MIRA
INFORM REPORT
|
Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
GAMMA CONSTRUCTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
514, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
15.03.1988 |
|
|
|
|
Com. Reg. No.: |
11-46555 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70101MH1988PTC046555 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG09522C / MUMG09484G / MUMG08443B
|
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG5752A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction Activities |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
514, |
|
Tel. No.: |
91-22-25766847 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Niranjan Hiranandani |
|
Designation : |
Director |
|
Address : |
514, |
|
Date of Birth/Age : |
08.03.1950 |
|
Date of Appointment : |
15.03.1988 |
|
DIN No. : |
00011923 |
|
|
|
|
Name : |
Mr. Surendra Hiranandani |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
30.12.1954 |
|
Date of Appointment : |
15.03.1988 |
|
DIN No. : |
00011487 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Niranjan Hiranandani |
|
1066700 |
|
Surendra Hiranandani |
|
1066700 |
|
Kamal Hiranandani |
|
1166700 |
|
Neha S Hiranandani |
|
55568 |
|
Niranjan Hiranandani – HUF |
|
166600 |
|
Surendra Hiranandani – HUF |
|
1277732 |
|
Total |
|
4800000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
69.91 |
|
Other
top fifty shareholders |
|
30.09 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activities |
GENERAL INFORMATION
|
Suppliers : |
·
Asian Hardware and Tools ·
Crisil Limited ·
·
Reliance Infrastructure Limited ·
S H Patrawala and Company ·
Santosh Carewell Services Private Limited ·
Srb Infrastructures |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Oriental
Bank of Commerce B-1, G.L.-34, Galleria, ·
ICICI Bank, Powai |
Facilities :
|
Unsecured Loans |
As on 31.03.2010 Rs. in millions |
As on 31.03.2009 Rs. in millions |
As on 31.03.2008 Rs. in millions |
As on 31.03.2007 Rs. in millions |
|
From Directors |
243.698 |
198.442 |
20.000 |
24.848 |
|
From Others |
0.000 |
0.000 |
150.000 |
132.547 |
|
Total |
243.698 |
198.442 |
170.000 |
157.395 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S H Patrawala and Associates Chartered Accountant |
|
Address : |
513, |
|
Tel. No.: |
91-22-22876060 / 61 |
|
Fax No.: |
91-22-22832010 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4800000 |
Equity Shares |
Rs.10/- each |
Rs.48.000
millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.183) |
(0.169) |
(0.214) |
(0.028) |
|
|
NETWORTH |
9.817 |
9.831 |
9.786 |
9.972 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
243.698 |
198.442 |
170.000 |
157.395 |
|
|
TOTAL BORROWING |
243.698 |
198.442 |
170.000 |
157.395 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
253.515 |
208.273 |
179.786 |
167.367 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
232.288
|
195.563 |
129.611 |
110.000 |
|
|
Sundry Debtors |
29.764
|
16.439 |
48.777 |
43.443 |
|
|
Cash & Bank Balances |
0.018
|
0.380 |
1.822 |
0.772 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
13.556 |
|
|
Loans & Advances |
0.176
|
0.176 |
0.176 |
0.176 |
|
Total
Current Assets |
262.246
|
212.558 |
180.386 |
167.947 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
5.741
|
0.122 |
0.115 |
0.583 |
|
|
Other Current Liabilities |
2.979
|
4.153 |
0.485 |
0.000 |
|
|
Provisions |
0.012
|
0.012 |
0.002 |
0.000 |
|
Total
Current Liabilities |
8.732
|
4.287 |
0.602 |
0.583 |
|
|
Net Current Assets |
253.514
|
208.271 |
179.784 |
167.364 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.001 |
0.002 |
0.002 |
0.003 |
|
|
|
|
|
|
|
|
|
TOTAL |
253.515 |
208.273 |
179.786 |
167.367 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Income |
NA |
|
5.512 |
Nil |
|
|
|
Other Income |
NA |
|
6.056 |
Nil |
|
|
|
TOTAL |
NA |
6.139 |
11.568 |
Nil
|
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
|
TOTAL |
50.051 |
6.082 |
11.557 |
7.954 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
Nil |
0.057 |
0.011 |
Nil |
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
Nil |
0.012 |
0.002 |
Nil |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
Nil |
0.045 |
0.009 |
Nil |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
Nil |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
NA
|
0.73 |
0.08 |
NA |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
0.20 |
NA |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
0.03 |
0.01 |
NA |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.01 |
0.00 |
NA |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
25.71
|
20.62 |
17.43 |
15.84 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
30.03
|
49.58 |
299.64 |
288.07 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIALS
During the year
the Company has spent a sum of Rs.50.051 millions out of which Rs.36.721 millions is transferred to Project Development
Expenses.
Directors do not recommend any dividend and no amount has been transferred to Reserves.
Company will
continuously adopt innovative technology for its various construction projects
which will result in cost reduction and eco-friendly environment.
FORM 8
|
Corporate identity number of the company |
U70101MH1988PTC046555 |
|
Name of the company |
GAMMA CONSTRUCTIONS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
514, |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge |
|
Particular of charge holder |
Oriental Bank of Commerce B-1, G.L.-34, Galleria, |
|
Nature of instrument creating charge |
1) Agreement of Term Loan for Immovable Property 2) Agreement of Hypothecation of Assets |
|
Date of instrument Creating the charge |
07.08.2010 |
|
Amount secured by the charge |
Rs.2750.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest For Term Loan and Overdraft: Interest @ 2.75% Pa Over The Base Rate of
the Bank with a minimum of 10.75% Pa Terms of Repayment 18 monthly equal installments of Rs.138.900 millions each starting
from august, 2012. interest shall be paid / served separately as and when it
is due on monthly basis Margin Stipulated debt equity ratio is 3.88 : 1 shall be maintained at all
times. Extent and Operation of the charge 1) Documents of title of goods in case of letter of credit on DP basis 2) Hypothecation charge over the goods and receivables in case of
letter of credit on DA basis 3) Registered mortgage over land, admeasuring area 12320 sq mtr vide
CTS no. 689 (part) area about 1051 sq mtr in the Village Marol, CTS no. 193
(part) area about 7810 sq mtr in the Village Tungwa, CTS no. 2 (part) area
about 2525 sq mtr in the Village Saki and CTS no. 2 (part) area about 934 sq
mtr in Village Saki. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
Documents of title of goods in case of letter of
credit on DP basis Hypothecation charge over the goods and
receivables in case of letter of credit on DA basis ·
Registered mortgage over land, admeasuring area
12320 sq mtr vide CTS no. 689 (part) area about 1051 sq mtr in the Village
Marol, CTS no. 193 (part) area about 7810 sq mtr in the Village Tungwa ·
CTS no. 2 (part) area about 2525 sq mtr in the
Village Saki and CTS no. 2 (part) area about 934 sq mtr in Village Saki. |
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.45.27 |
|
|
1 |
Rs.73.33 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
13 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.