MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
THAKKERS DEVELOPERS LIMITED |
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Registered Office : |
37/39, Kanton Niwas, 3rd Floor, Modi Street, Fort, Mumbai-400001,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.03.1987 |
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Com. Reg. No.: |
11-43034 |
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CIN No.: [Company
Identification No.] |
L45200MH1987PLC043034 |
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Legal Form : |
A Public Limited Liability Company, The Company’s Shares are listed on
the Stock Exchange. |
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Line of Business : |
Estate Dealing and Developing Activity |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 680000 |
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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 an established company having satisfactory track. Trade relations
are fair. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
37/39, Kanton Niwas, 3rd Floor, Modi Street, Fort, Mumbai-400001,
Maharashtra, India |
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Tel. No.: |
91-22-22679166/ 39450425/ 22615493 |
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E-Mail : |
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Administrative Office : |
Thakker’s Developers Limited, 7, Thakkers, Near Nehru Garden,
Nashik-422001, Maharashtra, India |
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Tel. No.: |
91-253-3254525 |
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Factory : |
Plot No. 101/ 102, 19th Street, MIDC, Industrial Area,
Nashik-422007, Maharashtra, India |
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Tel. No.: |
91-253-2354032 |
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Fax No.: |
91-253-2351126 |
DIRECTORS
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Name : |
Mr. Jitendra M. Thakker |
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Designation : |
Chairman and Director |
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Name : |
Mr. Rajendra M Thakker |
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Designation : |
Managing Director |
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Name : |
Mr. Narendra M. Thakker |
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Designation : |
Director |
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Name : |
Mr. Chandrakant H. Thakker |
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Designation : |
Director |
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Name : |
Mr. Mukesh K Thakker |
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Designation : |
Director |
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Name : |
Mr. Jaman H. Thakker |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Estate Dealing and Developing Activity |
GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Govilkar and Associates Chartered Accountant |
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Address : |
Flat No. 5/6, Patel Pride, Patil Lane No. 2, College Road,
Nashik-422005, Maharashtra, India |
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Tel. No.: |
91-253-2574022 |
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Associates/ Joint Venture : |
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Subsidiaries: |
·
Abhijit Marketing Private Limited ·
Abhilasha Horti Private Limited ·
Anmol Marketing Private Limited ·
Arundhati Marketing Private Limited ·
Asian Food Products Limited ·
Babeelal Marketing Private Limited ·
Dshrath Agriculture Private Limited ·
Dattatraya Markeing Private Limited ·
Devprit Marketing Private Limited ·
Dhananjay Marketing Private Limited ·
Dharmin Marketing Private Limited ·
Divyatta Agriculture Private Limited ·
Durgesh Farms Private Limited ·
Freedom Marketing Private Limited ·
Hari-har Horticulture Private Limited ·
Himalaya Horticulture Private Limited ·
Indira Horticulture Private Limited ·
Jay-Jeet Marketing Private Limited ·
M.R. Thakker and Company Construction Private Limited |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 45.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
45.000 |
45.000 |
45.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
92.972 |
83.639 |
77.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
137.972 |
128.639 |
122.400 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
41.450 |
50.000 |
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2] Unsecured Loans |
195.132 |
123.578 |
161.600 |
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TOTAL BORROWING |
195.132 |
165.028 |
211.600 |
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DEFERRED TAX LIABILITIES |
0.059 |
0.052 |
0.000 |
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TOTAL |
333.163 |
293.719 |
334.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.741 |
1.270 |
1.200 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
14.922 |
9.875 |
1.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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317.300 |
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Sundry Debtors |
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11.700 |
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Cash & Bank Balances |
696.491
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575.446 |
4.100 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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318.400 |
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Total
Current Assets |
696.491
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575.446 |
651.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
379.991
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292.872 |
311.600 |
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Provisions |
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8.200 |
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Total
Current Liabilities |
379.991
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292.872 |
319.800 |
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Net Current Assets |
316.500
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282.574 |
331.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
333.163 |
293.719 |
334.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
66.317 |
81.121 |
101.500 |
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Estate Dealings and Development Activity Sales |
130.791 |
24.428 |
0.000 |
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Other Income |
0.000 |
0.000 |
1.100 |
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Total Income |
197.108 |
105.549 |
102.600 |
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Profit/(Loss) Before Tax |
22.928 |
8.595 |
13.000 |
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Provision for Taxation |
8.330 |
2.361 |
4.700 |
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Profit/(Loss) After Tax |
14.598 |
6.234 |
8.300 |
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Expenditures : |
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Cost of Construction |
83.776 |
28.864 |
0.000 |
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Raw Materials |
0.000 |
0.000 |
29.400 |
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Power and Fuel |
0.000 |
0.000 |
0.100 |
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Other Manufacturing Expenses |
0.000 |
0.000 |
51.200 |
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Employees Cost |
0.000 |
0.000 |
3.300 |
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Cost of Estate Dealings/ Development
Activity |
100.016 |
10.799 |
0.000 |
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Administrative and Selling Expenses |
17.697 |
14.365 |
9.600 |
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Miscellaneous Expenses |
0.000 |
0.000 |
2.500 |
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Increase or decrease in stock |
[47.909] |
23.100 |
[29.800] |
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Interest and Financial Charges |
20.279 |
19.559 |
23.000 |
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Depreciation & Amortization |
0.321 |
0.267 |
0.300 |
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Total Expenditure |
174.180 |
96.954 |
89.600 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2007 1st
Quarter |
30.09.2007 2nd
Quarter |
31.12.2007 3rd
Quarter |
31.03.2008 4th
Quarter |
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Sales Turnover |
36.500 |
30.600 |
42.000 |
118.400 |
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Other Income |
0.400 |
0.400 |
0.400 |
2.300 |
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Total Income |
36.900 |
31.000 |
42.400 |
120.700 |
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Total Expenditure |
30.400 |
25.800 |
24.200 |
110.400 |
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Operating Profit |
6.500 |
5.200 |
18.200 |
10.300 |
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Interest |
4.500 |
4.500 |
4.000 |
12.100 |
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Gross Profit |
2.000 |
0.700 |
14.200 |
[1.800] |
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Depreciation |
0.100 |
0.100 |
0.100 |
0.200 |
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Tax |
0.000 |
0.000 |
0.000 |
[0.700] |
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Reported PAT |
1.900 |
0.600 |
14.100 |
[1.200] |
KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
1.35 |
1.50 |
1.73 |
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Long Term Debt-Equity Ratio |
1.20 |
1.14 |
1.31 |
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Current Ratio |
1.78 |
1.74 |
1.78 |
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TURNOVER RATIOS |
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Fixed Assets |
36.23 |
22.15 |
22.81 |
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Inventory |
0.69 |
0.34 |
0.33 |
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Debtors |
17.86 |
8.78 |
7.36 |
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Interest Cover Ratio |
2.12 |
1.43 |
1.57 |
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Operating Profit Margin(%) |
22.66 |
27.38 |
35.76 |
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Profit Before Interest And Tax Margin(%) |
22.50 |
27.09 |
35.47 |
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Cash Profit Margin(%) |
7.76 |
6.24 |
8.47 |
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Adjusted Net Profit Margin(%) |
7.60 |
5.96 |
8.18 |
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Return On Capital Employed(%) |
13.79 |
8.99 |
11.14 |
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Return On Net Worth(%) |
10.95 |
4.94 |
7.02 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS AND
PROSPECTS
The year saw the Company achieve remarkable growth in Estate Dealing
activities and Profitability. During the year, the Company has handed over the
possession of constructed flat /shops admeasuring about 37086 Sq. Ft. worth Rs.
6122.000 Millions (Previous Year 55,387 Sq.ft. worth Rs. 79.637 Millions). In
addition to above, the Company sold plots, lands etc. worth Rs.130.797 Millions
(Previous Year Rs. 24.428 Millions).Total Income increased to Rs.245.017
Millions as compared to Rs. 82.448 Millions in the Previous year, registering
an impressive growth of 197%, Profit after tax was at Rs.14.598 Millions which
is higher by 134% as compared to the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Industry Review
Some major developments have brought a cheer up to the real estate market
which include advent of F.D.R on larger scale, an encouraging housing policy
declared by the Government of Maharashtra. These development are expected to be
greatly promotional in the long term perspective. It is found that the overall
economy is getting stronger and stronger and is giving a great boost to real
estate. The IT and retail sector are the major boosters. The demand from the
salaried class for residential premises has remained constant thanks to a good salary
level and continued Income Tax concessions. The real estate market is based on
two important aspects, namely the requirement of home as a basic need and the
requirement of commercial premises as a platform for self-employment. The
demand in these segments is going to be a main basis for the further
development of real estate in the years to come. Easy availability of loans for
purchasing real estate is also an extremely helpful factor for the market.
They, therefore, foresee a market which will be strong by itself to maintain a
steady growth in the near future. As regards the company, it has already become
a well-known name in Maharashtra by its execution of 10 MSRTC projects on BOT
basis. In the year under report, the company has completed five of these
projects at Katol (Nagpur), Wadgaon (Kolhapur), Basmat (Hingoli), Akole
(Ahmednagar) and Savda (Jalgaon).To further expand its compass, the company has
embarked upon the work of a massive commercial complex in the prestigious
locality of Civil Lines in Nagpur, the second capital of the State. In keeping
with its tradition of innovation, the company has started the work of two
landmark malls, namely, Fortune Mart and Ramrajya-3 in the commercial area of
College Road in Nashik. Likewise, the company, will also continue to play a
prominent role in the development of the city meeting the increasing demand for
real estate in all segments of residential, commercial as well as retail.
Fiscal
Performance
The company's performance is showing salutary results as is evidents in
the fact that its turn-over has increased threefold to Rs.245.000 Millions in
year under report as compared to Rs. 82.400 Millions in the previous year. The
impressive performance of the company is also reflected in its announcement of
10% dividend for the esteemed shareholders whose continued support has always
remained a key factor for its progress hitherto.
Fixed Assets:
- Land
- Plant and MCY off Equipments
- Furniture and Fixtures
- Bicycle
- Computer
- Vehicles
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 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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.54 |
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UK Pound |
1 |
Rs.84.86 |
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Euro |
1 |
Rs.66.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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63 |
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 |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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