MIRA
INFORM REPORT
|
Report Date : |
15.03.2011 |
Note : Associated Transrail Structures Limited
has been amalgamated with Gammon India Limited.
Note : The Given Address of the company could
not be confirmed.
IDENTIFICATION DETAILS
|
Name : |
GAMMON INDIA LIMITED ASSOCIATED TRANSRAIL STRUCTURES LIMITED AMALGAMATED WITH GAMMON INDIA
LIMITED |
|
|
|
|
Registered Office : |
Gammon House, Veer
Savarkar Marg, Prabhadevi, Mumbai – 400 025, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.06.1922 |
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Com. Reg. No.: |
11 – 000997 |
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CIN No.: [Company
Identification No.] |
L74999MH1922PLC000997 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG07937G |
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PAN No.: [Permanent
Account No.] |
AAACG3821A |
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|
Legal Form : |
Public Limited Liability
Company. The company’s shares are listed on the Stock Exchanges |
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Line of Business : |
Construction
engineers, contractors and civil engineers |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 76970000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established and a reputed company having good track. Directors are reported
to be experienced and respectable businessmen. Financial position of the
company appears to be sound. Trade relations are fair. Business is active.
Payments are reported to be regular and as per commitments. The company can
be considered good for normal business dealings at usual 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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Ravi |
|
Designation : |
Accounts Department |
|
Date : |
14.03.2011 |
LOCATIONS
|
Registered/Head Office : |
Gammon House,
Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025, |
|
Tel. No.: |
91-22-66614000 / 24306761 / 24301084 / 6744 4000 (Extn : 4050) |
|
Fax No.: |
91-22-24300529 / 24300221 / 66614025 |
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E-Mail : |
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Website : |
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Corporate Office : |
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Factory : |
v
v
Parbati Hydro Electric
Project, Village and Post Office – Sainj, District Kullu, v
v
Teesta Head Race Tunnel,
Makha Post Singtam, District – v
v
Kaiga Nuclear Power Project,
Unit 3 and 4 Kaiga, District – Uttar Kannada, Karnataka – 581400 v
v
Chennai Water Supply
Augmentation Project, Plot No. 32, Chandran Nagar, CLC Works Road, Chromepet,
Chennai – 600044, Tamilnadu v
v
v
v
New
v
v
Prabatri
H. E. Project – Stage – III, C/o. Bhagat Singh and Sons, VPO Larji, Dist. –
Kullu, Himachal Pradesh v
v
Sewa
Hydroelectic Project Stage – II, Vill: Gatti, Po: Bani, Tehsil: Basoli,
Dist.: Kathua ( v
v
v
v
DMRC
Noida – BC 12 and BC 13, Adjacent to v
v
Bihar
Corrindor – Phase II, |
|
|
|
|
Investors Correspondence : |
In time Spectrum Registry Limited, C-13 Pannalal Silk Mills Compound, LBS Road
, Bhandup (west), Mumbai- 400 078, Maharashtra, India |
|
Tel No.: |
91-22-25963838 |
|
Fax No.: |
91-22-25946969 |
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E-Mail: |
DIRECTORS
AS ON : 28.09.2010
|
Name : |
Mr. Abhijit Rajan |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Riyuraj |
|
Date of Birth/Age : |
05.01.1961 |
|
Qualification : |
B. Com L.S. E. |
|
Date of Appointment : |
14.02.1991 |
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|
Name : |
Mr. Peter Gammon |
|
Designation : |
Chairman Emeritus |
|
Address : |
The |
|
Date of Birth/Age : |
21.03.1936 |
|
Date of Appointment : |
29.01.1988 |
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|
Name : |
Mr. Atul Dayal |
|
Designation : |
Director |
|
Address : |
Bunglow no. 5A, |
|
Date of Birth/Age : |
21.09.1948 |
|
Date of Appointment : |
28.09.1999 |
|
|
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|
Name : |
Mr. Rajul A Bhansali |
|
Designation : |
Executive Director |
|
Address : |
401, Heritage Shirley, |
|
Date of Birth/Age : |
21.05.1956 |
|
Qualification: |
Graduate (Chartered Accountant) |
|
Date of Appointment: |
30.03.2003 |
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|
Name : |
Mr. Himanshu Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
2A, Rituraj Juhu, |
|
Date of Birth/Age : |
21.11.1959 |
|
Qualification: |
B.com |
|
Date of Appointment: |
01.04.2000 |
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|
Name : |
Dr. Naushad Forbes |
|
Designation : |
Director |
|
Address : |
106th Milestones Mumbai, |
|
Date of Birth/Age : |
13.05.1960 |
|
Date of Appointment : |
11.08.2006 |
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|
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|
Name : |
Mr. Chandrahas C. Dayal |
|
Designation : |
Director |
|
Address : |
Arun B_, Narayan, |
|
Date of Birth/Age : |
31.01.1944 |
|
Date of Appointment : |
29.03.1995 |
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|
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|
Name : |
Mr. Jagdish C. Sheth |
|
Designation : |
Additional Director |
|
Address : |
28, Jaldarshan 51, |
|
Date of Birth/Age : |
25.08.1930 |
|
Date of Appointment : |
29.09.2007 |
|
|
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|
Name : |
Mrs. Urvashi Saxena |
|
Designation : |
Additional Director |
|
Address : |
2602, |
|
Date of Birth/Age : |
14.06.1945 |
|
Date of Appointment : |
31.01.2008 |
|
|
|
|
Name: |
Mr. Rohit Modi |
|
Designation : |
Whole Time Director |
|
Address : |
Flat no. 1801, 18th Floor, C’ |
|
Date of Birth/Age : |
01.10.1962 |
|
Date of Appointment : |
07.06.2009 |
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|
|
|
Name: |
Mr. Naval Cohudhary |
|
Designation : |
Additional Director
|
|
Address : |
B 63/64, Kalumal Estate, A B Nair Road, opposite Juhu Post
Office, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
14.05.1947 |
|
Date of Appointment : |
21.05.2009 |
|
|
|
|
Name: |
Mr. Parvez Umrigar |
|
Designation : |
Additional Director
|
|
Address : |
164, |
|
Date of Birth/Age : |
02.06.1963 |
|
Date of Appointment : |
01.06.2009 |
|
Date of Ceasing : |
23.12.2009 |
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|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.01.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoters and Promoter Group |
|
|
|
1. Indian |
|
|
|
Individuals / Hindu Undivided Family |
1027885 |
0.75 |
|
Bodies Corporate |
40072555 |
29.36 |
|
Sub Total (A)
(1) |
41100440 |
30.12 |
|
|
|
|
|
2. Foreign |
|
|
|
Bodies Corporate |
3086435 |
2.26 |
|
Total Shareholding of Promoter and Promoter Group |
44186875 |
32.38 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
1. Institutions |
|
|
|
Mutual Funds / UTI |
14066393 |
10.31 |
|
Financial Institutions / Banks |
2683478 |
1.97 |
|
Insurance Companies |
5007478 |
3.67 |
|
Foreign Institutional Investors |
30978654 |
22.70 |
|
|
|
|
|
Sub Total (B)
(1) |
52736003 |
38.64 |
|
|
|
|
|
2. Non
Institutions |
|
|
|
Bodies Corporate |
20194841 |
14.80 |
|
Individual shareholders holding nominal share capital up to Rs. 0.100
million |
5851836 |
4.29 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
1738032 |
1.27 |
|
Any others (Specify) |
11757395 |
8.62 |
|
|
|
|
|
Non Residents |
|
|
|
Foreign Nominals |
168570 |
0.12 |
|
Non Resident Indians |
221483 |
0.16 |
|
OCB |
4684720 |
3.43 |
|
Clearing Members |
58605 |
0.04 |
|
Trusts |
5805045 |
4.25 |
|
Directors and their relatives and Friends |
818972 |
0.60 |
|
Sub Total (B)
(2) |
39542104 |
28.98 |
|
(B) = (B) (1) +
(B) (2) |
92278107 |
67.62 |
|
|
|
|
|
Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
|
|
|
|
|
Total (A) + (B) +(C) |
136464982 |
100.00 |
AS ON : 28.09.2010
|
Category |
Percentage |
|
Public financial
companies |
1.97 |
|
Nationalized or
other banks |
0.29 |
|
Mutual funds |
11.44 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
30.28 |
|
Bodies corporate |
44.22 |
|
Directors or relatives of Directors |
1.44 |
|
Other top fifty (50) shareholders (other than listed above |
1.91 |
|
Other |
8.45 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction engineers,
contractors and civil engineers |
|
|
|
|
Products : |
v Bridges v Tunnels v Dams |
GENERAL INFORMATION
|
No. of Employees : |
6000 (Approximately) |
|
|
|
|
Bankers : |
v Canara Bank, Mumbai, v Punjab National Bank, Mumbai, v Syndicate Bank, Mumbai, v Allahabad Bank, Mumbai, v IDBI Bank, Mumbai, v ICICI Bank, Mumbai, v ING Vysya Bank, Mumbai, |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Natvarlal Vepari and Company Chartered
Accountants |
|
Address : |
Oricon House, 4th Floor, 12 k. Dubash Marg, Mumbai –
400023, |
|
|
|
|
Subsidiaries: |
v Gammon Turnkeys Limited v Gammon And Billimoria Limited v Gammon Realty Limited v Gammon Infrastructure Projects Limited v Deepmala Infrastructure Private Limited v
Gammon Retail Infrastructure Private Limited v
Gammon Power Limited v
Tranrail Lighting Limited v
ATSL Infrastructure Projects
Limited v
Tidong Hydro Power Limited v
Andhra Expressway Limited v
Rajahundry Expressway Limited |
|
|
|
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
355000000 |
Equity Shares |
Rs. 2/- Each |
Rs. 710.000 Millions |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
129019238 |
Equity Shares |
Rs. 2/- Each |
Rs. 1258.000 Millions |
Subscribed and Paid-Up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
127450000 |
Equity Shares |
Rs. 2/- Each |
Rs. 254.900 Millions |
|
Add : |
Share Forfeiture Account |
|
Rs. 3.400 Millions |
|
|
|
|
|
|
|
Grand Total |
|
Rs. 258.300
Millions |
Note:
1.
(Of the above 264000
Shares are issued for consideration other than Cash 5806700 Shares are issued
as fully paid Bonus Shares by Capitalization of Rs. 7.000 millions from Reserves
and Rs. 4.500 millions from Security Premium Account).
2.
20100106 Shares are
issued as consideration on merger of ATSL with the company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
254.877 |
173.489 |
173.489 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18987.247 |
14521.174 |
12109.738 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19242.124 |
14694.663 |
12283.227 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4885.385 |
3252.572 |
2439.850 |
|
|
2] Unsecured Loans |
8060.076 |
6470.198 |
1330.753 |
|
|
TOTAL BORROWING |
12945.461 |
9722.770 |
3770.603 |
|
|
DEFERRED TAX LIABILITIES |
717.344 |
543.575 |
371.688 |
|
|
SHARE FORFEITURE ACCOUNT |
206.974 |
1111.723 |
3.420 |
|
|
|
|
|
|
|
|
TOTAL |
33111.903 |
26072.731 |
16428.938 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10843.527 |
9480.294 |
7732.501 |
|
|
Capital work-in-progress |
846.401 |
353.794 |
181.934 |
|
|
|
|
|
|
|
|
INVESTMENT |
1978.457 |
2206.110 |
1607.699 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13091.499
|
10111.030
|
7049.835
|
|
|
Sundry Debtors |
17636.761
|
13436.992
|
5171.472
|
|
|
Cash & Bank Balances |
724.862
|
513.610
|
380.939
|
|
|
Other Current Assets |
434.057
|
275.114
|
78.675
|
|
|
Loans & Advances |
10655.602
|
8700.931
|
4994.252
|
|
Total
Current Assets |
42542.781
|
33037.677
|
17675.173
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
9708.390
|
17714.221
|
4135.552
|
|
|
Sundry Creditors |
13089.200
|
1029.600
|
4907.600
|
|
|
Provisions |
301.673
|
261.323
|
1725.217
|
|
Total
Current Liabilities |
23099.263
|
19005.144
|
10768.369
|
|
|
Net Current Assets |
19443.518
|
14032.533
|
6906.804
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
33111.903 |
26072.731 |
16428.938 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
44851.000 |
36578.600 |
23560.400 |
|
|
|
Other Income |
411.000 |
415.400 |
357.400 |
|
|
|
TOTAL (A) |
45262.000 |
36994.000 |
23917.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenditure on Contracts |
39602.800 |
32455.900 |
20738.400 |
|
|
|
Establishment Expenses |
1291.100 |
718.200 |
728.000 |
|
|
|
Company Share in Loss of Joint Ventures |
149.600 |
40.900 |
0.000 |
|
|
|
TOTAL (B) |
41043.500 |
33215.000 |
21466.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4218.500 |
3779.000 |
2451.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1396.600 |
1052.600 |
595.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2821.900 |
2726.400 |
1855.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
709.300 |
639.500 |
462.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2112.600 |
2086.900 |
1393.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
664.700 |
696.900 |
532.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1447.900 |
1390.000 |
861.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2314.300 |
1599.200 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2733.600 |
2314.300 |
1599.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.72 |
12.46 |
9.93
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.19 |
3.75 |
3.60
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.71 |
5.70 |
5.91
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.95 |
4.90 |
7.18
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.14 |
0.11
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87 |
1.95 |
0.92
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84 |
1.73 |
1.58
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
12489.500 |
9588.400 |
4553.800 |
|
Other Creditors |
599.700 |
441.200 |
353.800 |
|
|
|
|
|
|
Total |
13089.200 |
1029.600 |
4907.600 |
History :
Incorporated as J C Gammon (
The company, in association with Hanon Sabelco (UK),set up a joint venture to
manufacture cooling tower infill products with Hanon, subscribed 39.5% of the
capital while the company and others hold 49.5% and 11% respectively in the
joint venture.
In Sep.'91, Abijit Rajan took over as the managing director of Subject from
Subbha Rao. Subject has tied up with US-based General Electric and
In October 1995, M R Chhabria sold his entire stake in the company, thus ending
the seven-year-old takeover saga. Chhabria's 30% stake was taken up by Peter
Gammon (12%) and Abijit Rajan (18%).
During 1998-99, the company has secured projects for construction of flyovers
in Mumbai,
In 2000-01, Subject has put it's house
in order by it's policy of increasing it's stake in it's subsidiary thus making
it as a wholly owned subsidiary and forming 100% subsidiary for a special
purpose job. As per this policy the company has increased it's holding in it's
subsidiaries Gammon Nirman Limited, Gammon Turnkeys Limited , Cochin Bridge
Infrastructure Company Limited to 100%,
thus making these three companies become wholly owned subsidiary of Subject .
Due to this Subject has also become the holding company for the subsidiary of
GNL M/s Nouveaw Exports Private Limited. Subject has also formed two new 100%
subsidiary(Public Limited ) companies viz. M/s Gammon Infrastructure Projects
and Investment Limited , for carrying on the business of executing and
financing infra projects involving private participation either directly or
indirectly through promotion of subsidiary/ group companies for each specific
project and M/s Vizag Seaport Limited
for execution of the job of construction, equipping, operation,
management of multipurpose berths at Vizag Port for handling bulk/general
cargoes or containers or liquid bulk cargos on BOT basis.
In September 2000, Subject got the certification of ISO 9001-1994 and thus
became the first multifunctional Civil Engineering company to get certified for
ISO 9001 for its entire spectrum of EPC activities. A rights issue of 6320572
Equity shares of Rs.10/- each at a premium of Rs.20/- per share in the ratio of
1:1 to the extent of Rs.189.617 millions.
The company has invested Rs.258.30 millions for Rajahmundry-Dharmavaram Road
Project on BOT basis. The
Gammon Nirman Limited and Gammon Turnkeys Limited have ceased to be
subsidiaries of the company with effect from April 2004.
The company along with its subsidiary Gammon Infrastructure Projects Limited
has acquired certain holding in Punj Lloyd Limited. Consequently Andhra
Expressway Limited and Rajahmundry Expressway Limited have become subsidiaries
of the company with effect from 07.02.2005.
Vizag Seaport Private Limited has ceased to be the subsidiary of Subject with
effect from March 2005.
FINANCIAL
PERFORMANCE:
The turnover
of the company on a standalone basis stood at Rs. 45340.000 millions for the year ended 31st March, 2010. The annualized percentage increase
in turnover over previous year amounted to 23.14%. The order
book position of the company as on 31st March, 2010
was approx Rs.145000.000
millions. On a consolidated basis the turnover of the Gammon group stood
at Rs. 971140.000 millions for
the year ended 31" March, 2010. The annualized percentage
increase in turnover over previous year amounted to 36.49%.
FINANCE:
During the year the Company did not raise any funds from the capital markets either
by way of issue of equity/ADRs/GDRs. However to meet its working capital
requirements and for future expansion plans and CAPEX requirements, the Company
has raised money through the allotment of 1,28,09,400 Equity Shares of 721-
each at a price of 3237.451- per Equity share to Qualified institutional
Buyers.
The Company has
also obtained financial assistance from its consortium bankers to meet its
short term working capital requirements as well as long term debt by way of
issue of Non-Convertible Debentures on private placement basis aggregating to
7500.000 millions. As on date, total amount outstanding towards issue of
Non-Convertible Debentures on private placement basis to banks and financial
institutions stood at 74000.000 millions. CARE has assigned 'AA' rating for the
same. The proceeds of debentures were utilized for the purposes for which they
were raised,
The following
credit ratings from CARE continue:
(i) 'PRI +' for
short-term commercial paper of 76000.000 millions
(ii) 'AN for
Non-Convertible Debentures of 74000.000 millions
(iii) 'AA' for
Long Term Bank Facilities and 'PRl+' for Short Term Bank Facilities aggregating
to 771000.000 millions.
SUBSIDIARY COMPANIES:
At the
commencement of the year the Company had 39 (Thirty Nine) subsidiaries. It has
further incorporated/ acquired the following subsidiaries during the year:
(i) Patna Highway
Projects Limited
(ii) Gammon
Seaport lnfrastructure Limited
(iii) Gammon
Renewable Energy lnfrastructure Limited
(iv)
(v) Vizag Seaport
Private Limited
Bedi Seaport
Limited, which was a step down subsidiary as on 31.03.2009, has ceased to be a
subsidiary of Gammon lnfrastructure Projects Limited (GIPL), the subsidiary
Therefore vide Section 4 (1) (c) of the Companies Act, 1956, it has ceased to
be your step down subsidiary.
Pursuant to the
approval granted by the Government of India vide its letter No. 47160112010-CL-
Statement pursuant
to Section 212 (3) of the Companies Act, 1956 relating to subsidiary companies
is attached. Information such as capital, reserves, assets etc. about each subsidiary
as on 31st March, 2010 has been separately disclosed.
The Annual
Accounts of subsidiary companies and the detailed related information are
available for inspection by the shareholders at the registered office of the
Company and at the offices of the respective subsidiary company.
Form : 8
|
Corporate
identity number of the company |
L74999MH1922PLC000997 |
|
Name of the
company |
GAMMON INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gammon house veer savarkarveer savarkar Marg,
Prabhadevi, Mumbai – 400025, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of charge
holder |
Canara Bank,
Prime Corporate Branch-Ii, Varma Chambers, 2nd Floor, Homji Street, Fort,
Mumbai – 400001, Maharashtra, India |
|
Nature of
instrument creating charge |
1. Twelfth
working capital consortium agreement dated 29th July 2010 2. joint twelfth
supplemental deed of hypothecation dated 29th July 2010 3. Supplemental
interest agreement dated 29th July 2010 |
|
Date of
instrument Creating the charge |
29/07/2010 |
|
Amount secured by
the charge |
Rs. 69250.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest : The Rate Of
Interest Of Each Bank Is As Per The Respective Sanction Letters And As
Advised From Time To Time And The Roi Is Linked To Base Rate Of Respective
Banks On Floating Basis Terms of repayment : The Due Repayment
Of The Said Facilities Together With Payment Of Interest, Costs, Charges,
Expenses And All Other Monies Shall Stand Secured By A Charge By Way Of
Hypothecation Created In Favour Of The Consortium Banks Over The Hypothecated
Assets Margin : Margin As
Specified By The Bank From Time To Time Extent and operation of the charge : The Charge Over
The Current Assets And Movable Property As Described In The Joint Twelfth Supplemental
Deed Of Hypothecation Have Been Extended To Cover The Enhancement In The
Working Capital Facilities Of Rs 69250.000 millions Sanctioned By The
Consortium Bankers Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Date of instrument
modifying the charge |
24/10/2008 |
|
Particulars of
the present modification |
Vide the above
referred documents the consortium banks have enhanced the working capital
facility granted to the company from Rs. 37000.000 millions to 69250.000 millions
as per the particulars of joint charge holders attached herewith |
AS PER WEBSITE
Profile
Subject the only Indian Construction Company to have been
accredited with ISO 9001 certification for all fields of Civil Engineering Works
including design, stands out as gateway for Technological and Engineering
excellence in Civil Engineering fields. The companies dedicated and experienced
team of planners, designers and construction engineers are ever ready to
contribute their expertise together and turn vision into reality. This has led
them to the position of one of the leading engineering and construction
companies in
Striving for excellence and perfection, the company has many firsts to its
credit. They introduced prestressed concrete in
They have to the credit the longest river bridge in the world across the mighty
Ganges at
"Necessity is usually the Mother of Invention." They believe that today's solution will not be adequate tomorrow. This quest has led them to pioneer various civil engineering techniques and many more. Subject today can be rightly referred to as "Builders to the Nation.
Subject is not only the largest civil engineering
construction company in
As builders to the nation, Subject has made concrete contributions by designing and constructing bridges, ports, harbours, thermal and nuclear power stations, dams, high-rise structures, chemical and fertilizer complexes environmental structures, cross country water, oil and gas pipelines. Subject has accomplished this by fusing tremendous engineering knowledge with innovative skills, harnessing men and materials to build structures.
Structures that stand out as living testimonies to the victory of man over nature. Structures conceived and built by minds in constant search of new methods, ideas, applications and solutions. Because Subject believes that today's solutions will not be adequate tomorrow.
This insatiable quest has led Subject to pioneer Reinforced and Prestressed Concrete, Long span bridges, Under water concreting using the Colcrete process, Thin shell structures, Non-Shrinking concrete, Aluminium trusses for launching precast, prestressed beams and many more.
These resounding achievements have won Subject the status of R and D Institution - an unequalled honour for an unmatched Performance.
The planners, designers and construction specialists at Subject have proved their competence and innovative skills here and abroad. And driving them to seek, to build and not to yield, is a team of professionals at the Head Office led by the Chairman and Managing Director, Mr. Abhijit Rajan.
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. 45.15 |
|
|
1 |
Rs. 72.58 |
|
Euro |
1 |
Rs. 62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
yes |
|
--AFFILIATION |
YES/NO |
yes |
|
--LISTED |
YES/NO |
yes |
|
--OTHER MERIT FACTORS |
YES/NO |
yes |
|
TOTAL |
|
69 |
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.