Millions

 

Issued, Subscribed and Paid-up Capital :

No. of Shares

Type

Value

Amount

996542

Equity Shares

Rs. 10/- each

Rs. 9.965 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

9.965

9.415

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

96.347

79.131

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

106.312

88.546

LOAN FUNDS

 

 

 

1] Secured Loans

 

26.984

17.741

2] Unsecured Loans

 

1.432

1.442

TOTAL BORROWING

 

28.416

19.183

DEFERRED TAX LIABILITIES

 

0.218

0.000

 

 

 

 

TOTAL

 

134.946

107.729

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

34.577

28.885

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

3.001

0.000

DEFERREX TAX ASSETS

 

0.000

0.386

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

18.632

26.051

 

Sundry Debtors
 

71.439

83.377

 

Cash & Bank Balances
 

112.695

46.386

 

Other Current Assets
 

1.064

0.354

 

Loans & Advances
 

31.109

20.933

Total Current Assets
 

234.939

177.101

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

117.635

88.700

 

Provisions
 

19.936

9.943

Total Current Liabilities
 

137.571

98.643

Net Current Assets
 

97.368

78.458

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

134.946

107.729

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

 

 

 

 

Sales Turnover

 

408.800

419.200

Other Income

 

0.000

0.000

Total Income

 

408.800

419.200

 

 

 

 

Profit/(Loss) Before Tax

 

29.900

21.200

Provision for Taxation

 

9.800

6.400

Profit/(Loss) After Tax

 

20.100

14.800

 

 

 

 

Total Expenditure

 

378.900

398.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

PAT / Total Income

(%)
 

4.91

3.53

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

7.31

5.05

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

11.09

10.29

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.28

0.24

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.53

1.33

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.71

1.79

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

History:

 

Subject was established in 1964 and has been carrying out the construction of Projects of various magnitudes. As the volume of work increased, Associated Firms, viz., GINA ENTERPRISES was incorporated in the Group.

 

As the size of the projects undertaken by the Parent Company grew larger, the Company was incorporated as GINA ENGINEERING COMPANY Private LIMITED, and is now the main body of the Group with complete infrastructure, assets as well as goodwill, experience and market standing for over 40 years.

 

They are supported by Professionally qualified, dedicated and experienced team of Engineers and Administrators and have sufficient infrastructure in terms of Organisation, Machinery, Equipment and Shuttering materials.

 

They are one of the leading Civil Engineering Contractors of Bangalore with over 40 years of experience. Being an ISO 9001 certified company, they enjoy an excellent reputation of being one of the best construction companies in Bangalore known for Professional Ethics, Quality of Construction and Timely Completion of projects.

 

 

Bankers Charges Report as per Registry

 

This form is for

Modification of charge

Charge identification number of the modified 

80039927

Corporate identity number of the company

U04520KA1988PTC009201

Name of the company

GINA ENGINEERING COMPANY PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Jubilee Building, 45, Museum Road, Bangalore-560025, Karnataka, India

Type of charge

Immovable Property

Particular of charge holder

State Bank of Mysore, Dr. Ambedkar Veedhi Branch, Raj Bhavan Road, Bangalore-560001, Karnataka, India

Nature of description of the instrument creating or modifying the charge

Memorandum of deposit for creation of Mortgage by deposit of title deed

Date of instrument Creating the charge

21.11.2007

Amount secured by the charge

Rs. 120.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As per Agreements

 

Terms of Repayment

As per Agreements

 

Margin

As per Agreements

 

Extent and Operation of the charge

As per Agreements

Short particulars of the property charged

The Company’s immovable property situated at Apartment No. 503, Raheja Arbor, No. 15, Old No. 8 5th Floor, St. Johns Road, Bangalore-560042 as per part II of Memorandum of Deposit.

Date of latest modification prior to the present modification

31.03.2005

Particulars of the present modification 

Mortgage on Landed property of the Company has been extended to cover enhanced limit of Rs. 120.000 Millions comprising

1)       Cc- Hypothecation –Rs. 20.000 Millions and

2)       Bank Guarantee – 100.000 Millions

 

AS PER WEBSITE

 

Profile:

 

THE EXPERTISE

 

They have varied experience in the field of construction like Software Technology Parks, Pharmaceuticals, Garment Factories, Food Processing Plants, Research & Development Centres, Optical Lenses Manufacturing Units, Industrial Paint Manufacturing Units, Cable Manufacturing Units, Institutional buildings, Hospitals, etc., along with infrastructural facilities like Water Supply and Sanitary Works, Site Development, etc.

 

QUALITY OF WORKS

 

High priority is given to quality control. A team of highly experienced and qualified Engineers, Administrators and Supervisors are employed to execute the projects. They have set up high quality standards for themselves and use technical staff who are trained to achieve these standards. They encourage the staff to undergo special training and attend workshops on quality control. They are ever prepared to upgrade the technology as the works demand.

 

PROFESSIONAL ETHICS

 

They are professionals. They strive to keep their approach to every aspect of work, professionally and ethically correct. Their clients therefore appreciate dealing with them.

 

TIMELY COMPLETION

 

They do not promise impracticable dates for completion of projects just to please the clients. But all-out efforts are made to achieve what they promise at any cost. Proudly they can say, they were able to complete in time all projects where there have been no ‘holds’ from the clients or other agencies.


SAFETY AND HUMAN RELATIONS

 

Great importance is also attached to Human Values. Top priority is given to implementation of Safety Measures at work and also in providing proper facilities to their work force and for labour welfare. Specially trained people are appointed to take care of this aspect.

 

They are registered as Class I Contractors with Karnataka Power Corporation Limited, Government of Karnataka.

 

Architects :

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.42.37

UK Pound

1

Rs.84.01

Euro

1

Rs.65.96

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions