MIRA INFORM REPORT
|
Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
LODHA DEVELOPERS LIMITED |
|
|
|
|
Registered
Office : |
216, Shah and Nahar Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.09.1995 |
|
|
|
|
Com. Reg. No.: |
11-093041 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1081.080 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200MH1995PTC093041 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04567D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1490J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The company engaged in
Development and Sale of Real Estate Properties. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5850000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Lodha Group. It is a well established and reputed company having a satisfactory
track record. There appears some dip in the profitability of the company. However,
the company receives good financial support from its group company. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered normal for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
|
Contact No.: |
91-22-23024400 |
|
Date : |
29.12.2012 |
LOCATIONS
|
Registered Office : |
216, Shah and Nahar Industrial Estate, |
|
Tel. No.: |
91-22-24968488 |
|
Fax No.: |
91-22-24936428 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
Lodha Pavllion, Appolio Mills Compound, N M Joshi Marg, Mahalaxmi,
Mumbai – 400011, |
|
Tel. No.: |
91-22-23024400 |
|
Fax No.: |
91-22-23000693 |
|
E-Mail : |
DIRECTORS
As on 23.09.2011
|
Name : |
Mr. Mansingh Laxmidas Bhakta |
|
Designation : |
Director |
|
Address : |
4, Sagar Villa, 38, B Desai Road, Mumbai – 400 026, Maharashtra, India
|
|
Date of Birth/Age : |
03.12.1931 |
|
Qualification : |
BA LLB |
|
Date of Appointment : |
22.09.2009 |
|
DIN No.: |
00001963 |
|
|
|
|
Name : |
Mr. Gian Prakash Dharamprakash Gupta |
|
Designation : |
Director |
|
Address : |
101,Kaveri ‘B’
Wing, Neelkanth Valley, Rajawadi, Ghatkopar (East), Mumbai-400077,
Maharashtra, India |
|
Date of Birth/Age : |
11.01.1941 |
|
Date of Appointment : |
09.09.2009 |
|
DIN No.: |
00017639 |
|
|
|
|
Name : |
Mr. Mangal Prabhat Gumanlal Lodha |
|
Designation : |
Director |
|
Address : |
12, Anupam CHS Limited, 11, Manav Mandir Road, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
|
Date of Birth/Age : |
18.12.1955 |
|
Date of Appointment : |
30.03.2010 |
|
DIN : |
00265994 |
|
|
|
|
Name : |
Mr. Abhinandan Mangal Prabhat Lodha |
|
Designation : |
Managing irector |
|
Address : |
12, Anupam CHS Limited, 11, Manav Mandir Road, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1981 |
|
Date of Appointment : |
21.01.2004 |
|
DIN : |
00266041 |
|
|
|
|
Name : |
Mr. Abhishek Mangal Prabha Lodha |
|
Designation : |
Managing Director |
|
Address : |
12, Anupam CHS Limited, 11, Manav Mandir Road, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
|
Date of Birth/Age : |
01.11.1979 |
|
Date of Appointment : |
15.12.1997 |
|
DIN : |
00266089 |
|
|
|
|
Name : |
Mr. Rajendra Narpatlal Lodha |
|
Designation : |
Director |
|
Address : |
D-001, Zarna Enclave, Near Sai Dham Mandir, Western Express Highway,
Kandivali, Mumbai – 400 101, Maharashtra, India |
|
Date of Birth/Age : |
10.06.1966 |
|
Date of Appointment : |
22.09.2009 |
|
DIN : |
00370053 |
|
|
|
|
Name : |
Mr. Rajan Saxena |
|
Designation : |
Director |
|
Address : |
27/A/31,Takshila
Apartments, Mahakal Road,Andheri East, Mumbai-400012, Maharashtra, India |
|
Date of Birth/Age : |
17.10.1949 |
|
Date of Appointment : |
16.09.2009 |
|
DIN No.: |
00784698 |
|
|
|
|
Name : |
Mr. Tilokchand Punamchand Ostwal |
|
Designation : |
Director |
|
Address : |
103, Falcons
Crest,G.D. Ambedkar Marg,Parel, Mumbai-400012, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1954 |
|
Date of Appointment : |
24.07.2009 |
|
DIN No.: |
00821268 |
KEY EXECUTIVES
|
Name : |
Mr. Surendra Naresh Kumar Varma |
|
Designation : |
Company Secretary |
|
Address : |
713, Anand Kunj, Vikas Puri, |
|
Date of Birth/Age : |
23.06.1970 |
|
Date of Appointment : |
21.04.2011 |
|
PAN : |
AADPV4598D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mangal Prabhat Lodha |
|
30439360 |
|
Abhisheck Lodha |
|
22657600 |
|
Abhinandan Lodha |
|
22657600 |
|
Chandraprabha
Constructions and Agro Private Limited, |
|
1400000 |
|
|
|
2800000 |
|
Gajanand
Buildtech and Agro Private Limited, |
|
1400000 |
|
Ganeshji Reality
and Agro Private Limited, |
|
2800000 |
|
Lodha Finstock
Private Limited, |
|
969920 |
|
Lodha Leading
Builders Private Limited, |
|
5600000 |
|
Lodha Mile –A
Built Private Limited, |
|
5600000 |
|
Lodha Premium Builders
Private Limited, |
|
1792000 |
|
Lodha Proficient
Build Private Limited, |
|
7000000 |
|
Lodha Properties
and Realty Private Limited, |
|
1388800 |
|
Lodha Reality
Build and Construction Private Limited, |
|
1388800 |
|
Lodha Ruling
Realtors Private Limited, |
|
10819200 |
|
Lodha Realtors
Private Limited, |
|
14022400 |
|
Lodha Supreme
Buildtech and Farms Private Limited, |
|
1411200 |
|
Lodha Township
Developers Private Limited, |
|
1411200 |
|
Lodha Textile
Private Limited, |
|
969920 |
|
Sambhavnath
Infrabuild and Farms Private Limited, |
|
39267200 |
|
Vimalnath
Novelty Buildtech and Agro Private Limited, |
|
39244800 |
|
Paradise
Buldmart Private Limited, |
|
1176000 |
|
Total
|
|
216216000 |
Equity Share Break up (Percentage of Total Equity)
As on 23.09.2011
|
Category |
Percentage |
|
Bodies corporate |
64.96 |
|
Directors or relatives of Directors |
35.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in
Development and Sale of Real Estate Properties. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note (A) Secured by hypothecation of car purchased there against and personally
guaranteed by the Two of the promoter director. (B) Secured by hypothecation of car purchased there against and
personally guaranteed by the Two of the promoter director. (C) Amount repayable within a year Rs.2935.602 millions (D) Amount repayable within a year Rs. 1331.176 millions
Note (A) Represents loans to partnership Firms Under Control (B) Represents loans to partnership Firms Under Control |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
IDBI Trusteeship Services
Limited Housing Development Finance
Corporation Limited Ramon
House, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai –
400020, Maharashtra, India |
|
|
|
|
|
|
|
Auditors : |
|
|
Name : |
Shanker and Kapani Chartered Accountants |
|
Address : |
NTC House, 2nd Floor, 15, N. M. Marg, Ballard Estate, Mumbai
– 400 038, |
|
Tel. No.: |
91-22-22695719 |
|
Fax No.: |
91-22-22695720 |
|
E-Mail : |
|
|
PAN : |
AAKFS6521L |
|
|
|
|
Associates : |
|
|
|
|
|
Name of all Trusts
: |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
320000000 |
Equity Shares |
Rs.5/- each |
Rs.1600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
216216000 |
Equity Shares |
Rs.5/- each |
Rs.1081.080 Millions |
|
|
|
|
|
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 |
1081.080 |
1081.080 |
9.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
382.188 |
284.768 |
1209.076 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1463.268 |
1365.848 |
1218.676 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9485.400 |
2942.918 |
2463.478 |
|
|
2] Unsecured Loans |
500.671 |
4611.393 |
3244.485 |
|
|
TOTAL BORROWING |
9986.071 |
7554.311 |
5707.963 |
|
|
DEFERRED TAX LIABILITIES |
106.256 |
49.232 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11555.595 |
8969.391 |
6926.639 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
76.428 |
63.836 |
67.588 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2893.958 |
3647.216 |
1921.887 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.247 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1817.844
|
1944.830
|
1634.736
|
|
|
Sundry Debtors |
478.899
|
358.703
|
333.374
|
|
|
Cash & Bank Balances |
242.346
|
815.796
|
56.342
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
11773.157
|
4286.967
|
4423.784
|
|
Total
Current Assets |
14312.246 |
7406.296 |
6448.236
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
740.660 |
613.084 |
686.699 |
|
|
Other Current Liabilities |
4626.640
|
1230.248
|
555.621
|
|
|
Provisions |
359.737
|
304.625
|
268.999
|
|
Total
Current Liabilities |
5727.037
|
2147.957
|
1511.319
|
|
|
Net Current Assets |
8585.209
|
5258.339
|
4936.917
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11555.595 |
8969.391 |
6926.639 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2794.014 |
2334.387 |
2022.379 |
|
|
|
Other Income |
(25.764) |
21.643 |
121.506 |
|
|
|
|
-- |
-- |
7.529 |
|
|
|
TOTAL (A) |
2768.250 |
2356.030 |
2151.414 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1825.994 |
1731.277 |
1435.575 |
|
|
|
Employee related expenses |
98.565 |
80.782 |
|
|
|
|
Administrative selling other expenses |
196.326 |
142.008 |
|
|
|
|
TOTAL (B) |
2120.885 |
1954.067 |
1435.575 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
647.365 |
401.963 |
715.839 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
461.292 |
183.387 |
396.995 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
186.073 |
218.576 |
318.844 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.386 |
18.460 |
18.078 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
156.687 |
200.116 |
300.766 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
59.267 |
53.469 |
66.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
97.420 |
146.647 |
234.459 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
284.295 |
1068.576 |
834.117 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
|
0.000 |
|
|
|
Dividend |
0.000 |
|
0.000 |
|
|
|
Tax on Dividend |
0.000 |
|
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
381.715 |
284.295 |
1068.576 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
11.645 |
3.094 |
1.167 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
59.358 |
1.426 |
24.418 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.45 |
0.68 |
1.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.52
|
6.28
|
10.90
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.61
|
8.57
|
14.87
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.09
|
2.68
|
4.62
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.15
|
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
10.73
|
7.10
|
5.92
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.50
|
3.45
|
4.27
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
||
|
Creditors due small micro enterprises |
0.006 |
0.000 |
686.699 |
|
Creditors due others |
740.654 |
613.084 |
|
|
Total |
740.660
|
613.084 |
686.699 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FINANCIAL OVERVIEW
The Company
achieved a total income of Rs.2768.200 millions for the financial year
2010-2011 as compared to the total income of Rs.2356.000 millions for the
previous financial year 2009-2010, an increase of 17.50%. The net profit before
tax for the financial year 2010-2011 stood at Rs. 156.700 millions as compared
to Rs.200.100 millions for the corresponding previous financial year. The
Company recorded a net profit after tax of Rs. 99.500 millions for the year
under review as against the net profit after tax of Rs. 14.78 crore achieved
during the previous financial Year.
INDIAN ECONOMY
After a strong
revival in FY 2010, the domestic growth cycle remained robust, extending and
consolidating the recovery set forth in the fiscal year ended March 31, 2011.
While emerging headwinds from tightening monetary conditions and a scale back
in fiscal stimulus measures led to some moderation in industrial growth,
service sector growth and agricultural performance were strong and picked up
the slack from industry. This is likely to have pushed the GDP growth in the
year ended March 31, 2011 to 8.6% from 8.0% in the previous year. As per RBI
projections for FY 2012, the growth is likely to be 8.0% on account of high
interest rates and inflationary environment.
MUMBAI REAL ESTATE
Mumbai
Metropolitan Region (MMR) is the financial, trading and entertainment capital
of India, and thereby it is at the forefront of the Indian growth story. The
population of the Mumbai Metropolitan Region grew at a CAGR of 2.7% to 20
million from 1991 to 2001 and stands at 23.5 million in 2011 (Source: Census
2011). The Mumbai real estate is amongst the 2 largest real estate markets in
India with strong demand in both residential and office space. On the
residential side, the total area presold in FY 2011 in MMR was around 44
million sq feet with a value of INR 32,000 crore ( Source: PropEquity). In the
office space segment, the total area leased/sold during the FY 2011 was 8.75 m
sq feet with a value of
INR 10,000 crore.
Land continues to
be scarce in the island city of Mumbai which has resulted in restricted supply
of new development. Supply remains extremely restricted in the island city and
the western suburbs (Bandra to Borivali) and central suburbs (Sion to Mulund).
The larger developments of Mumbai both in terms of infrastructure and real
estate developments are taking place in the peripheral areas such as Navi
Mumbai, Thane, Vasai-Virar and Dombivali-Kalyan.
COMPANY OVERVIEW
The Company is a
leading Mumbai Metropolitan Region player with current focus on residential and
office space development. The company is recognized as a premium player in the
markets and segments in which it operates. As per PropEquity (an online
platform for data and analytics covering the Indian real estate industry), the
Company is the largest residential real estate developer in Mumbai in terms of
the value and area of real estate sold during fiscal year 2011. The company
sold close to 7.3 million squarefeetfor a total sales value of Rs. 5,153 crore
in FY 2011.
Execution
continued to be the key focus of the Company and it was able to deliver 2.5
million square feet of residential and office space in FY 2011. This included
marquee assets such as Lodha Costeria at Napean Sea Road, Lodha Bellissimo
(A&B) at Mahalaxmi, Simtools (Tower A) at Thane, Lodha Grandeur at
Prabhadevi and Lodha Aria at Parel.
The Company has a
strong pipeline for development for the next few years. The Company is
presently developing 27 residential projects comprising approximately 27 million
square feet of saleable area. Further, 6 planned residential projects
comprising approximately 8.5 million square feet of estimated saleable area
would be launched in FY 2012. In addition, they currently have 5 ongoing office
space projects comprising approximately 1.6 million square feet of estimated
saleable area and two planned office space project comprising approximately 0.4
million square feet of estimated saleable area.
The Company
operates across all verticals of residential and commercial segments and caters
to diverse customer needs across a wide spectrum of income segments ranging
from luxury residences in South Mumbai to large integrated townships in the
Mumbai suburbs. Their portfolio of residential projects includes apartments
with area ranging from around 600 square feet to upwards of 12,000 square feet.
The Company is presently developing various luxury and high-end apartments such
as World One and World Crest at Lodha Place, Upper Worli, Lodha Fiorenza at
Goregaon, Lodha Bellissimo at Mahalaxmi and Lodha Bellezza at Hyderabad. In the
aspirational residential segment, the Company has projects such as Lodha Aqua
at Dahisar and Lodha Luxuria at Majiwada, Thane. The Company is also developing
a plotted serviced luxury villa development in Lonavala, a hill station near
Mumbai, and golf villas in Dombivali and Pune. The ‘CASA by Lodha’ brand
targets the mid-income housing segment of the real estate market which has
various residential projects including CASA Bella and CASA Rio at Dombivali; CASA
Univis, CASA Royale and CASA Ultima at Thane; CASA Essenza at Dahisar and CASA
Paradiso at Hyderabad.
In the office
space segment, the Company caters to corporate seeking high quality office
space ranging from client facing offices to back offices. The Company has
developed the iThink at Kanjurmarg and Excelus at Mahalaxmi, a high-end
corporate office space and is presently developing office spaces such as iThink
at Thane and Lodha Supremus, boutique office spaces at Worli, Upper Worli,
Thane and Kanjurmarg.
In addition to the
ongoing and planned projects, the Company has in excess of 220 million square
feet of land reserves in the Mumbai Metropolitan Region, primarily in Dombivali
and Thane-Anjur belt.
Some of the top
projects currently under development are:
World One, Lodha
Place: Catering to the super-luxury segment, World One at Lodha Place is slated
to be the tallest residential structure in the World with a total saleable area
of ~1.4 million square feet. The Company is partnering with legendary names
like Pei Cobb Freed & Partners (Architecture), Ken Smith (Landscape), Six
Senses (Club & Spa), Quintessentially (Concierge) and Casa Armani (Interior
Design) to create India’s most premium project.
Fiorenza,
Goregaon: Lodha Fiorenza sets a new benchmark in design, luxury and style with
its exclusive association with Jade Jagger and Yoo. Located in a prime location
on the Western Express Highway in Mumbai, it combines sweeping views and an
assortment of unique amenities. The project comprises 450 apartments over a
total saleable area of around 0.93 million square feet.
Lodha Green City,
Wadala: Originating from Mumbai’s biggest land transaction and set to be
Mumbai’s largest residential development of 8 million square feet, Lodha Green
City will offer more than 4,500 apartments in various unit sizes with proximity
to commercial offices in south Mumbai and a major transportation hub with metro
and monorail connectivity and free Expressway.
Palava (Integrated
township), Dombivali: A fully integrated, self contained and planned
residential development spread over 3,500 acres with shopping malls, schools,
medical facilities, sports and recreational facilities. The target client
profile of the residential project is the middle income and upper middle income
segments of the market. The vision is to develop a sustainable city with world
class infrastructure at Dombivali along with developing an ecosystem of
thriving commercial, IT and ITES SEZ centres.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U45200MH1995PLC093041 |
|
Name of the company |
LODHA DEVELOPERS 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
– 400 018, Maharashtra, India Email: shares@lodhagroup.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Others (Receivables) |
|
Particular of charge holder |
Housing Development Finance Corporation Limited Ramon House, H. T. Parekh Marg, 169, Backbay Reclamation,
Churchgate, Mumbai – 400020, Maharashtra, India Email: investorcare@hdfc.com
|
|
Nature of instrument creating charge |
Indenture of mortgage dated 5th october, 2012 for the loan availed of
Rs. 1200.000 millions |
|
Date of instrument Creating the charge |
05.10.2012 |
|
Amount secured by the charge |
Rs. 1200.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Rate of interest is linked to HDFC's Corporate Prime Lending Rate. The
HDFC CPLR as on date is 17.75% and the applicable rate for the said loan
shall be 15.00% (i.e ("CPLR")Spread minus 275 bps). Terms of Repayment 36 months from the date of first disbursement. Margin N.A Extent and Operation of the charge The charge will extend to the repayment of the Facility Amount with
the interest, additional interest, costs, Expenses, charges, fees,
reimbursements commissions and all other money payable to the mortgagee etc.
more particularly described in Clause 1 of the Indenture of Mortgage attached
herewith. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Property belonging to the Company more specifically described in item
no.5 of Schedule I to the Indenture of Mortgage dated 5th October, 2012. |
Fixed assets:
· Site / Site Office and Sample Flats
· Plant and Machinery
· Office Equipments
· Air Conditioners
· Vehicles
· Computers
· Furniture and Fixtures
·
SAP License Fees and Implementation cost
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 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 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.54.85 |
|
|
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
||
0
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.