|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KAMANWALA HOUSING CONSTRUCTION LIMITED |
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Registered
Office : |
405 and 406, New Udyog Mandir, 2, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.04.1984 |
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Com. Reg. No.: |
11-032655 |
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Capital
Investment/ Paid-up Capital: |
Rs.140.932 Millions |
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CIN No.: [Company Identification
No.] |
L65990MH1984PLC032655 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK08791G |
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PAN No.: [Permanent Account No.] |
AAACK4324L |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Construction of Residential Buildings and |
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No. of
Employees: |
36 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3245000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. There appears
some dip in the turnover and profitability of the company in current year.
However, trade relations are reported as fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
405 and 406, New Udyog Madhir, |
|
Tel. No.: |
91-22-2445 6029/2445 2559/2447 4983 |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. B.R. Maheshwari |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
27.11.1930 |
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Qualification : |
B.Com., F.C.A. |
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Date of Appointment : |
12.04.1984 |
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|
Name : |
Mr. M.L. Gupta |
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Designation : |
Vice- Chairman and Director |
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|
Name : |
Mr. Jaipan Jain |
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Designation : |
Whole - time Director |
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|
Name : |
Mr. Atul Jain |
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Designation : |
Whole - time Director |
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|
Name : |
Mr. Tarun jain |
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Designation : |
Whole - time Director |
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|
Name : |
Mr. Amit Jain |
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Designation : |
Whole - time Director |
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|
Name : |
Mrs. Pushpa Jain |
|
Designation : |
Whole - time Director |
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|
Name : |
Mr. Bhanwarlal D. Jogani |
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Designation : |
Director |
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|
Name : |
Mr. Ramesh J. Patel |
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Designation : |
Director |
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Date of Birth/Age : |
09.03.1939 |
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Qualification : |
B.Com. |
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Date of Appointment : |
12.04.1984 |
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|
Name : |
Mr. Pankaj R. Majithia |
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Designation : |
Director |
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Date of Birth/Age : |
01.03.1955 |
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Qualification : |
F.C.A. & A.C.S. |
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Date of Appointment : |
12.05.2011 |
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|
|
|
Name : |
Mrs. Shoba Jain |
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Designation : |
Director |
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Date of Birth/Age : |
07.05.1945 |
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Qualification : |
B.A. (Hons.) |
|
Date of Appointment : |
24.04.2008 |
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|
|
|
Name : |
Mr. Sorabh Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
24.12.1973 |
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Qualification : |
B.E. (Telecom), M.S. (Telecom) |
|
Date of Appointment : |
24.04.2008 |
SHAREHOLDING PATTERN
(AS ON 31.12.2011)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
Individuals/Hindu Undivided Family |
4924996 |
34.95 |
|
Bodies corporate |
1443800 |
10.24 |
|
Sub Total |
6368796 |
45.19 |
|
(2) Foreign |
|
|
|
Total
Shareholding of Promoter and Promoter Group (A) |
6368796 |
45.19 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
(1) Institutions |
|
|
|
Venture Capital |
400 |
- |
|
Sub Total |
400 |
- |
|
(2) Non- Institutions |
|
|
|
Bodies Corporate |
2376383 |
16.86 |
|
|
|
|
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Individuals |
|
|
|
Individual shareholders holding nominal capital up to Rs. 0.100
Million |
2952698 |
20.95 |
|
Individual shareholders holding nominal capital in excess of Rs. 0.100
Million |
2340634 |
16.61 |
|
|
|
|
|
Any Other
(Specify) |
54249 |
0.38 |
|
|
|
|
|
Clearing Members |
6.697 |
0.05 |
|
Non Resident Indians |
47552 |
0.34 |
|
|
|
|
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Sub Total |
7723964 |
54.81 |
|
|
|
|
|
Total Public
Share holding (B) |
7724364 |
54.81 |
|
|
|
|
|
Total (A)+(B) |
14093160 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depositary Receipts have been issued |
|
|
|
(1) Promoter and Promoter
Group |
- |
- |
|
(2) Public |
- |
- |
|
|
|
|
|
Sub Total |
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
14093160 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction of Residential Buildings and |
GENERAL INFORMATION
|
No. of Employees : |
36 (Approximately) |
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Bankers : |
·
Indian Overseas Bank ·
Oriental Bank of Commerce ·
Corporation Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mittal and Associates Chartered Accountant |
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Advocates: |
·
Mr. Mukesh Jain, Mumbai ·
Mrs. S.S Ayyar, Mumbai |
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Associate : |
· Attar Construction Company Private limited · Attar Construction Private Limited · A.S. Jain & Sons (Prop. Concern of Jaipal Jain) · Hatimi Steels (Prop. Concern of Amit)
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|
|
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Joint Venture: |
· Kamanwala Lakshachandi Today Developers · Kamanwala Lakshachandi Today Construction · Prajay Kamanwala Developers
|
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,00,00,000 |
Equity Share |
Rs.10/- each |
Rs.200.000 Millions |
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|
|
|
|
Issued,
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,42,05,580 |
Equity Share |
Rs.10/- each |
Rs.142.055
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,40,93,160 |
Equity Share |
Rs.10/- each |
Rs.140.932
Millions |
|
|
|
|
|
(1) O f the above, 55,500 Equity Shares of Rs.10/- each were allotted as
fully paid-up pursuant to contracts without payments being received in cash.
(2) 50,000 Equity
Shares of Rs10/- each were allotted as fully paid-up to the Shareholders of the
erstwhile Shree Saibaba Castings Private Limited on its Amalgamation with the
Company for consideration other than cash.
(3) 6, 80,000
Equity Shares of Rs10/- each were issued as fully paid-up to the Shareholders
of the erstwhile Doongursee Diamond Tools Limited on its Amalgamation with the
Company for consideration other than cash.
(4) 70,46,580
Equity Shares of Rs10/- each were issued as fully paid up Bonus Shares on 1:1
basis to the Shareholders by capitalisation of Securities Premium Accounts
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
140.932 |
140.931 |
140.932 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
670.232 |
646.861 |
610.652 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
811.164 |
787.792 |
751.584 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
552.112 |
597.210 |
929.759 |
|
|
2] Unsecured Loans |
352.633 |
274.693 |
277.105 |
|
|
TOTAL BORROWING |
904.745 |
871.903 |
1206.864 |
|
|
DEFERRED TAX LIABILITIES |
9.125 |
9.036 |
8.948 |
|
|
|
|
|
|
|
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TOTAL |
1725.034 |
1668.731 |
1967.396 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.538 |
20.233 |
21.189 |
|
|
Capital work-in-progress |
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT |
283.938 |
281.527 |
228.642 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
971.313
|
945.709 |
1010.983 |
|
|
Sundry Debtors |
859.319
|
987.943 |
853.284 |
|
|
Cash & Bank Balances |
34.622
|
4.756 |
3.534 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
125.399
|
113.304 |
452.854 |
|
Total
Current Assets |
1990.653
|
2051.712 |
2320.655 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
67.454
|
120.464 |
139.018 |
|
|
Other Current Liabilities |
417.117
|
436.972 |
240.782 |
|
|
Provisions |
86.664
|
127.585 |
223.710 |
|
Total
Current Liabilities |
571.235
|
685.021 |
603.510 |
|
|
Net Current Assets |
1419.418
|
1366.691 |
1717.145 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.140 |
0.280 |
0.420 |
|
|
|
|
|
|
|
|
TOTAL |
1725.034 |
1668.731 |
1967.396 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
472.775 |
715.245 |
581.645 |
|
|
|
Other Income |
0.878 |
6.107 |
8.782 |
|
|
|
TOTAL (A) |
473.653 |
721.352 |
590.427 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales |
265.258 |
517.444 |
448.800 |
|
|
|
Administrative and selling Expenses |
52.161 |
32.198 |
33.023 |
|
|
|
Miscellaneous Expenditure Written off |
0.140 |
0.140 |
0.140 |
|
|
|
TOTAL (B) |
317.559 |
549.782 |
481.963 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
156.094 |
171.570 |
108.464 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
116.748 |
82.873 |
61.439 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.346 |
88.697 |
47.025 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.652 |
1.487 |
1.536 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
37.694 |
87.210 |
45.489 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.322 |
34.568 |
16.469 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
23.372 |
52.642 |
29.020 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
365.237 |
329.028 |
325.820 |
|
|
|
|
|
|
|
|
|
Add |
Income tax refund for earlier years |
0.000 |
0.000 |
0.148 |
|
|
|
|
|
|
|
|
|
Less |
Provision for Dividend and Dividend Tax for earlier years |
0.000 |
0.000 |
2.091 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
14.093 |
NA |
|
|
|
Tax on Dividend |
0.000 |
2.340 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
388.609 |
365.237 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
1.66 |
3.74 |
2.84 |
|
|
|
Diluted |
1.66 |
3.74 |
2.77 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd Qurtered |
3rd Qurtered |
|
Audited/Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net sales |
34.170 |
79.700 |
130.550 |
|
Total Expenditure |
27.420 |
59.070 |
74.690 |
|
PBIDT (Excl OI) |
6.750 |
20.630 |
55.860 |
|
Other Income |
33.350 |
12.500 |
0.170 |
|
Operating Profit |
40.100 |
33.130 |
56.030 |
|
Interest |
19.480 |
27.240 |
33.720 |
|
Exceptional terms |
0.000 |
0.000 |
0.000 |
|
PBDT |
20.620 |
5.890 |
22.310 |
|
Depreciation |
0.510 |
0.550 |
1.090 |
|
PROFIT BEFORE TAX |
20.110 |
5.340 |
21.220 |
|
Tax |
5.630 |
2.920 |
4.350 |
|
Provision and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
14.470 |
2.420 |
16.860 |
|
Extra ordinay items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expense |
0.000 |
0.000 |
0.000 |
|
Net Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
14.470 |
2.420 |
16.860 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.93
|
7.30 |
4.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.97
|
12.19 |
7.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.87
|
4.21 |
1.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.11 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.87 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.48
|
2.99 |
3.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report [Yes/No] |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Construction of the firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoters background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
No |
|
Designation of contact
person |
No |
|
Turnover of firm for last
three years |
Yes |
|
Profitability for last
three years |
Yes |
|
Reasons for variation
<> 20% |
- |
|
Estimation for coming
financial year |
No |
|
Capital the business |
Yes |
|
Details of sister
concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payment Terms |
No |
|
Export / Import Details
[If Applicable] |
No |
|
Market Information |
- |
|
Litigations that the firm
/ promoter involved in |
- |
|
Banking Details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the banking
account |
- |
|
Buyer visit details |
- |
|
Financials, if provided |
Yes |
|
Incorporation details, if
applicable |
Yes |
|
Last accounts filed at
ROC |
Yes |
|
Major Shareholders, if
applicable |
No |
REVIEW OF
OPERATIONS:
During the year the Company recorded the turnover of Rs.473.653 Millions
as compared to Rs.721.352 Millions for the previous year. The Company earned
profit after tax of Rs.23.371 Millions for the year as compared to 52.643
Millions in the previous year.
Decrease in sales turnover during the year is mainly Attributable to
short supply of inventory available for sale and adverse market conditions
prevailing in the real estate sector. Profitability has also gone down on
account of rising costs of interest and inputs.
During the year the Company’s operations were significantly affected due
to deteriorating market conditions in the real estate and construction
industry. While the real estate sector continued its recovery from the economic
recession of year 2008 and 2009, there were numerous setbacks such as real
estate linked corruption scandals sweeping across the country,
Prevailing acute inflationary pressure and rising interest rate regime
towards the end of the year. The real estate sector is at present highly
leveraged and is feeling heavy debt burden. Rising interest and input costs
have adversely impacted revenue and profit growth of the Company. In spite of
all these, our joint venture partners, customers, investors and lenders have
reposed their trust and belief in the Company. The size of opportunity given
the number and condition of residential dwellings in Mumbai is truly enormous
and we hope to have new re-developments deals to be announced in the coming
quarters.
INDUSTRY STRUCTURE AND DEVELOPMENT:
After the global financial crisis of 2008-09, the financial year 2010-11
was a year of robust growth. In terms of GDP growth it was aided by robust
growth in agriculture, which grew at 5.4% as against 0.4% in the previous year.
Industrial sector is estimated to be some what flat and have grown by 8.1% as
against 8% in the last year. The economy is estimated to have grown by 8.6% as
against 8% in 2009-10. For the first three quarters, almost all sectors
recorded an accelerated growth. It is pertinent to note that this remarkable
growth was inspite of several challenges on global economic front such as
unabated sharp increase in oil prices and debt crisis in
During the year 2010-11, three basic issues viz. high inflation, tight liquidity
and current account deficit to GDP and its financing dominated the Indian
economy. RBI had come out with a number of monetary measures to contain
inflation. However, this resulted in slowdown in some sectors especially
manufacturing and real estate in the forth quarter.
Construction is the second largest economic activity in
downturn. The market for commercial premises was the worst hit.
OPERATIONS REVIEW:
The Company’s operations are based in Mumbai Metropolitan Region (MMR)
and surrounding regions. The company’s
ambition is to provide affordable and premium reality solutions by leveraging
the strength of brand and quality construction of the projects. The Company has
land bank situated at Mumbai, Navi Mumbai (Turbhe) and
During the year, the positions of projects completed, under construction
and on hand are as under:
(i) RESIDENTIAL PROJECT AT SANTACRUZ (WEST), MUMBAI:
The construction work at the residential
project has been completed and the sale of the entire constructed area as happened.
(ii) PROJECT AT MALAD (WEST), MUMBAI:
The construction work is going on in full swing at the project. This is
a growth-oriented and affordable Housing Project. The project has land cost of
Rs. 333.000 Millions for the development of 2, 03,000 sq. ft. area. Barring
unforeseen circumstances, the construction work at the project is expected to
be completed by March, 2013. The project is being developed into spacious flats
for those people who value space and prefer high standard of living. The
project is expected to generate a good deal of revenue and profit for the
Company’s further progress and expansion.
(iii) JOINT VENTURE PROJECT AT SANTACRUZ (WEST), MUMBAI:
This is a commercial project situated at Santacruz (West) Mumbai. For
the development of the project, the Company has entered into a Deed of
Partnership in the name and style of M/s. Kamanwala Lakshachandi Todays
Developers in which Company has 50% Share, with M/s. Lakshachandi Developers
Private Limited. 25% Share and M/s. Todays Infrastructure and Construction
Limited. 25% Share. The project has a land cost of Rs. 350.000 Millions 67.000
sq. ft. area. The project is now almost on completion stage.
(iv) JOINT VENTURE PROJECT AT MAHIM (WEST), MUMBAI:
This project is a premium residential project situated at Mahim (West),
Mumbai. For the development of the project, the Company has entered into a Deed
of Partnership known as “Kamanwala Lakshachandi Todays Construction” in which
the Company has 50% Share, M/s. Lakshachandi Construction Private Limited. 25%
Share, Mrs. Janhavi Drolia 12.50% Share and Miss. Akriti Drolia 12.50% Share.
The construction work for 30,000 sq. ft. saleable FSI has already commenced.
The Company has paid Rs. 80.000 Millions towards its contribution.
(v) PROJECT AT TURBHE – NAVI MUMBAI:
This project is at Turbhe, Navi Mumbai, with a plot of land admeasuring
10,010 sq. mtrs. having total value of 152.5 Millions. The project will be
developed into an
(vi) JOINT VENTURE PROJECT AT
The project is situated at
The Company has acquired 20% Share in the land of the project for a
contribution of Rs. 88.700 Millions The project being large in size, the
required funds will be substantial and will be mobilized by appropriate means
in due course of time. The project will take further two years for planning and
development.
BUSINESS OUTLOOK AND PROSPECTS:
There is wide gap between demand and supply so far as residential
segment is concerned. In urban area and metro cities demand for housing is more
than supply. However, sudden spurt in prices followed by interest hike by Banks
and inflationary situation has affected the demand adversely. Cushman and
the Wave 2010 – Re-emergence of Indian Real Estate Sector” has stated
that
A concept of second home / vacation home is being emerged particularly
in affluent class. This concept will also slowly spread amongst middle class.
As this concept of second home provides good investment opportunity, the demand
for housing is bound to grow.
Demand for commercial premises is adversely affected due to increased
supply position particularly in city like Mumbai. There is remarkable increase
in leasing activity. Considering the
CONTINGENT
LIABILITIES:
The Company recognizes a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for contingent liability is made when there is possible obligation or a present obligation that may, but probably will not, require an outflow of resources
FIXED ASSETS
·
Office Premises
·
Plant and Machinery
·
Furniture and fixtures.
·
Office Equipments
·
Air Conditioners
·
Vehicles
·
Computers
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2011
|
|
|
|
Rs in Millions |
|
|
|
Particulars |
Quarter ended |
||
|
|
as on 30.06.2011 |
|||
|
|
(Unaudited) |
|||
|
1 |
Net Sales/Income from Operations |
34.173 |
||
|
2 |
Other Operating Income |
33.347 |
||
|
3 |
TOTAL INCOME |
67.520 |
||
|
4 |
Expenditure |
|
||
|
|
(a) |
Increase/(Decrease) in Stock-in-trade and work in progress |
16.611 |
|
|
|
(b) |
Consumption of raw materials |
- |
|
|
|
© |
Purchase of traded Goods |
- |
|
|
|
(d) |
Employees Cost |
5.294 |
|
|
|
(e) |
Depreciation |
0.514 |
|
|
|
(f ) |
Other Expenditure |
5.512 |
|
|
|
(g) |
Total |
27.931 |
|
|
5 |
Interest |
19.483 |
||
|
6 |
Exceptional Items |
- |
||
|
7 |
Profit(+)/Loss(-) from Ordinary Activities before tax (3) –(4+5+6) |
20.106 |
||
|
8 |
Tax Expenses |
5.634 |
||
|
9 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 7-8) |
14.472 |
||
|
10 |
Extra Ordinary Items (Net Tax Expenses) |
- |
||
|
11 |
Net Profit(+)/Loss(-) for the period (9-10) |
14.472 |
||
|
12 |
Paid-up Equity Share Capital Face value Rs.10/ per share |
140.932 |
||
|
13 |
Reserves excluding revaluation reserves as per Balance sheet of
previous accounting year |
684.705 |
||
|
14 |
Earning Per Share |
|
||
|
(a) |
EPS- Basic (not to be annualised) |
1.03 |
||
|
(b) |
EPS- Diluted (not to be annualised) |
1.03 |
||
|
15 |
Public Shareholding |
|
||
|
|
Number of Shares |
7744364 |
||
|
|
Percentage of Shareholding |
54.95 |
||
|
18 |
Promoters and Promoter group |
|
||
|
|
a) Pledged/Encumbered |
|
||
|
|
Number of shares |
1359500 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
21.41 |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
9.65 |
||
|
|
b) Non-encumbered |
|
||
|
|
Number of shares |
4989296 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
78.59 |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
35.40 |
||
NOTES:
1. The construction work is under progress at
the Company’s Residential Project at Malad (West), Mumbai having land cost of
Rs.333.000 Millions for 2,03,000 Sq.ft. area.
2. The Company has entered into a Deed of Partnership of M/s Kamanwala
Lakshachandi Todays Developers in which the Company has share 50% , M/s
Lakshachandi Developers Private Limited. 25% and M/s Todays Infrastructure and
Construction Limited 25%. The said firm is developing the Commercial Project at
Santacruz (west) having land cost of Rs. 350.000 Millions for 67,000 Sq. ft.
area. The construction work of the Project is well in progress and is expected
to be completed within three months.
3. The Company has entered into a Deed of Partnership of M/s Kamanwala
Lakshachandi Todays Construction in which the Company has share 50%, M/s.
Lakshachandi Construction Private Limited 25%, Mrs. Janhavi Drolia-12.50% and
Miss Akriti Drolia- 12.50%. The firm is developing a residential project at
Mahim (West), Mumbai for salable FSI 30,000 sq. ft. for which the Firm has paid
Rs. 4.30 Crores. The construction work has already commenced at the project.
4. The Company has entered into a Partnership Deed of M/s Prajay
Kamanwala Developers in which the Company having share 20%, M/s Prajay
Engineers Syndicate Limited. – 60% and M/s. Namita Builders and Developers
Private Limited. – 20% for the development of a land admeasuring 35 acres at
5. The Company has recorded interest income of Rs. 33.197 Millions under
the head Other Income for the Capital invested as a partner in M/s Kamanwala
Lakshachandi Todays Developers for the development of commercial project at
Santacruz, (West), Mumbai as it is now on the completion stage.
6. Sales for projects are accounted for on the basis of percentage
completion method as per Architects Certificate.
7. The decrease in sales turnover is mainly on account of prevailing
adverse market conditions in construction and real estate industry.
8. For the Quarter under review, the Company has incurred interest &
Financial Expenses amounting to Rs.31.508 Millions out of which Rs. 12.025
Millions have been capitalized to the unsold stocks of the respective projects for
which funds were borrowed and the balance Rs. 19.483 Millions have been shown
as revenue expenditure.
9. Figures has been recast and regrouped wherever necessary.
10. At the beginning of the Quarter no complaint from Investors was
pending. No complaint was received during
the Quarter and no complaint was pending at the end of the Quarter.
11. The above Financial Results were reviewed by the Audit Committee and
approved by the Board of Directors in the Meeting held on 11th August, 2011 and
were subjected to Limited Review by the Auditors of the Company.
PROFILE
Kamanwala
Housing Construction Limited (KHCL) is a company with a 20-year track record.
They are based at Mumbai, the commercial capital of
The construction sector has shown
mercurial growth. The forecast for the sector, higher than 30% annually,
maintains the pace. Demand in this sector is driven by the increasing level of
urbanization, the above-average economic growth in
With their track record and
experience, they are well positioned to take advantage of the industry growth
potential. They at KHCL have adopted a de-risked growth model: by diversifying
across segments (residential and commercial), projects and locations. They have
embarked on locational diversification through new projects at
They
have consolidated our position and established ourselves. The foundations for
taking off into a higher scale of operations have been laid.
The present paid up equity share capital Rs.49.670 Millions, in which the promoters hold 42%
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. 51.28 |
|
|
1 |
Rs. 81.38 |
|
Euro |
1 |
Rs. 67.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
5OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.