MIRA
INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
KALPATARU LIMITED (w.e.f. February 1, 2008) |
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Formerly Known As : |
KALPATARU HOMES LIMITED |
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Registered Office : |
91, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (East), Mumbai
– 400 055, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.12.1988 |
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Com. Reg. No.: |
11-050144 |
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Paid-up Capital : |
Rs. 20.000 Millions |
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CIN No.: [Company
Identification No.] |
U45200MH1988PLC050144 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK11371D |
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PAN No.: [Permanent
Account No.] |
AAACK2108G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Real Estate Developers |
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No. of Employees : |
1000 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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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 16266000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company is good. Trade relations are reported as fair.
Business is active. Payments are reported to be correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (GENERAL INFORMATION)
|
Name : |
Mr. Rajendra |
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Designation : |
Finance |
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Contact No.: |
91-20-30413000 |
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Date : |
20.05.2011 |
LOCATIONS
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Registered Office : |
91, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (East), Mumbai
– 400 055, |
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Tel. No.: |
91-22-30413000 |
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E-Mail : |
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Website : |
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Head Office : |
101,
Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (East), Mumbai - 400 055, |
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Tel. No.: |
91-22-30645000 |
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Sales Board line : |
91-22-30643065 |
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Fax No.: |
91-22-30643131 |
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E-Mail : |
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Branch Office : |
Kalpataru Gardens, 9A, Boat Club Road, Opposite Narangi
Baug, Next to HDFC Bank, Pune – 411
006, Maharashtra, India. |
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Tel. No.: |
91-20-3041 3042 |
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Fax No.: |
91-20-3041 3049 |
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E-Mail : |
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Thane Central Office : |
Kalpataru Properties (Thane) Private Limited Siddhachal Shopping Complex, 1st |
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Tel. No.: |
91-22-21713737 / 2171 3734 |
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Fax No.: |
91-22-21713735 |
DIRECTORS
As on 27.08.2010
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Name : |
Mr. Mofatraj Pukhraj Munot |
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Designation : |
Chairman |
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Address : |
“Munot Villa”, |
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Date of Birth/Age : |
04.10.1944 |
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Date of Appointment : |
28.12.1988 |
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DIN No.: |
00046905 |
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Name : |
Mr. Parag Mofatraj Munot |
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Designation : |
Managing Director |
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Address : |
“Munot Villa”, |
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Date of Birth/Age : |
02.06.1969 |
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Date of Appointment : |
01.10.1990 |
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DIN No.: |
00136337 |
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Name : |
Mr. Imtiaz Hussain Kanga |
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Designation : |
Director |
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Address : |
1, Kalpataru, 39, Dr. G Deshmukh Marg, Mumbai – 400 026, |
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Date of Birth/Age : |
30.08.1952 |
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Date of Appointment : |
30.09.2002 |
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DIN No.: |
00136272 |
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Name : |
Mr. Anuj Amar Munot |
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Designation : |
Director |
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Address : |
Kalptaru Horizon, 214/224 A, S.K. Ahire Marg, Worli, Mumbai – 400 018, |
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Date of Birth/Age : |
15.11.1977 |
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Date of Appointment : |
01.07.2003 |
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Date of Ceasing : |
06.09.2010 |
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DIN No.: |
00136204 |
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Name : |
Mr. Dhananjay Narendra Mungale |
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Designation : |
Additional Director |
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Address : |
10 A/ Ameya Apartments, Near |
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Date of Birth/Age : |
01.06.1953 |
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Date of Appointment : |
16.09.2010 |
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DIN No.: |
00007563 |
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Name : |
Mr. |
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Designation : |
Additional Director |
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Address : |
12, Praneet, |
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Date of Birth/Age : |
21.09.1946 |
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Date of Appointment : |
16.09.2010 |
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DIN No.: |
00936696 |
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Name : |
Mr. Sajjanraj Mehta |
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Designation : |
Additional Director |
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Address : |
703, Atmaj, 94-C, August Kranti Marg, Mumbai – 400 036, |
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Date of Birth/Age : |
01.05.1951 |
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Date of Appointment : |
16.09.2010 |
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DIN No.: |
00051497 |
KEY EXECUTIVES
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Name : |
Mr. Manoj Jitendra Thakar |
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Designation : |
Secretary |
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Address : |
B/404, |
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Date of Birth/Age : |
23.09.1965 |
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Date of Appointment : |
01.07.2010 |
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Name : |
Mr. Shantilal Bohra |
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Designation : |
Senior Vice President -Sales |
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Name : |
Mr. V.C. Bhandare |
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Designation : |
Vice President - Purchase |
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Name : |
Mr. Narendra Lodha |
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Designation : |
Senior Vice President-Finance and Sales |
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Name : |
Mr. Sachin Anant Kantikar |
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Designation : |
Senior Vice President- Projects |
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Name : |
Mr. Satish R. Bhujbal |
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Designation : |
Director – Projects |
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Name : |
Mr. Ravindra Pal Malik |
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Designation : |
Vice President - Projects |
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Name : |
Mr. Satish Rao |
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Designation : |
Assistant Vice President - Services |
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Name : |
Mr. Chandrashekhar G. Joglekar |
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Designation : |
Vice President – Finance |
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Name : |
Mr. Bevneesh Yashpal Gulati |
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Designation : |
Vice President. H.R. |
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Name : |
Mr. Anilkumar Babulal Mehta |
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Designation : |
Assistant Vice President - Head SEZ Initiative |
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Name : |
Ms. Sujata Mohnot |
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Designation : |
Assistant General Manager - Warehousing |
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Name : |
Mr. Sunil Menon |
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Designation : |
General Manager -Contracts |
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Name : |
Mr. Prashant Sumanth |
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Designation : |
Assistant Vice President - H.R. |
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Name : |
Mr. AnupVerma |
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Designation : |
General Manager - Business Development |
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Name : |
Mr. Ashvin Mehta |
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Designation : |
Senior Vice President - Business Development |
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Name : |
Ms. Snehal Kulshreshtha |
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Designation : |
Senior Vice President – Hospitality (Employed for the part of the
year) |
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Name : |
Sanfay Daga |
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Designation : |
AVP-Land Acquisition (Employed for the part of the year) |
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Name : |
Mr. Rajendra |
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Designation : |
Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2010
|
Names of Shareholders (Equity Shares) |
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No. of Shares |
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Mofatraj P. Munot |
|
273000 |
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Mofatraj P. Munot Karta of Mofatraj P. Munot (HUF) |
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100 |
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Parag M. Munot |
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94500 |
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Sudha R. Golechha |
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39375 |
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Sunita V. Choraria |
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39375 |
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Monica P. Munot |
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52500 |
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MPM Holding Private Limited, |
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100 |
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Shouri Investment and Trading Company Private Limited, |
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102900 |
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Mrigashish Investment and Trading Private Limited, |
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102900 |
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Appropriate Developers Private Limited, |
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104800 |
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Flex-O-Poly Private Limited, |
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102900 |
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Mrigashish Constructions Private Limited, |
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100800 |
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Mofatraj P. Munot as a Trustee of Sharadchandrika Munot Family
Trust |
|
36750 |
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Total |
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1050000 |
As on 27.08.2010
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Names of Shareholders (Non-Convertible Preference Shares) |
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No. of Shares |
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Ananta Landmarks Private Limited, |
|
950000 |
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Total |
|
950000 |
As on 09.09.2010
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Names of Allottees (Equity Shares) |
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No. of Shares |
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Mofatraj P. Munot |
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36036000 |
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Parag M. Munot |
|
12474000 |
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Sudha R. Golechha |
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5197500 |
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Sunita V. Choraria |
|
5197500 |
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Monica P. Munot |
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6930000 |
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Shouri Investment and Trading Company Private Limited, |
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13582800 |
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Mrigashish Investment and Trading Private Limited, |
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13582800 |
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Appropriate Developers Private Limited, |
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13833600 |
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Flex-O-Poly Private Limited, |
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13582800 |
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Mrigashish Constructions Private Limited, |
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13305600 |
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Mofatraj P. Munot as a Trustee of Sharadchandrika Munot Family
Trust |
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4851000 |
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Mofatraj P. Munot (HUF) |
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13200 |
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MPM Holding Private Limited, |
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13200 |
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Total |
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138600000 |
As on 27.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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48.99 |
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Directors
or relatives of directors |
|
51.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Developers |
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Brand Names : |
“KALPATARU” |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
Notes: a. Term Loan I) Term Loans of Rs.2046.000 millions (Rs.1245.290 millions) along with working capital loan as referred in 2(c) below are secured by way of exclusive charge on land and building (along with underlying receivables) being/ to be developed in Ghatkopar. The said loans are also secured by way of personal guarantee of two Directors. Out of the above Term Loans, Rs.1200.000 millions (Rs. Nil) is further secured by way of land and structure (along with underlying receivable) at Parel owned by one of its Subsidiary Company and balance Rs.846.000 millions (Rs.1245.290 millions) Is further guaranteed by a group company. ii) Term Loan of Rs.250.000 millions (Rs.400.000 millions) Is secured against land and building (along with underlying receivables) being Ito be developed in Pune belonging to Subsidiary Company. iii) Term Loan of Rs.750.000 millions (Rs. Nil) along with working capital loan as mentioned In 2(d) below are secured by way of exclusive charge on land together with building structures (along with underlying receivables) being Ito be developed situated at Santacruz (East), Mumbal and also by way of personal guarantee of a Director. Iv) Term Loan of Rs. Nil (Rs.500.000 millions) is secured by way of exclusive charge on land together with building structures (along with underlying receivables) being Ito be developed situated at Santacruz (East), Mumbal and also by way of personal guarantees of two Directors. v) Lease Rental Discounting Facility of Rs.510.000 millions (Rs. Nil) from a Bank is secured against assignment of license and other fees receivable from various licensees and mortgage of Land and Building situated at Andheri (East) Mumbai. The said loan is also secured by way of personal guarantees of two Directors. vi) Repayable within one year Rs.1028.885 millions (Rs.1399.290 millions). II. From Others i) Loan of Rs. Nil (Rs.161.515 millions) is secured by mortgage of property situated at Andheri (East) owned by the Company and also by way of personal guarantees, of two Directors. ii) Loan of Rs. Nil (Rs.1502.939 millions) is secured by way of pledge of Equity Shares of a group Company which are held by Associates. The said loan is additionally secured by way of mortgage of properties situated at Mulund and Andheri (East) owned by the Company and mortgage of properties at Worli owned by a Group Company and also by way of personal guarantees of two Directors. iii) Repayable within one year Rs. Nil (Rs.1664.454 millions) b. Short Term Loans I) Short Term Loan of Rs.28.500 millions (Rs.28.500 millions) from a Bank is secured against lien on Fixed Deposit of Rs.30.000 millions (Rs.30.000 millions) included under “Cash and Bank Balances”. ii) Short Term Loan of Rs.1239.800 millions (Rs.1000.000 millions) from a Bank along with Lease Renal Discounting as referred in 2(a)(I)(v) is secured by way of mortgage of Land and Building situated at Andheri (East) Mumbai and also by way of personal guarantees of two Directors. c. Working Capital facility of Rs.480.000 millions (Rs.511.363 millions) from a bank along with Term loan as referred in 2(a)(l)(i) is secured by way of exclusive charge on land and building (along with underlying receivables) being Ito be developed in Ghatkopar and by way of personal guarantees of two Directors. The said loan Is further secured by way of corporate guarantee issued by a group company. d. Working Capital facility of Rs.144.966 millions (Rs. Nil) from a bank along with Term loan as referred In 2(a)(l)(iii) is secured by way of exclusive charge on land together with building structures (along with underlying receivables) being Ito be developed situated at Santacruz (East), Mumbai and also by way of personal guarantee of a Director. e. Vehicle Loans of Rs.21.046 millions (Rs.15.907 millions) from Banks and others are secured against hypothecation of Vehicles. Repayable within one year Rs.8.752 millions (Rs.5.324 millions)
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Banking
Relations : |
-- |
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Financial Institution : |
IL and FS Financial Services Limited, IL and FS Financial Centre, Plot
No. C-22, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, |
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Auditors : |
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Name : |
MGB and Company Chartered Accountants |
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Address : |
Jolly Bhavan 2, 1st Floor, 7, New Marine Lines, Churchgate,
Mumbai – 400 020, |
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Tel. No.: |
91-22-66332330 |
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Fax No.: |
91-22-66351545 |
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E-Mail : |
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Website : |
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Associate/ Joint Ventures : |
·
Susme Builders Private Limited (Ceased to be
Associate w.e.f. 25/12/09) ·
N.G. Realty Private Limited ·
·
Sona Properties Private Limited (Became Associate
w.e.f. 27/03109) ·
Ananta Landmarks Private Limited (Became
Associate w.e.f. 24/12/08) ·
Messers Habitat ·
Azure Tree Townships Private Limited |
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Partnership Firms where control exists : |
·
Kamdhenu Constructions ·
Kalpataru Pius Sharyans ·
Kalpataru Constructions (Pune) ·
Kalpataru Enterprises |
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Subsidiaries : |
CIN No.: U45200MH1996PTC103763
CIN No.: U70102MH2007PTC173337
CIN No.: U45400MH2007PTC176168
CIN No.: U45201MH2007PTC173899
CIN No.: U45200MH2007PTC167870
CIN No.: U45200MH2007PTC167182
CIN No.: U45200MH1995PTC092354
CIN No.: U45202MH2000PTC129761
CIN No.: U99999MH1964PTC012833
CIN No.: U58628MH1990PTC058628
CIN No.: U45200MH2007PTC173551
CIN No.: U45200MH2007PTC173305
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Other Related parties with whom transactions have taken place during
the year or balances outstanding at the year end : |
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CAPITAL STRUCTURE
After 27.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
499000000 |
Equity Shares |
Rs.10/- each |
Rs.4990.000 millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
|
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Total
|
|
Rs.5000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
139650000 |
Equity Shares |
Rs.10/- each |
Rs.1396.500
millions |
|
950000 |
Preference Shares |
Rs.10/- each |
Rs.9.500
millions |
|
|
Total
|
|
Rs.1406.000 millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
|
1000000 |
Non-Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
Total
|
|
Rs.60.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1050000 |
Equity Shares |
Rs.10/- each |
Rs.10.500
millions |
|
950000 |
0.01% Non-Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs.9.500
millions |
|
|
Total
|
|
Rs.20.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
10.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4046.492 |
3308.430 |
2141.904 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4066.492 |
3328.430 |
2152.404 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5470.311 |
5365.514 |
4194.870 |
|
|
2] Unsecured Loans |
4013.660 |
345.611 |
2104.924 |
|
|
TOTAL BORROWING |
9483.971 |
5711.125 |
6299.794 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13550.463 |
9039.555 |
8452.198 |
|
|
|
|
|
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|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
69.485 |
60.534 |
46.688 |
|
|
Capital work-in-progress |
0.000 |
0.254 |
22.813 |
|
|
|
|
|
|
|
|
INVESTMENT |
444.916 |
306.062 |
416.247 |
|
|
DEFERREX TAX ASSETS |
7.002 |
16.016 |
2.715 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7688.184
|
6787.784 |
5798.254
|
|
|
Sundry Debtors |
551.995
|
793.228 |
99.639
|
|
|
Cash & Bank Balances |
115.553
|
32.795 |
65.130
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
5539.695
|
3802.306 |
3052.348
|
|
Total
Current Assets |
13895.427
|
11416.113 |
9015.371 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
341.803
|
612.051 |
151.471 |
|
|
Other Current Liabilities |
501.677
|
2126.155 |
862.072
|
|
|
Provisions |
22.887
|
21.218 |
38.093
|
|
Total
Current Liabilities |
866.367
|
2759.424 |
1051.636 |
|
|
Net Current Assets |
13029.060
|
8656.689 |
7963.735
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13550.463 |
9039.555 |
8452.198 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales & Services |
3749.833 |
2827.220 |
805.311 |
|
|
|
Share of profit from Partnership Firms |
248.462 |
79.916 |
1912.598 |
|
|
|
Other Income |
520.830 |
357.562 |
58.189 |
|
|
|
TOTAL (A) |
4519.125 |
3264.698 |
2776.098 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
2819.717 |
2258.552 |
488.428 |
|
|
|
Construction and Development Expenses |
0.000 |
0.000 |
7.832 |
|
|
|
Administrative and Other Expenses |
356.464 |
246.651 |
113.770 |
|
|
|
TOTAL (B) |
3176.181 |
2505.203 |
610.030 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1342.944 |
759.495 |
2166.068 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
584.978 |
517.069 |
90.246 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
757.966 |
242.426 |
2075.822 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.750 |
22.039 |
8.246 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
737.216 |
220.387 |
2067.576 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.847) |
(5.640) |
18.716 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
738.063 |
226.027 |
2048.860 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2322.930 |
2084.403 |
47.982 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Add: Adjustment on account of transitional provision under AS-15 |
0.000 |
0.000 |
0.061 |
|
|
|
Preference Dividend – Proposed (inclusive of tax) |
0.001 |
0.000 |
0.000 |
|
|
|
Less: Transferred to Debenture Redemption Reserve |
0.000 |
0.000 |
12.500 |
|
|
|
Add: Transferred from Debenture Redemption Reserve |
0.000 |
12.500 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3060.992 |
2322.930 |
2084.403 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Construction Material |
17.320 |
4.260 |
11.238 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.461 |
|
|
TOTAL IMPORTS |
17.320 |
4.260 |
11.699 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
702.92 |
215.26 |
1951.30 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
16.33
|
6.92 |
73.80
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.66
|
7.80 |
256.74
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.28
|
1.92 |
22.82
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.07 |
0.96
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.55
|
2.54 |
3.42
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
16.04
|
4.14 |
8.57
|
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Goods |
244.140 |
528.552 |
79.598 |
|
For Expenses |
97.663 |
83.499 |
71.873 |
|
Total |
341.803 |
612.051 |
151.471 |
Note:
The Registered Office of the company has been shifted from III Maker
Chambers, IV Nariman Point, Mumbai – 400 021,
OPERATIONS
Financial Year 2009-10 witnessed a recovery in the world economy
following a very challenging period. The fear of wide scale recession was
replaced by cautious optimism. While the growth prospects of developed
economies continued to be sluggish, the emerging markets took up the role of
being the growth engines for the global economy with
Indian economy was back on track after a period of relatively lower
growth during the global financial crisis. The overall growth of GDP, as per
Revised Estimates of the Central Statistical Organization, was 7.4 per cent in
FY 2009-10 representing an increase from a level of growth of 6.7 per cent
during FY 2008-09.
Reduction in global uncertainty combined with better domestic growth
prospects resulted in significant improvement of consumer sentiments. This
improvement resulted in the company witnessing a significant demand in
residential segment during the year 2009-10.
During the year the Company has commenced handing over of its
residential project “Kalpataru Aura” at Ghatkopar, Mumbai.
The execution of various ongoing projects is being carried out as per
their respective schedules. Total income of the Company as a standalone entity
was Rs.4519.100 millions in 2009-10 as compared to Rs.3264.700 millions in
2008-09. Profit Before Tax (PBT) was Rs.737.200 millions in 2009-10 as compared
to Rs.220.400 millions in 2008-09, whereas Profit After Tax (PAT) was Rs.722.600
millions as compared to Rs.226.000 millions in 2008-09.
The consolidated total income of the Company increased from Rs.3670.000
millions in 2 008- 09 to Rs.6167.800 millions in 2009-10. The consolidated PBT
grew by 270% from Rs.348.900 millions in 2008-09 to Rs.1292.000 millions in
2009-10, whereas consolidated PAT after minority interest increased to
Rs.1071.200 millions from Rs.284.500 millions during 2008-09.
New Launches by
Company:
1. “Kalpataru Aura” at Ghatkopar, Mumbai (Phase II) — a residential project
2. “Kalpataru Pinnacle” at Malad, Mumbai - a luxurious residential
project
3. “Korum Mall” at Thane — Kalpataru’s flagship retail venture
The Company has continued to receive positive market response on its
residential projects launched in previous year.
AWARDS AND
RECOGNITION:
The Company
received the following awards and recognitions:
·
Kalpataru Aura has been awarded 5 star rating for
“Best Architecture (multiple residences),
·
·
·
·
·
Korum, Kalpataru’s flagship retail venture has been
awarded as “Best Retail Development,
·
Kalpataru has been selected as one of “
·
Subject awarded “Employer of the Year 2009-2010” by
Indira Group of Institutes, Pune
·
Kalpataru won award for “Excellence in stall
design” at MCHI Property 2010 exhibition
CHANGE IN CAPITAL
STRUCTURE:
At the Extra-Ordinary General Meeting held on 1st July, 2010
the Authorised Share Capital of the Company was increased form Rs.60.000
millions to Rs.5000.000 millions.
FORM NO. 8
|
Name of the company |
KALPATARU LIMITED |
|
Presented By |
Parag M Munot |
|
1) Date and description of instrument creating the change |
Indenture of
Mortgage dated 15th July, 2005. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Credit Facilities
of INR 1 Billion Only. |
|
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 |
All those pieces or
parcels of non-agricultural freehold lands as per the property Register Cards
admeasuring about 46537.05 square meters (out of the total area of 55034.10
square meters, excluding 1848.90 square meters set aside for Railway
Reservation and 6648.15 square meters set aside for Amenity Area) bearing CTS
Nos. 168A, 168A/1-28, 168A/31-33 and 168G (Part) of Village Ghatkopar, Taluka
Kurla, Mumbai Suburban District, in the Registration District and
Sub-District of Mumbai City and Mumbai Suburban, situated at Lalbahadur
Shastri Marg, Ghatkopar, Greater Mumbai, being a portion of the entire
property of BOC India Limited presently admeasuring about 106482.10 square
meters as per the property Register Cards, and which said property is bounded
as follows : On or towards the
North : partly by the LalBahadur Shastri Marg and partly by the property
bearing CTS No. 167E of Village Ghatkopar On or towards the
East : artly by the property bearing CTS No. 167E of Village Ghatkopar,
partly by the nalla, partly by the boundary of Village Ghatkopar and partly
by the bounded of the Central Railway; On or towards the
South : partly by the bounded of the Central Railway and partly by the
property bearing CTS No. 168B of village Ghatkopar and On or towards the
West: partly by the Lal Bahadur Shastri Marg and partly by the properties
bearing CTS No. 168B and 168C/1 of Village Ghatkopar. Movable
properties: All receivables arising from |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Credit Facilities
of INR 1 Billion Interest:
Currently 8% p.a. but subject to change at the time of drawdown based on
market conditions. |
|
5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank 90, M |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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 |
|
Corporate
identity number of the company |
U45200MH1988PLC050144 |
|
Name of the
company |
KALPATARU LIMITED |
|
Address of the
registered office or of the principal place of business in |
91, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (East), Mumbai
– 400 055, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Andhra Bank 16B, Earnest House, Nariman Point, Mumbai – 400 021, |
|
Nature of
instrument creating charge |
Mortgage Deed
dated 4th May, 2009 in favour of Andhra Bank |
|
Date of
instrument Creating the charge |
04.05.2009 |
|
Amount secured by
the charge |
Rs.1000.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest The Company will pay interest at BMPLR + 1.25%, presently at 13.75%
p.a. to the Bank payable monthly. ·
Terms
of repayment The Loan would be repaid after 12 months from the date of
Disbursement. ·
Margin As Applicable, if any. ·
Extent
and operation of the charge The charge will remain in operation till the Company repay the loan /
facility availed. |
Contingent Liabilities
not provided for (As on 31.03.2010)
a) The Company has given corporate guarantee of Rs.5300.000 millions
(Rs.4800.000 millions) to various Banks/ Financial Institutions on behalf of
subsidiaries for Loans granted to them. Loans outstanding as on 31st
March 2010 are Rs.3727.365 millions (Rs.3055.523 millions).
b) Bank guarantees on behalf of the Company Rs. Nil (Rs.0.187 million).
c) Uncalled liability on partly paid equity shares Rs.63.000 millions
(Rs.63.000 millions).
d) Unexpired Letter of credit (net of liability provided) Rs.13.613
millions (Rs.95.640 millions).
e) Claims against the Company not acknowledged as debt of Rs.0.440
million (Rs.0.440 million).
f) The Company had entered into agreements as business proposition of
undertaking and performance guarantee with Caprihans India Limited for
realisation of the agreed amount from sale of specified assets and Investments,
realisation from debtors within specified time. These specified assets include
a property developed by Caprihans India Limited which is a matter of dispute
with the owner of the land is referred to arbitration. The surplus / deficit
arising out of arbitration award will be accounted in the year in which the
same gets finally decided.
g) There are certain legal cases/disputes pending against the Company or
filed by the Company. However, they are not likely to have any adverse material
effect on the financial position of the Company.
FIXED ASSETS
·
Residential Properties
·
Construction Equipments
·
Furniture and Fixtures
·
Electrical Equipments
·
Vehicles
·
Computers
·
Office and Other Equipments
·
Software
WEBSITE DETAILS:
Ethos
Taking the genesis of its name from Kalpavruksha - the mythological
tree of wish fulfillment. Kalpataru embodies the tree's ability to fulfill
every person's wish, a fulfillment that they would like to provide to each one
of the customers.
Overview
Kalpataru Group was established in
1969 by the promoter Mr. Mofatraj.P.Munot. Subject, the flagship real estate
company of the Kalpataru group of companies, is one of the leading real estate
development groups in
The Kalpataru Group has interests
in real estate development, property and project management, engineering,
procurement and construction (EPC) contracting for power transmission and
infrastructure projects including road projects, warehousing and logistics. One
of the key strengths is affiliation and relationship with the Kalpataru Group
and the strong brand equity generated from the “Kalpataru” brand name.
The promoter and promoter group was
one of the largest Civil Contracting firms in the Middle East, based in UAE
during the period of 1974 to 1982, and have completed various successful
projects including residential properties, commercial, religious establishments
and other projects. From constructing innovative buildings to developing
futuristic infrastructure, Kalpataru Group has developed 73 landmark edifices
till date.
MILESTONES:
1996
• Completed residential project Divya Swapna at Chembur, Mumbai
1999
• Completed phase I and II of residential project Siddhachal at Thane, Mumbai
2002
• Completed commercial project Kalpataru Point at Sion, Mumbai
• Completed landmark residential project Yugdharma, Mumbai
• Completed residential project Tarangan at Thane, Mumbai
2003
• Completed landmark residential project Kalpataru Enclave, Pune
• Completed landmark residential project Kalpataru Residency at Sion, Mumbai
• Completed phase III and IV of residential project Siddhachal at Thane, Mumbai
2005
• Completed residential project Kalpataru Royale at Sion, Mumbai
• Completed phase V of residential project Siddhachal at Thane, Mumbai
• Completed landmark landmark residential project
2007
• Completed residential project, Kamdhenu at Mulund, Mumbai
2008
• Completed landmark residential project Kalpataru Estate at Andheri, Mumbai
• Implemented SAP system
• Completed commercial project at
2009
• Completed phase VI of residential project at Thane, Mumbai
• Launched the first retail mall, the Korum Mall at Thane, Mumbai
They have attained several significant milestones, which have been recognised by renowned organisations. Here are a few of the many awards with which they have been presented.
Awards won by Subject:
Two prestigious international awards at the
Asia Pacific Property awards 2010 (in association with Bloomberg Television)
held in
– Kalpataru Aura : Awarded the “Best Architecture (Multiple Units)”.
–
Subject was awarded 1st Prize for the “Best
Stall Design” - MCHI Property 2010 Exhibition.
Korum, Kalpataru’s flagship retail venture was
awarded the "Best Retail Development" - Asia Pacific International
Property Award 2009
Subject was awarded the “Best Overall Systems”
– CNBC Awaaz Crisil Real Estate Awards 2008
Awards won by the Promoter and Promoter group:
Kalpataru Horizon was awarded the “Best
Highrise Architecture,
Kalpataru Properties Private Limited won 5
Awards – Artists in Concrete Awards 2008
Kalpataru Horizon was awarded the "Best
Residential Property (1-10 Lakh sq. ft.)" – CNBC AWAAZ Crisil Real Estate
Awards 2007
Kalpataru Group was awarded the "Best Organisational
Structure" – CNBC AWAAZ Crisil Real Estate Awards 2007
Kalpataru Horizon was awarded the
"Project of the year in Mumbai" – 21st Annual Award for Excellence in
Real Estate 2006 by Accomodation Times
Kalpataru Synergy was awarded the
"Commercial Project of the year in Mumbai" – 20th Annual Award for
Excellence in Real Estate 2005 by Accomodation Times
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.98 |
|
|
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.