MIRA INFORM REPORT
|
Report Date : |
20.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
COWTOWN LAND DEVELOPMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
216, Shah and Nahar Industrial
Estate, Dr. E. Moses Road, Worli, Mumbai – 400018, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
02.12.1985 |
|
|
|
|
Com. Reg. No.: |
11-038213 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.230
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70100MH1985PTC038213 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC12732G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC4889L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction Activities. (Residential as well as commercial) |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 670000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Lodha Developer Limited’. It is a well
established company having good track. Even though the company has achieved healthy growth in its sales during
2011, there appears some dip in the profit earned. However, financial position of the company appears to be sound. Trade
relations are reported as trustworthy. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good 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.
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
Management Non-Cooperative.
Tel No.: 91-22-24968185
LOCATIONS
|
Registered Office : |
216, Shah and Nahar Industrial
Estate, Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24968184-85-86
|
|
Fax No.: |
91-22-24936428 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Lodha Excelus,
Level L2, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011,
Maharashtra, India |
|
Tel. No. : |
91-22-23024400 |
|
Fax No. : |
91-22-23000693 |
|
|
|
|
Branch Offices : |
D-5, Sahyagiri
Samant, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel No.: |
91-22-28734236 |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Ramesh
Awatarsing |
|
Designation : |
Director |
|
Address : |
1-A, |
|
Date of Birth/Age : |
30.03.1964 |
|
Date of Appointment : |
27.09.2007 |
|
DIN No.: |
01985881 |
|
|
|
|
Name : |
Mr. Babusingh Bhoorsinghji Rajguru |
|
Designation : |
Nominee Director |
|
Address : |
Flat/501, 5th Floor, Emp/51, Near Thakur Village, Kandivali
East, Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
1.08.1958 |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
02696937 |
|
|
|
|
Name : |
Mr. Srichand Mandhyan |
|
Designation : |
Nominee Director |
|
Address : |
301, Grace Residency, 21st Road, Bandra (West), Mumbai –
400050, Mahjarahstra, India |
|
Date of Birth/Age : |
16.09.1953 |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
02784852 |
|
|
|
|
Name : |
Mr. Pramod Kumar Kathuria |
|
Designation : |
Nominee Director |
|
Address : |
A-301, Krishna Society, Shantivan Complex, Borivali (East), Mumbai –
400066, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1975 |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
03197953 |
KEY EXECUTIVES
|
Name : |
Mr. Yojeshkumar Dolatinh Thakor |
|
Designation : |
Company Secretary |
|
Address : |
105, Sai Shrushti, A/6, Sai Wadi, Taili Galli, Andheri (East), Mumbai –
400069, Maharashtra, India |
|
Date of Birth/Age : |
04.08.1981 |
|
Date of Appointment : |
28.06.2011 |
|
PAN No.: |
ADMPT3807D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
Lodha Developers Limited, India |
|
2001 |
|
Lodha Developers Limited, India Jointly with Mangal Prahbat Lodha |
|
1 |
|
Lodha Developers Limited, India Jointly with Abhishek Lodha |
|
1 |
|
Lodha Developers Limited, India Jointly with Abhinandan Lodha |
|
1 |
|
Lodha Developers Limited, India Jointly with Siddheswar
Buildcon Private Limited, India |
|
1 |
|
Lodha Developers Limited, India Jointly with Shalibhadra Buildtech Private Limited, India |
|
1 |
|
Lodha Developers Limited, India Jointly with Padamprabhu Buildmart Private Limited, India |
|
1 |
|
Deutsche Bank AG, Singapore Branch, Singapore |
|
223 |
|
|
|
|
|
Total |
|
2230 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
10.00 |
|
Bodies corporate |
|
90.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activities (Residential as well as commercial) |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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||||||||||||||||||||||||
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Bankers : |
· Bank of Baroda, 136, Vithalbhai Patel Road, V. P. Road, Mumbai – 400004, Maharashtra, India ·
State
Bank of India Backbay
Reclamation Branch, Mumbai – 400001, Maharashtra, India ·
Kotak
Mahindra Bank Nariman Point,
Mumbai, Maharashtra, India ·
HDFC
Bank Limited |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
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Facilities : |
|
||||||||||||||||||||||||
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institutions : |
· Housing Development Finance Corporation limited Ramon House, 169 Backbay Reclamation, H T Parekh Marg,
Mumbai – 400020, |
|
|
|
|
Auditors : |
|
|
Name : |
Shankar and Kapani Chartered Accountants |
|
Address : |
N.T.C. House, 2nd Floor, 15 Narottam Morarjee Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India |
|
Tel No.: |
91-22-22695719/ 22695720/ 22614439 |
|
Fax No.: |
91-22-22695720 |
|
Email : |
|
|
PAN No.: |
AAKFS6521L |
|
|
|
|
Holding Company : |
· Lodha Developers Limited, India |
|
|
|
|
Enterprises
Controlled by Company: |
Direct Subsidiary: ·
Lodha Hi - Rise Builders Private Limited One step down Subsidiaries: ·
Ajitnath Hi - Tech Builders Private Limited ·
Macrotech Constructions Private Limited |
|
|
|
|
Other Fellow
Subsidiaries : |
· Aasthavinayak Estate Company Private Limited · Aasthavinayak Real Estate Private Limited · Adinath Builders Private Limited (from 19/09/09) · Anantnath Constructions and Farms Private Limited (from 22/11/10) · Arihant Premises Private Limited · Bahubali Real Estate and Farms Management Private Limited (upto 01/04/10) · Bellissimo Holdings Singapore Pte Limited (upto 31/03/11) · Dharmanath Infra and Agro Private Limited (upto 01/04/10) · Gajanand Buildtech and Agro Private Limited (upto 12/06/09) · Galaxy Premises Private Limited · Gandhar Builders Private Limited · Hi-class Buildcon Private Limited · Hi-class Developers Private Limited · Hotel Rahat Palace Private Limited · Infratech Builders and Agro Private Limited · Kidderpore Holdings Limited (from 08/11/10) · Seatech Estate Private Limited (Formerly known as Lodha And Kheni Estate Private Limited) (upto 31/03/10) · Lodha Achiever Buildcon and Farms Private Limited (upto 01/04/10) · Lodha Antique Buildtech and Farms Private Limited (upto 01/04/10) · Lodha Attentive Developers and Farms Private Limited · Lodha Attractive Constructions and Farms Private Limited (upto 01/04/10) · Lodha Benchmark Builders Private Limited (upto 12/06/09) · Lodha Buildcon Private Limited · Lodha Builders Private Limited (from 17/09/09 to 30/06/10) · Lodha Building and Construction Private Limited · Lodha Buildtech Private Limited (upto 12/06/09) · Lodha Construction Private Limited (upto 01/04/10) · Lodha Crown Buildmart Private Limited · Lodha Designer Construction Private Limited · Lodha Developers UK Limited (from 27/11/09) · Lodha Dwellers Private Limited · Lodha Elevation Buildcon Private Limited · Lodha Estate Private Limited · Lodha Glowing Construction Private Limited · Lodha Healthy Constructions And Developers Private Limited · Lodha Home Developers Private Limited · Lodha Home Styles Private Limited · Lodha Impression Real Estate Private Limited · Lodha Land Developers Private Limited · Lodha Land Scapes Private Limited (upto 01/04/10) · Lodha Novel Buildfarms Private Limited (from 12/06/09) · Lodha Pinnacle Buildtech and Farms Private Limited · Lodha Prime Buildfarms Private Limited (from 12/11/10) · Lodha Properties Development Private Limited · Lodha Quality Buildmart Private Limited (from 01/10/10) · Lodha Realtors Private Limited (upto 12/06/09) · Lodha Structure Developers Private Limited (from 01/07/10) · Lodha Ultimate Buildtech And Farms Private Limited (from 10/06/10) · Maa Padmavati Buildtech Private Limited · Maa Padmavati Real Estate Developers And Farms Private Limited (upto 12/06/09) · Mahavir Build Estate Private Limited · Mahavir Premises Private Limited · Marutinandan Real Estate Developers Private Limited (upto 01/04/10) · Microtec Constructions Private Limited (from 31/07/09) · Naminath Builders and Farms Private Limited · Odeon Theatres and Properties Private Limited · Padmavati Buildtech and Farms Private Limited (from 30/3/11) · Sahajanand Hi-Tech Constructions Private Limited (Formerly Known As Parasnath Hi-Tech Constructions Private Limited) · Siddhnath Residential Paradise Private Limited (Formerly Known As Paraswanath Residential Paradise Private Limited) · Sanathnagar Enterprises Limited (from 25/05/10) · Shantinath Designer Construction Private Limited · Shreeniwas Cotton Mills Limited (from 19/09/09) · Shri Kailash Properties and Agro Farms Private Limited (from 01/10/10) · Shri Nakoda Bhirav Realtors Private Limited · Shri Vardhvinayak Builders Private Limited · Shripal Reality Private Limited (from 12/09/09) · Siddheshwar Real Estate Developers and Agrofarms Private Limited (upto 12/06/09) · Simtools Private Limited · Sitaldas Estate Private Limited · Suvidhinath Buildtech Private Limited (from 27/05/09 to 05/06/09) · Suryakrupa Farms and Construction Private Limited (from 21/03/11) |
|
|
|
|
Partnership Firm
Under Control : |
· Shree Sainath Enterprises · Vivek Enterprises · Arihant Premises (up to 01/04/10) · Arihant Corporation (upto 01/04/10) · Lodha Construction (Dombivli) · Lodha Palazzo · Lodha and Shah Builders (upto 01/04/10) · Pranik Landmark Associates (from 03/03/10) (Converted to Lodha Pranik Landmark Developers Private Limited (W.e.f. 17/06/11) · Datta Pooja Builders and Developers (from 11/10/10 to 13/10/10) |
|
|
|
|
Associates (With
Whom the company had transactions) : |
· Anantnath Construction and Farms Private Limited · Lodha Novel Build Farms Private Limited. (upto 11/06/09) · Lodha Charitable Trust · Lodha Facilities Management Limited (Formerly known as Lodha Facilities Management Private Limited) |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Class A Equity Shares |
Rs.1000/- each |
Rs.200.000 Millions |
|
271 |
Class B Equity Shares |
Rs.1000/- each |
Rs. 0.271 Million |
|
|
|
|
|
|
|
Total |
|
Rs.200.271
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2007 |
Class A Equity Shares |
Rs.1000/- each |
Rs.2.007
Millions |
|
223 |
Class B Equity Shares |
Rs.1000/- each |
Rs.0.223
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2.230 Millions |
NOTE:
(Held by Lodha Developers
Limited, the Holding Company and its nominees 2,007,000 Held by Deutsche Bank
AG, Singapore Branch 223,000)
Class A Equity
Shares means equity shares of the company with voting rights and economic
interest.
Class B Equity Shares
means equity shares of the company with voting rights but no economic interest.
If the company
ceases to be a Private Limited Company or steps are taken towards winding up of
the Company, Class B Shares become : (a) pari - passu in all respects with the
Class A shares and (b) constitute 10% of the total voting rights and also
economic rights in the Company and such reconstitution of the Class B shares
being pursuant to the terms of their allotment, shall not be deemed as a
variation of the rights thereof and shall be deemed as conversion of the Class
B shares from a differential class to the same class as the Class A shares.
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 |
2.230 |
2.230 |
2.230 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
164.247 |
90.448 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(64.542) |
|
|
NETWORTH |
166.477 |
92.678 |
(62.312) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
16400.000 |
16400.474 |
16536.463 |
|
|
TOTAL BORROWING |
16400.000 |
16400.474 |
16536.463 |
|
|
DEFERRED TAX LIABILITIES |
1.388 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16567.865 |
16493.153 |
16474.151 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.430 |
26.385 |
31.296 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
16180.100 |
16079.684 |
15962.873 |
|
|
DEFERREX TAX ASSETS |
0.000 |
23.289 |
112.995 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
882.158
|
592.089 |
831.893 |
|
|
Sundry Debtors |
2007.868
|
657.932 |
140.477 |
|
|
Cash & Bank Balances |
19.070
|
642.517 |
73.973 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
605.596
|
976.821 |
246.486 |
|
Total
Current Assets |
3514.692
|
2869.359 |
1292.829
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
836.071
|
591.075 |
395.995 |
|
|
Other Current Liabilities |
1762.233
|
1874.205 |
653.242
|
|
|
Provisions |
544.053
|
142.600 |
98.579 |
|
Total
Current Liabilities |
3142.357
|
2607.880 |
1147.816 |
|
|
Net Current Assets |
372.335
|
261.479 |
145.013 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
102.316 |
221.974 |
|
|
|
|
|
|
|
|
TOTAL |
16567.865 |
16493.153 |
16474.151 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Property Development |
|
1177.601 |
359.420 |
|
|
|
Sale of Trading Materials |
|
1881.357 |
2389.210 |
|
|
|
Sale of Land |
4280.796 |
0.000 |
468.656 |
|
|
|
Other Income |
|
4.712 |
0.196 |
|
|
|
TOTAL (A) |
4280.796 |
3063.670 |
3217.482 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
780.307 |
704.855 |
|
|
|
Purchases of Trading Materials |
|
1868.234 |
2366.624 |
|
|
|
Payments to and Provision for employees |
|
94.577 |
57.709 |
|
|
|
Office and Administrative |
|
13.727 |
16.735 |
|
|
|
Selling and Marketing |
|
39.919 |
37.692 |
|
|
|
Miscellaneous Expenditure Written off |
|
2.649 |
2.649 |
|
|
|
TOTAL (B) |
4159.636 |
2799.413 |
3186.264 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including Financial Expenses and Depreciation) |
264.257 |
31.218 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
7.758 |
15.986 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
256.499 |
15.232 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
10.521 |
10.619 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
121.160 |
245.978 |
4.613 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
47.370 |
88.622 |
12.456 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
73.790 |
157.356 |
(7.843) |
|
|
|
|
|
|
|
|
|
|
Net Differed tax
adjustment for earlier years |
0.776 |
(3.407) |
29.421 |
|
|
|
|
|
|
|
|
|
|
PRIOR YEAR
TAXATION ADJUSTMENT: |
|
|
|
|
|
|
Income Tax |
(0.766) |
1.155 |
-- |
|
|
|
Fringe Benefit
Tax |
-- |
(0.115) |
0.065 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
90.448 |
(64.541) |
(86.184) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
164.248 |
90.448 |
(64.541) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Construction Materials (Elevators) |
0.000 |
0.000 |
7.416 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
7.416 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36,770.64
|
69,502.18 |
9,705.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.72
|
5.14 |
(0.24)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
8.04 |
0.14
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.43
|
8.50 |
0.35
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.73
|
2.65 |
(0.07)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
117.39
|
205.10 |
(283.80)
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.10 |
1.13
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
-Creditors due small micro enterprises |
9.725 |
5.155 |
|
|
-Creditors due others |
826.346 |
585.920 |
|
|
|
|
|
|
|
Total |
836.071
|
591.075 |
395.995 |
|
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 |
Yes |
|
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 |
Yes |
|
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 profit after
tax for the financial year 2010-2011 stood at Rs.73.790 Millions as compared to
the profit of Rs.157.356 Millions for the corresponding previous Financial Year
2009-2010.
CONTINGENT
LIABILITY NOT PROVIDED FOR IN RESPECT OF:
Additional land
consideration of Rs.5.000 Millions by way of settlement of dues of certain
workers of Simplex Woolen Mills, a division of Seth Industries Limited (the
erstwhile owner of the land - Lodha Aqua Project), pending outcome of various
legal cases, which are disputed by the Company and the matter is subjudice.
Bank guarantee of Rs.15.000
Millions given to Prothonotary and Senior, High Court, Mumbai, in respect of
the above matter.
Letters of Credit
outstanding as at the year end Rs.2.836 Millions Out of this, Rs. Nil are on
behalf of a Subsidiary.
Disputed Income
Tax Matters Rs. 22.004 Millions
Government of
Maharashtra has amended the provisions of Maharashtra Value Added Tax Act, 2002
(MVAT Act) with effect from 20 June, 2006 and issued a trade circular No. 23T
of 2006 dated 11 September, 2006 and accordingly, Value Added Tax (VAT) is
leviable on sale of premise under construction by the enterprise engaged in the
business of construction.
Further, the
Government of Maharashtra has introduced a scheme of composition w.e.f.1 st
April, 2010 for registered dealers under sub section (3A) of Section 42 of the
MVAT Act, 2002 vide Notification No. VAT 1510 / CR-65 dated 09 July,
2010,underwhich a registered dealer who undertakes construction of flats or
building and transfer them in pursuance of an agreement along with land, an
amount of 1% of the aggregate amount specified in the agreement or stamp duty
value, whichever is higher, shall be payable on such transfer.
Finance Bill,
2010, has amended the provisions of Finance Act, 1994 with effect from 01 July,
2010 (as per notification no.24/2010 dated 22 June, 2010) by adding explanation
to section 65(105) (zzq) and (zzzh) to introduce the Service Tax concept of
“deemed service” for any commercial or industrial construction or construction
of residential complexes done prior to obtaining a completion certificate.
The Constitutional
validity of the amendments at paragraph (a) and (c) have been challenged in the
Hon’ble Mumbai High Court and interim orders with regard to non
collection/payment have been passed. The outcome of the constitutional validity
of (a) above shall also be applicable to levy of Mvat @1% mentioned in
paragraph (b) above.
By virtue of the
Premises Ownership Agreement entered into by the Company with the purchasers of
the unit in commercial or residential complex under construction, the purchaser
is liable to pay and the Company is entitled to recover MVAT and Service Tax
that may be leviable on said transactions.
In view of the
aforesaid and pending the disposal of the Writ Petition challenging the
validity of above amendments, liability for MVAT and Service Tax in the matter
as may arise, has not been ascertained and provided for. Meanwhile, amounts
wherever received from customers separately in respect of the above are being
deposited with respective authorities under Protest.
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U70100MH1985PTC038213 |
|
Name of the
company |
COWTOWN LAND
DEVELOPMENT PVT LTD |
|
Address of the
registered office or of the principal place of business in |
216, Shah and
Nahar Industrial Estate, Dr. E. Moses Road, Worli, Mumbai – 400018,
Maharashtra, India |
|
Type of charge |
Other:
Hypothecation of goods covered under LC/BG |
|
Particular of
charge holder |
Bank of Baroda 136, Vithalbhai
Patel Road (V.P.Road), Mumbai – 400004, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Indenture of
Mortgage dated 5th March, 2012 |
|
Date of
instrument Creating the charge |
05/03/2012 |
|
Amount secured by
the charge |
Rs.900.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Terms of
Repayment Letter of Credit
and Bank Guarantee facility is being obtained by the Company for the period
of 12 months. Margin For L/C- 10% Cash
margin at the time of opening L/C For Bank
guarantee- 1. 10% Cash margin at the time of opening
guarantee 2. 100% Cash margin for any disputed
guarantee Extent and
Operation of the charge The charge is by
way of registered mortgage upon the immovable properties of Lodha Properties
Development Private Limited. |
|
Short particulars
of the property charged |
Hypothecation of
goods of the Company covered under LC/Bank Guarantee |
FIXED ASSETS:
· Building
· Plant and Machinery
· Other Equipment
· Computer
·
Furniture Fixtures
·
Vehicles
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 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.52.97 |
|
|
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.46 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
|
54 |
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.