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MIRA INFORM REPORT
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Report No. : |
488726 |
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Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
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Name : |
GAMMON INDIA LIMITED |
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Registered
Office : |
Gammon House, Veer
Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra |
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Tel. No.: |
91-22-66614000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
15.06.1922 |
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Com. Reg. No.: |
11-000997 |
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Capital
Investment / Paid-up Capital : |
INR 741.100 Million |
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CIN No.: [Company Identification
No.] |
L74999MH1922PLC000997 |
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IEC No.: |
0390018864 |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAACG3821A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in three segments - Construction and
Engineering, Oil exploration and Realty Development. (Registered
Activity) |
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|
No. of Employees
(As on 2016) : |
2885 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1922 and it is a flagship company of the Gammon Group and offer service covering the whole gamut of the civil and construction activities. It undertakes construction of roads, bridges, flyovers, power plants, chimneys and cooling towers, cross-country pipelines, structures for hydro-electric power projects, building and factories. As per financials of March 2017, the company has registered decline in its revenue and has incurred losses. Rating is constrained on account of delays in servicing of interest on non-convertible debentures, over-drawls in fund-based limits and devolvement in non-fund-based limits. The liquidity position of the company is constrained due to delays in recoveries from customers and project execution delays resulting in holding of high inventory, thereby blocking working capital funds and causing cost-overruns. Further, the company is under Corporate Debt Restructuring (CDR) and its initiatives are under the constant review of CDR lenders. Payments seems to be slow and delayed. In view of aforesaid, the company can be considered for business dealings at fully safe and secured 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating : D (Issuer
Non-cooperative) |
|
Rating Explanation |
Lowest-credit-quality and very low prospects
of recovery. |
|
Date |
16.01.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 30.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non co-operative (Tel No.: 91-22-24301084)
Tel No.: 91-22-61153000 / 61114000 – (Continuously
Ringing)
LOCATIONS
|
Registered / Head Office : |
Gammon House,
Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Tel. No.: |
91-22-66614000 / 24306761 / 24301084 / 6744 4000 (Extn : 4050) |
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Fax No.: |
91-22-24300529 / 24300221 |
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E-Mail : |
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Website : |
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Factory 1 : |
Delhi Workshop : Opposite Gurudwara Balasahib, Bhagwan Nagar, New Delhi- 110014, India |
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Factory 2 : |
Taloja Workshop :
Plot No. 7 MIDC - Taloja, Dist. Raigad - 410208, Navi Mumbai, Maharashtra,
India |
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Factory 3 : |
Butibori Workshop: Central Workshop, Plot No. G-56 M.I.D.C., Butibori Nagpur - 441 122, Maharashtra, India |
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Factory 4 : |
Ranchi Workshop :
Ranchi-Tata Road, Sidraul, Palandu Namkum, Ranchi - 834 010, Jharkhand, India |
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Factory 5 : |
Kalapakkam Reactor Building, Salai Street, Meyyur, Sadras, Kalpakkam – 603 102, Tamilnadu, India |
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Factory 6 : |
Prabatri H. E. Project – Stage – III, C/o. Bhagat Singh and Sons, VPO Larji, District – Kullu, Himachal Pradesh, India |
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Factory 7 : |
Sewa Hydroelectic Project Stage – II, Vill: Gatti, PO: Bani, Tehsil: Basoli, District: Kathua (Jammu and Kashmir), India |
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Factory 8 : |
Anji Khad Bridge Project, Post Granmore, Gita Nagar, District Reasi – 182 311, Jammu, India |
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Factory 9 : |
DMRC Noida – BC 12 and BC 13, Adjacent to Noida Sarita Vihar Road, Plot No.4, Sector 94, Noida, Uttar Pradesh, India |
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Factory 10: |
Bihar Corrindor – Phase II, Camp Madhubani, At Village and Post: Madhubani, (12 KM From Pratapganj, Via Pratapganj), District Surpoul, Bihar, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Abhijit Rajan |
|
Designation : |
Managing Director |
|
Address : |
Rituraj, 1, Military Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Qualification : |
B. Com L.S. E. |
|
Date of Appointment : |
14.02.1991 |
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DIN No.: |
00177173 |
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|
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|
Name : |
Mr. Rajul Arun Bhansali |
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Designation : |
Whole-time Director |
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Address : |
401, Heritage, Shirley Rajan Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Appointment: |
30.03.2003 |
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DIN No.: |
00178558 |
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Name : |
Mr. Naval Choudhary |
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Designation : |
Director |
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Address : |
B/63/64, Kalumal Estate, A. B. Nair Road, Mumbai - 400049, Maharashtra, India |
|
Date of Appointment: |
21.05.2009 |
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DIN No.: |
00192164 |
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Name : |
Mrs. Urvashi Saxena |
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Designation : |
Director |
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Address : |
2602, 26th Floor, Light Bridge, Gladys Alwares Road, Hiranandani Meadow, Thane West - 400610, Maharashtra, India |
|
Date of Appointment: |
31.01.2008 |
|
DIN No.: |
02021303 |
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|
|
|
Name : |
Mr. Atul Kumar Shukla |
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Designation : |
Director |
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Address : |
2310-12, Samartha Aangan - III, Indra Darshan, Sector - III, Oshiwara, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
Date of Appointment: |
09.07.2009 |
|
DIN No.: |
00121601 |
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KEY EXECUTIVES
|
Name : |
Mr. Ajit Desai |
|
Designation : |
Chief Executive Officer |
|
Address : |
E-103, Gokul Tower, Thakur Complex,
Kandivali (East), Mumbai - 400101, Maharashtra, India |
|
Date of Appointment: |
18.12.2017 |
|
PAN No.: |
ABFPD3990E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December, 2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter
Group |
42657154 |
11.54 |
|
|
(B) Public |
326915951 |
88.46 |
|
|
Grand Total |
369573105 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
8189479 |
2.22 |
|
|
Abhijit Rajan |
8172459 |
2.21 |
|
|
Jagdish Rajan |
17020 |
0.00 |
|
|
Any
Other (specify) |
31381240 |
8.49 |
|
|
Pacific Energy Private Limited |
17913015 |
4.85 |
|
|
Devyani Estate And Properties
Private Limited |
7182805 |
1.94 |
|
|
Nikhita Estate Developers
Private Limited |
3485420 |
0.94 |
|
|
Ellora Organic Industries
Private Limited |
2800000 |
0.76 |
|
|
Sub
Total A1 |
39570719 |
10.71 |
|
|
A2) Foreign |
0.00 |
||
|
Any
Other (specify) |
3086435 |
0.84 |
|
|
Masayor Enterprises Limited |
3086435 |
0.84 |
|
|
Sub
Total A2 |
3086435 |
0.84 |
|
|
A=A1+A2 |
42657154 |
11.54 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957 As a
% |
|
|
B1)
Institutions |
|
|
|
|
Foreign
Portfolio Investors |
97711 |
0.03 |
|
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Financial
Institutions/ Banks |
235763796 |
63.79 |
|
|
Canara Bank-Mumbai |
52823734 |
14.29 |
|
|
ICICI Bank Limited |
39696547 |
10.74 |
|
|
Punjab National Bank |
24209101 |
6.55 |
|
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Syndicate Bank |
22696508 |
6.14 |
|
|
Bank Of Baroda |
22104507 |
5.98 |
|
|
Allahabad Bank |
19582216 |
5.30 |
|
|
IDBI Bank Ltd. |
14053827 |
3.80 |
|
|
Oriental Bank Of Commerce |
12389240 |
3.35 |
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|
United Bank Of India |
6362258 |
1.72 |
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|
Union Bank Of India |
5803088 |
1.57 |
|
|
UCO Bank |
4587163 |
1.24 |
|
|
DBS Bank Limited |
4124496 |
1.12 |
|
|
Any
Other (specify) |
100 |
0.00 |
|
|
Sub
Total B1 |
235861607 |
63.82 |
|
|
B2)
Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
419347 |
0.11 |
|
|
Sub
Total B2 |
419347 |
0.11 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual
share capital upto INR 0.200 million |
52503383 |
14.21 |
|
|
Individual
share capital in excess of INR 0.200 million |
9188494 |
2.49 |
|
|
Any
Other (specify) |
28943120 |
7.83 |
|
|
Gammon India Trust |
5804680 |
1.57 |
|
|
Summicorp Limited |
4679220 |
1.27 |
|
|
Sub
Total B3 |
90634997 |
24.52 |
|
|
B=B1+B2+B3 |
326915951 |
88.46 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in three segments - Construction and
Engineering, Oil exploration and Realty Development. (Registered
Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees (As on 2016) : |
2885 (Approximately) |
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Bankers : |
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Facilities : |
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Financial Institution : |
· Life Insurance Corporation of India · General Insurance Corporation of India · United India Insurance |
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Auditors : |
|
|
Name : |
Natvarlal Vepari and Company Chartered
Accountants |
|
Address : |
Oricon House, 4th Floor, 12, K. Dubash Marg, Mumbai – 400023, Maharashtra, India |
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Tel. No.: |
91-22-67527100 |
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Fax No.: |
91-22-67527101 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries (As on 31.03.2016) : |
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Stepdown
Subsidiaries (As on 31.03.2016) : |
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Joint Venture (As on
31.03.2016) : |
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Associates (As on
31.03.2016) : |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : INR 741.100
million
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
74710000000 |
Equity Shares |
INR 2/- each |
INR 149420.000 Million |
|
3000000 |
6% Optionally Convertible Preference Shares |
INR 350/- each |
INR 1050.000 Million |
|
|
Total |
|
INR 150470.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
366303349 |
Equity Shares |
INR 2/- each |
INR 732.600
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
364722809 |
Equity Shares |
INR 2/- each |
INR 729.400
Million |
|
|
Money received |
|
INR 3.400
Million |
|
|
Total |
|
INR 732.800 Million |
|
|
|
|
|
i) Issued Share Capital includes 725800 shares of INR 2/- each kept in abeyance.
ii) Share Forfeiture Account includes INR 2.600 Million of
Share Premium collected on application in respect of forfeited shares.
(a) Reconciliation of
Number of Shares Outstanding
|
Particulars |
As At 31.03.2016 |
|
|
|
No of Shares |
Amount (INR In Million) |
|
As at the beginning of the year |
135774668 |
271.600 |
|
Add : Issued during the year - ESOP |
228948141 |
457.800 |
|
As at the end of the year |
135774668 |
271.600 |
Pursuant to the invocation to SDR scheme, the bankers have converted an amount of INR 2722.200 Million being principal and interest outstanding in to Equity and have been allotted 228948141 Equity Shares of INR 2 each at a premium of INR 9.89 during the period representing 62.77% of the Equity Capital.
(c) Details of
Shareholding in Excess of 5%
|
Name of Shareholder |
As At 31.03.2016 |
|
|
|
No of Shares |
% |
|
Pacific Energy Private Limited |
18013015 |
4.93% |
|
Devyani Estate and Properties Private Limited |
12182805 |
3.33% |
|
HDFC Trustee Company Limited - HDFC Infrastructure Fund |
12114310 |
3.31% |
|
Abhijit Rajan |
8172459 |
2.34% |
|
Canara Bank |
52814769 |
14.45% |
|
ICICI Bank |
39696547 |
10.86% |
|
Punjab National Bank |
24209101 |
6.62% |
|
Syndicate Bank |
22696547 |
6.21% |
|
Bank of Baroda |
22104507 |
6.05% |
|
Allahabad Bank |
19582216 |
5.36% |
(d) Shares reserved
under option to be given
Nil Equity Shares have been reserved for issue as ESOP.
(e) Terms / rights
attached to Equity Shares
The Company has only one class of Equity Shares having a par value of INR 2/- each. Each holder of equity share is entitled to one vote per share. The distribution will be in proportion to the number of Equity Shares held by the shareholder.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 (12 Months) |
31.03.2016 (18 Months) |
30.09.2014 (9 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
741.100 |
732.800 |
275.000 |
|
(b) Reserves & Surplus |
5694.700 |
13547.600 |
10645.400 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6435.800 |
14280.400 |
10920.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21921.700 |
29207.600 |
35689.700 |
|
(b) Deferred tax liabilities (Net) |
2437.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1028.200 |
5052.800 |
3812.000 |
|
(d) long-term
provisions |
120.000 |
95.400 |
132.200 |
|
(e) Trade payables |
87.700 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
25594.600 |
34355.800 |
39633.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
9491.400 |
21628.200 |
11771.300 |
|
(b) Trade
payables |
1997.100 |
11575.900 |
14389.200 |
|
(c) Other
current liabilities |
13685.300 |
14797.700 |
11442.700 |
|
(d) Short-term
provisions |
2503.700 |
2729.200 |
2520.900 |
|
Total Current
Liabilities (4) |
27677.500 |
50731.000 |
40124.100 |
|
|
|
|
|
|
TOTAL |
59707.900 |
99367.200 |
90678.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4512.800 |
8084.200 |
10700.600 |
|
(ii)
Intangible Assets |
0.000 |
2.200 |
3.300 |
|
(iii) Capital
work-in-progress |
200.500 |
188.000 |
222.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
12027.900 |
7235.800 |
762.700 |
|
(c) Deferred tax assets (net) |
0.000 |
1347.500 |
826.900 |
|
(d) Long-term Loan and Advances |
20090.100 |
24829.500 |
22258.500 |
|
(e) Long Term Trade Receivable |
0.000 |
7043.800 |
8484.200 |
|
(f) Other Non-current assets |
19176.700 |
18436.900 |
2952.400 |
|
Total Non-Current
Assets |
56008.000 |
67167.900 |
46211.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
57.400 |
22.200 |
25.000 |
|
(b) Inventories |
1462.700 |
12099.100 |
17225.100 |
|
(c) Trade receivables |
604.600 |
9365.200 |
13522.000 |
|
(d) Cash and cash equivalents |
517.900 |
1443.200 |
907.100 |
|
(e) Short-term loans and advances |
156.300 |
5950.100 |
4315.300 |
|
(f) Other current assets |
901.000 |
3319.500 |
8472.800 |
|
Total
Current Assets |
3699.900 |
32199.300 |
44467.300 |
|
|
|
|
|
|
TOTAL |
59707.900 |
99367.200 |
90678.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 (12 Months) |
31.03.2016 (18 Months) |
30.09.2014 (9 Months) |
|
|
SALES |
|
|
|
|
|
Income |
7616.800 |
61470.000 |
29669.900 |
|
|
Other Income |
3081.700 |
4349.600 |
7084.600 |
|
|
TOTAL |
10698.500 |
65819.600 |
36754.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2461.000 |
18614.500 |
12957.700 |
|
|
Purchases of Stock-in-Trade |
0.000 |
1471.900 |
1643.700 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
493.900 |
4078.700 |
462.400 |
|
|
Subcontracting Expenses |
2034.400 |
12826.700 |
6256.700 |
|
|
Foreign Exchange (Gain)/Loss |
0.000 |
(136.800) |
77.100 |
|
|
Employees benefits expense |
784.300 |
5534.600 |
3370.700 |
|
|
Other expenses |
2985.700 |
10001.500 |
5866.100 |
|
|
Exceptional Items |
13050.900 |
279.000 |
0.000 |
|
|
TOTAL |
21810.200 |
52670.100 |
30634.400 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(11111.700) |
13149.500 |
6120.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
5189.000 |
10382.900 |
4527.200 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(16300.700) |
2766.600 |
1592.900 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
326.500 |
2541.600 |
818.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(16627.200) |
225.000 |
774.400 |
|
|
|
|
|
|
|
Less |
TAX |
(28.000) |
78.600 |
96.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(16599.200) |
146.400 |
678.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(7606.800) |
(7753.200) |
(8431.200) |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(7606.800) |
(7753.200) |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
1284.900 |
843.700 |
|
|
Revenue from Overseas Project and receipts from World Bank aided Projects in Foreign Currency |
NA |
666.900 |
421.100 |
|
|
Interest |
NA |
1229.000 |
13.700 |
|
|
Tower Testing Charges |
NA |
94.000 |
17.000 |
|
|
Profit on Sale of Fixed Assets |
NA |
0.000 |
164.200 |
|
|
TOTAL EARNINGS |
NA |
3274.800 |
1459.700 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
150.900 |
157.300 |
|
|
Plant and Machinery |
NA |
196.900 |
101.300 |
|
|
Components and Stores parts |
NA |
30.300 |
145.300 |
|
|
TOTAL IMPORTS |
NA |
378.100 |
403.900 |
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
- Basic |
(45.10) |
0.89 |
4.99 |
|
|
- Diluted |
(45.01) |
0.89 |
4.97 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 (12 Months) |
31.03.2016 (18 Months) |
30.09.2014 (9 Months) |
|
Current Maturities of Long term debt |
NA |
3230.800 |
1072.300 |
|
Cash generated from operations |
NA |
962.900 |
389.100 |
|
Net cash flows from (used in) operations |
NA |
126.200 |
(210.300) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 (12 Months) |
31.03.2016 (18 Months) |
30.09.2014 (9 Months) |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
28.97 |
55.61 |
166.35 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
12.60 |
6.56 |
2.19 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
296.20 |
210.35 |
359.70 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(7.60) |
1.09 |
0.36 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(2.36) |
1.59 |
0.56 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 (12 Months) |
31.03.2016 (18 Months) |
30.09.2014 (9 Months) |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.83 |
0.84 |
0.85 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
4.88 |
3.79 |
4.44 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
4.30 |
3.55 |
3.67 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.73 |
0.58 |
1.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(2.14) |
1.27 |
1.35 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 (12 Months) |
31.03.2016 (18 Months) |
30.09.2014 (9 Months) |
|
Net Profit Margin ((PAT
/ Sales) * 100) |
% |
(217.93) |
0.24 |
2.29 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(27.80) |
0.15 |
0.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(257.92) |
1.03 |
6.21 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 (12 Months) |
31.03.2016 (18 Months) |
30.09.2014 (9 Months) |
|
Current Ratio (Current Assets / Current Liabilities) |
0.13 |
0.63 |
1.11 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.08 |
0.40 |
0.68 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.11 |
0.14 |
0.12 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
42.39 |
73.78 |
176.48 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.13 |
0.63 |
1.11 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 6.52/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
30.09.2014 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
275.000 |
732.800 |
741.100 |
|
Reserves & Surplus |
10645.400 |
13547.600 |
5694.700 |
|
Net
worth |
10920.400 |
14280.400 |
6435.800 |
|
|
|
|
|
|
Long-term borrowings |
35689.700 |
29207.600 |
21921.700 |
|
Short term borrowings |
11771.300 |
21628.200 |
9491.400 |
|
Total
borrowings |
47461.000 |
50835.800 |
31413.100 |
|
Debt/Equity
ratio |
4.346 |
3.560 |
4.881 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2014 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
29669.900 |
61470.000 |
7616.800 |
|
|
|
107.180 |
(87.609) |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2014 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
29669.900 |
61470.000 |
7616.800 |
|
Profit/ (Loss) |
678.000 |
146.400 |
(16599.200) |
|
|
2.29% |
0.24% |
(217.93%) |
LEGAL CASES
|
HIGH COURT OF BOMBAY |
|||
|
CASE DETAILS |
|||
|
BENCH:-BOMBAY |
|||
|
Presentation Date:- 22/01/2018 |
|||
|
Lodging No:- |
WPL/253/2018 |
Filing Date:- |
22/01/2018 |
|
|
|
|
|
|
Petitioner:- |
GAMMON ENGINEERS AND CONTRACTORS PRIVATE LIMITED |
Respondent:- |
GAMMON INDIA LIMITED |
|
|
|
|
|
|
Petn. Adv. |
NEGANDHI SHAH AND HIMAYATULLAH (832) |
||
|
|
|
||
|
District:- |
MUMBAI |
||
|
Bench:- |
DIVISION |
||
|
Status:- |
Pre-Admission |
Category : |
WRIT PETITIONS (DIVISION BENCH) |
|
Last Date:- |
29/01/2018 |
Stage:- |
FOR CIRCULATION |
|
Last Coram:- |
HON'BLE SHRI JUSTICE NARESH H. PATIL HON'BLE SHRI JUSTICE NITIN W. SAMBRE |
||
|
|
|
||
|
Act:- |
Indian Contract Act 1872 |
||
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three financial
years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three financial
years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG TERM
BORROWING |
|
|
|
Loans from Related
Parties |
NA |
1000.000 |
|
Promoters |
|
|
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Loans and Advances from Related Parties : |
NA |
62.600 |
|
Other Loans and
Advances : |
|
|
|
Bill Discounting |
NA |
2444.500 |
|
|
|
|
|
Total |
NA |
3507.100 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G49110125 |
100111912 |
IDBI TRUSTEESHIP SERVICES LIMITED |
29/06/2017 |
- |
46834100000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI MAHARASHTRA 400001 INDIA |
|
2 |
G49695091 |
100113876 |
IDBI TRUSTEESHIP SERVICES LIMITED |
29/06/2017 |
- |
46834100000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI MAHARASHTRA 400001 INDIA |
|
3 |
C28978518 |
10473762 |
IDBI TRUSTEESHIP SERVICES LIMITED |
06/12/2013 |
24/09/2014 |
148141700000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI MAHARASHTRA 400001 INDIA |
|
4 |
B72343288 |
10416990 |
BANK OF BARODA |
23/03/2013 |
- |
2000000000.0 |
1ST FLOOR, 3, WALCHAND HIRACHAND MARG BALLARD PIER MUMBAI MAHARASHTRA 400001 INDIA |
|
5 |
B71185169 |
10413026 |
United Bank of India Corporate Finance Branch |
28/01/2013 |
- |
4750000000.0 |
11 HEMANTA BASU SARANI UNITED TOWERS GROUND FLOOR KOLKATA WB 700001 INDIA |
|
6 |
B68619584 |
10406134 |
CANARA BANK |
09/01/2013 |
- |
2000000000.0 |
PRIME CORPORATE BRANCH IIVERMA CHAMBERS, 2ND FLOOR, HOMJI STREET, FORT, MUMBAI MAHARASHTRA 400001 INDIA |
|
7 |
B63834907 |
10388770 |
UNION BANK OF INDIA |
22/11/2012 |
26/11/2012 |
2250000000.0 |
INDUSTRIAL FINANCE BRANCH, UNION BANK BHAVAN229, VIDHAN BHAVAN, NARIMAN POINT MUMBAI MAHARASHTRA 400021 INDIA |
|
8 |
B86342599 |
10378890 |
UNITED BANK OF INDIA |
03/10/2012 |
13/09/2013 |
2500000000.0 |
CORPORATE FINANCE BRANCH11 HEMANTA BASU SARANI, UNITED TOWERS GROUND FLOOR KOLKATA WB 700001 INDIA |
|
9 |
B59105882 |
10379048 |
UCO BANK |
21/09/2012 |
- |
2000000000.0 |
FLAGSHIP CORPORATE BRANCH MAFATLAL CENTRE, NARIMAN POINT MUMBAI MAHARASHTRA 400021 INDIA |
|
10 |
B43478833 |
10365133 |
SYNDICATE BANK |
18/06/2012 |
- |
1000000000.0 |
G-001, RAJAN HOUSE, A S MARATHE MARG, PRABHADEVI MUMBAI MAHARASHTRA 400025 INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Liability on contracts remaining to be executed on Capital
Account |
NA |
224.700 |
|
Counter Guarantees given to Bankers for Guarantees given
by them and Corporate Guarantees, on behalf of Subsidiary, erstwhile
Subsidiary, Associate Companies |
NA |
36628.800 |
|
Corporate Guarantees and Counter Guarantees given to
Bankers towards Company’s share in the Joint Ventures for Guarantees given by
them to the Joint Venture Project Clients |
NA |
557.700 |
|
Disputed Sales Tax Liability for which the Company has
gone into appeal |
NA |
1453.100 |
|
Claims against the Company not acknowledged as debts |
NA |
2090.800 |
|
Disputed Excise Duty Liability |
NA |
180.400 |
|
Disputed Service Tax Liability |
NA |
607.700 |
|
Outstanding Letters of Credit Pending Acceptance |
NA |
504.900 |
|
In respect of Income Tax Matters of Company and its Joint
Ventures |
NA |
3372.800 |
|
Commitment towards capital contribution in subsidiary
under contractual obligation |
NA |
513.200 |
|
Disputed stamp duty liability for assets acquired during amalgamation with erstwhile Associated Transrail Structures Limited |
NA |
20.100 |
|
Other Matter |
NA |
64.200 |
|
Right to recompense in favour of CDR Lenders in accordance with the terms of MRA |
NA |
5049.600 |
FIXED ASSETS
- Leasehold
Land
- Freehold Land
- Plant and
Machinery
- Motor
Vehicles
- Office
Equipment
- Furniture and
Fixture
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
|
INR |
|
US Dollar |
1 |
INR 63.55 |
|
UK Pound |
1 |
INR 89.82 |
|
Euro |
1 |
INR 78.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.