MIRA
INFORM REPORT
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Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
LODHA DEVELOPERS PRIVATE LIMITED |
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Registered Office : |
216, Shah and Nahar Industrial Estate, Dr. E. Moses Road,Worli – 400
018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.09.1995 |
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Com. Reg. No.: |
11-93041 |
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CIN No.: [Company
Identification No.] |
U45200MH1995PTC093041 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04567D |
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PAN No.: [Permanent
Account No.] |
AACL1490J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction and Allied
Activities |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3200000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company and a part of Lodha
Group, a reputed name in Indian Construction industry. Fundamentals are
strong and healthy. General financial position is good. Payments are reported
as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
216, Shah and Nahar Industrial Estate, Dr. E. Moses Road,Worli – 400 018,
Maharashtra, India |
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Tel. No.: |
91-22-24968488 |
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Fax No.: |
91-22-24936428 |
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E-Mail : |
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Head Office : |
Lodha Pavllion, Appolio
Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra,
India |
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Tel. No.: |
91-22-23024400 |
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Fax No.: |
91-22-23000693 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mangalprabhat
Lodha |
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Designation : |
Managing Director |
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Address : |
12, Anupamchs Limited, 11, Manav Mandir Road, Walkeshwar,
Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
18.12.1955 |
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Name : |
Mr. Abhinandan M. Lodha |
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Designation : |
Director |
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Address : |
12, Anupamchs Limited, 11, Manav Mandir Road, Walkeshwar,
Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
05.05.1981 |
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Name : |
Mr. Abhishek M.
Lodha |
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Designation : |
Director |
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Address : |
12, Anupamchs Limited, 11, Manav Mandir Road, Walkeshwar,
Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
01.11.1979 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
|
Mr. Mangalprabhat
Lodha |
60 |
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Mr. Abhinandan M.
Lodha |
5880 |
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Mr. Abhishek M.
Lodha |
60 |
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Total |
6000 |
AS ON 30.09.2007
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Equity Share Breakup |
Percentage of Holding |
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Category |
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Bodies
corporate |
5.00 |
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Directors
or relatives of directors |
95.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction and Allied
Activities |
GENERAL
INFORMATION
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Bankers : |
· UCO Bank Pali Hill Branch, 72, Gautam Apartment, Pali Hill Road, Mumbai – 400050, Maharashtra, India · State Bank of India Commercial Branch, N. G. V. Vaidya Marg, P. B. No. 10141, Fort, Mumbai – 400023, Maharashtra, India ·
Housing
Development Finance Corporation Limited Ramon House, H. T. Parekh Marg, 169, Backbay Reclamation,
Churchgate, Mumbai – 400020, Maharashtra, India |
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Financial Institution : |
IDBI
Trusteeship Services Limited Asian
Building, Ground Floor, 17, R Kamani Marg, Ballard Estate, Mumbai – 400001,
Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Shanker and Kapani Chartered Accountants |
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Address : |
15, N. M. Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India |
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Group Companies : |
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CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs. 100/-
each |
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.600
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.600 |
0.600 |
0.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
630.315 |
257.984 |
73.178 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
630.915 |
258.584 |
73.778 |
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LOAN FUNDS |
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1] Secured Loans |
2677.966 |
1131.118 |
250.363 |
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2] Unsecured Loans |
2778.209 |
211.622 |
58.323 |
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TOTAL BORROWING |
5456.175 |
1342.740 |
308.686 |
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DEFERRED TAX LIABILITIES |
0.106 |
0.000 |
0.000 |
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TOTAL |
6087.196 |
1601.324 |
382.464 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.041 |
11.405 |
3.918 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3054.628 |
805.216 |
186.489 |
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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 |
1190.446 |
348.413 |
295.880 |
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Sundry Debtors |
399.407 |
14.895 |
5.282 |
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Cash & Bank Balances |
22.774 |
1.255 |
24.255 |
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Other Current Assets |
17.354 |
0.000 |
0.000 |
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Loans & Advances |
2737.614 |
1143.563 |
259.274 |
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Total
Current Assets |
4367.595
|
1508.126
|
584.691 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1219.093 |
710.687 |
392.943 |
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Provisions |
128.975 |
12.736 |
0.293 |
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Total
Current Liabilities |
1348.068 |
723.423 |
393.236 |
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Net Current Assets |
3019.527 |
784.703 |
191.455 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.602 |
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TOTAL |
6087.196 |
1601.324 |
382.464 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Total Income |
|
2716.141 |
768.534 |
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Profit/(Loss) Before Tax |
|
454.776 |
197.327 |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
|
454.776 |
197.327 |
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Expenditures : |
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Interest |
|
206.649 |
0.252 |
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Depreciation & Amortization |
|
3.251 |
1.469 |
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Other Expenditure |
|
2051.465 |
569.486 |
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Total
Expenditure |
|
2261.365 |
571.207 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%) |
16.74
|
25.68
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NA |
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Net Profit Margin
(PBT/Sales)
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(%) |
16.74
|
25.68
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NA |
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Return on Total Assets
(PBT/Total Assets}
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(%) |
10.38
|
12.99
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NA |
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Return on Investment (ROI)
(PBT/Networth)
|
|
0.72
|
0.76
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NA |
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Debt Equity Ratio
(Total Liability/Networth)
|
|
10.78
|
7.99
|
9.51 |
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Current Ratio
(Current Asset/Current Liability)
|
|
3.24
|
2.08
|
1.49 |
LOCAL AGENCY FURTHER
INFORMATION
Note :
Mr. Inani (Accounts Manager – Lodha Group) refused to part any
information saying ACC should contact us directly.
Form No. 8
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Name of the company |
LODHA DEVELOPERS PRIVATE LIMITED |
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Presented By |
Abhinandan Lodha |
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1) Date and description of
instrument creating the change |
Indenture
of Mortgage dated 11th November 2005 |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs.
250.000 Millions |
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3) Short particular of the
property charged. If the property acquired is subject to charge, date of the
acquired of the property should be given |
Schedule
of Final Plot No. 588 All
that piece of parcel of Pension and Tax land or ground situated, lying and being
at Mahim Agar on the North side of Elphinastone Road but now called the
Gokhle Road, South and Sayani Road, without the Fort an in the Registraion
Sub-District of Bombay City and Bombay Suburban containing by adm. 6634.67
sq. yards. Equivalement to 5545.44 sq. mts. or thereabouts registered in the
books of the collector of Land Revenue under New Nos. 4402, B/3877, 4016 an A
16891 New Survy Nos 4/1821, 1B/1822, 1/1821 and Cadastral Survey No 1132 of
Lower Parel Division and bearing Final Plot No 588 together with the message
tenements or dwelling house and chawls standing thereon and assessed by the
Assessor and Collector of Municipal and Taxes under G Ward No. 3426 [3]
Street No 340 G Ward No 3428 [1A] Street No 892 G Ward No 3423 [1AA] Street
34 C G ward No. 3428 [2] and Street No 34 B, G Ward No 3428 [3] Street No
34E, G Ward 3429 [7-9] Street No 348, G Ward 3429 [11] Street No. 34 K G Ward
No 3430 [1] Street No 34 A, G Ward No 3432 [1] and Street Nos 30-30A, 32-32B,
38-38A G Ward No 3432 [1] and Street Nos 30-30A, 32-32B, 38-38A G Ward No
3438 [3A] Street No 38 A an Bounded as follows : On or
towards the East : By the property of City improvement Trust On or
towards the West : by the road known as Kumbhar Galli On or
towards the North : Party by the Property of Abdul Rahimkhan Mohammed Master
Perty by the Property of lgnes D-Sliva
On or
towards the South : by the property of E D Sasoon and Company and partly by
the Property of Abbasbhoy Gulamhusein in Bandukwala and others. Schedule
of Final Plot No. 587 All
that piece of parcel of land or ground with the structure hereditaments and
premises standing thereon known as Bandukwala Chwals situated at 34-I, Sayani
Road, Bombay 400025 adm. About 1227.33 sq. yards equivalent to 1026.21 sq.
mt. or htereabouts bearing cadastral Survey No. 1349 of Lower Parel Division
in the Registration District and Sub-District of Bombay city and Bombay
Suburban and in the District of Bombay City and Bounded as follows : On or
towards the North : by Final Plot No 588 No IV of Mahim Division On or
towards the East - West : by Final Plot No. 588 No IV of Mahim Division On or
towards the South : By Final plot No 586 No IV of Mahim Division And
construction thereon present and future.
|
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
Loan
Amount – Rs. 250.000 Millions ROI –
9.50 % p.a. Term
– 30 Months from October 2005 Interest
on the outstanding principal will be payable at the end of every month |
|
5) Name and Address and
description of the person entitled to the charge. |
Housing
Development Finance Corporation Limited, Ramon
House, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai –
400020 |
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6) Date and brief description of instrument
modifying the charge |
Not
Applicable |
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7) Particulars of modifications
specifying the terms and conditions or the extent of operations of the charge
in which modification is made and the details of the modification. |
Not
Applicable |
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This
form is for |
Creation
of charge |
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Corporate
identity number of the company |
U45200MH1995PTC093041 |
|
Name
of the company |
LODHA DEVELOPERS PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
216, Shah and Nahar Industrial
Estate, Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra |
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Type
of charge |
|
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Particular
of charge holder |
IDBI
Trusteeship Services Limited Asian
Building, Ground Floor, 17, R Kamani Marg, Ballard Estate, Mumbai – 400001,
Maharashtra, India |
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Nature
of description of the instrument creating or modifying the charge |
Indenture
of Mortgage dated 18.09.2007 and Deed of Hypothecation dated 18.09.2007 |
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Date
of instrument Creating the charge |
18.09.2007 |
|
Amount
secured by the charge |
Rs.
16180.000 Millions |
|
Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Rate
of Interest 15.25
% p.a. payable quarterly. Terms
of Repayment Term
– 39 months from the date of issue. Margin
N. A.
Extent
and Operation of the charge First
ranking and exclusive mortgage and charge by way of English mortgage in
favour of Charge Holder i.e. Debenture trustee for the benefit of Cowtown
Land Development Private Limited in accordance with the terms of indenture of
mortgage dated 18.09.2007 and Hypothecation
of floating charge in favour of Charge Holder i.e. Debenture Trustee for the
benefit of Cowtown land Development Private Limited in accordance with the
terms of Deed of Hypothecation 18.09.2007 dated |
|
Short
particulars of the property charged |
All
that pieces an parcel of lands and situate at village Majiwade, majiwade,
Thane [West] bearing survy No. 4 Hissa No. 1, and Survey No. 2, Hissa No. 8
and Survey No. 88, Hissa No. 2 A and Survey No. 8, Hissa No. 20 and Survey
No. 85, Hissa No. 3 as specified in the sub part IV schedule 1 to the
Indenture of Mortgage dated 18.09.2007 and Deed of Hypothecation dated
18.09.2007. |
AS PER WEBSITE
Group Profile
Established in 1980, Subject is one of India 's premier real
estate developers - with bigger and more challenging projects added each year.
Today, the Group provides stylish and comfortable living to over 12,000
families across Mumbai - from South Mumbai to the suburbs.
Subject is developing residences, malls, IT parks & weekend retreats
-spanning a total development of over 72 lakh sq. ft. across prime locations
such as Napean Sea Road , Worli Sea Face, Mahalaxmi, Prabhadevi, JVPD, Thane
and Kanjurmarg. Its upcoming projects include developments at Walkeshwar,
Bhandup, Mulund, Dombivili, Dahisar, Thane and Lonavala.
Having established itself as Mumbai's premier real estate developer, Lodha is
now spreading its wings and expanding operations to cities like Pune, Hyderabad
, Chennai and Ahmedabad.
Be they residences, workspaces, townships, weekend retreats, malls, hotels,
special economic zones or public infrastructure, Lodha goes beyond the 'brick
and mortar' - to 'Building a better life' .
Subject has an ISO 9001: 2000 Certification and is the recipient of the
Accommodation Times Award for Customer Satisfaction.
Board
of Directors
Mangal Prabhat Lodha, Chairman &
Managing Director
Mangal Prabhat Lodha is the founder-chairman of the Lodha
Group and a doyen in the field of construction. Over the years his vision and
strategic leadership has steered the conglomerate to a path of sustained
growth. He is also a well-known philanthropist and an inspiring social figure.
Born to the illustrious Shri Gumanmal Lodha (former Chief Justice of Guwahati
High Court), he is a qualified lawyer and leads by example.
Abhisheck Lodha, Director
Abhisheck Lodha drives the overall Planning for the Group
with core emphasis on Project Management. He holds a Bachelor's and Master's
degree in Industrial Engineering from the Georgia Institute of Technology,
Atlanta - USA. His experience includes tenure at McKinsey & Company, USA.
Abhinandan Lodha, Director
Abhinandan Lodha directs the Sales & Marketing initiatives
and the Finance Department for the Group. He holds a Masters Degree in Business
Administration (MBA) from the University of Cardiff, UK.
PRESS
RELEASES
JP Morgan romps home with Rs
2740 Millions investment - DNA Money
December 07, 2006
Each of the 132 flats in the building costs Rs. 15,000 per sq ft MUMBAI: In the
largest-ever investment in
city-based real estate company, JP
Morgan has invested Rs. 2740 Millions in Lodha Bellissimo, a premium residential building
developed by Lodha Builders at Apollo Mills at Mahalaxmi. Spread over a
developable area of 20,000 sq m, each of the 132 3000-4,000 sq ft flats in the
57-storey building costs an estimated Rs 15,000 per sq foot. The building is
scheduled for completion in 2009.
Lodha Builders is one of the largest property developers in city with current
projects totalling 7 million sq. ft in floor space and a pipeline of over 25
million sq ft. They bought Apollo mills, a defunct textile unit from National
Textile Corporation (NTC) two years ago for Rs 1800 Millions.
Tyler E Goodwin, Vice-President, JP
Morgan and responsible for
investing in real estate across Asia, said the decision was taken after
investing significant time and effort in understanding the market.
"India offers some of the best risk-adjusted returns in the Asian region.
Lodha Builders' Bellissimo development represents everything we look for in a
strong investment - a reputable
partner with a strong track record, a market with solid real estate
fundamentals, and a project with a great design and location and with superior
supply & demand dynamics," Goodwin said in a statement.
JP Morgan Chase & Co. is a leading global financial services firm
with assets of $1.2 trillion and operations in more than 50 countries.
Abhinandan Lodha, Director-Finance, Lodha Builders said: "We are in a
phase of aggressive expansion across West and South India, with a focus on
premium residential as well as retail and office space projects. The tie-up
gives us the ability to access resources to fuel our growth plans which will
make us amongst the top five real estate developers in the county
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.79 |
|
UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.34 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|