MIRA INFORM REPORT
|
Report Date : |
01.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOLTE-PATIL DEVELOPERS LIMITED |
|
|
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Registered
Office : |
2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
25.11.1991 |
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|
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Com. Reg. No.: |
11-129428 |
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Capital
Investment / Paid-up Capital : |
Rs.800.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200PN1991PLC129428 |
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|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
The Company is primarily engaged in business of construction of residential, commercial. |
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No. of Employees
: |
818 (Approximately) |
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 28000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a good track record. There
appears slight dip in sales and profitability during 2012. However, general financial strength seems to be strong. Liquidity
position is good. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular d as per commitment. 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.
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 DENIED BY
|
Name : |
Mr. Vinod Patil |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-20-6622500 |
|
Date : |
27.06.2013 |
LOCATIONS
|
Registered Office : |
2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra, India |
|
Tel. No.: |
91-20-66226622/66226500 |
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Fax No.: |
91-20-66226626 |
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E-Mail : |
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Website : |
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Regional Office: |
22/11, 1st Floor, Park West, Vittal Malya Road, Bangalore- 560001, Karnataka, India |
|
Tel. No.: |
91-80-22243135, 22242803 |
|
Fax No.: |
91-80-22120654 |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Rajesh Patil |
|
Designation : |
Chairman and Managing Director |
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|
|
|
Name : |
Mr. Naresh Patil |
|
Designation : |
Vice Chairman |
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|
|
|
Name : |
Mr. Milind Kolte |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mrs. Sunita Kolte |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mrs. Vandana Patil |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
B.Com |
|
Date of Appointment : |
16.01.2012 |
|
|
|
|
Name : |
Mr. Manish Doshi |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
Graduate in Pharmacy and Master in Finance |
|
Date of Appointment : |
26.12.2006 |
|
|
|
|
Name : |
Mr. G. L. Vishwanath |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Achyut Watve |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
59 Years |
|
Qualification : |
B. E. (Civil) |
|
Date of Appointment : |
26.12.2006 |
|
|
|
|
Name : |
Mr. Jayant Pendse |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mrs. Manasa Vishwanath |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
B.A., LL.B |
|
Date of Appointment : |
17.01.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Abhijit Barje |
|
Designation : |
Asst. Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Vinod Patil |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on: 31.03.2013
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
56434095 |
74.48 |
|
|
56434095 |
74.48 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
56434095 |
74.48 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
335926 |
0.44 |
|
|
59072 |
0.08 |
|
|
1138817 |
1.50 |
|
|
1533815 |
2.02 |
|
|
|
|
|
|
3320801 |
4.38 |
|
|
|
|
|
|
6817077 |
9.00 |
|
|
4647749 |
6.13 |
|
|
3021372 |
3.99 |
|
|
2720494 |
3.59 |
|
|
2788 |
0.00 |
|
|
136688 |
0.18 |
|
|
161402 |
0.21 |
|
|
17806999 |
23.50 |
|
Total Public shareholding (B) |
19340814 |
25.52 |
|
Total (A)+(B) |
75774909 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
75774909 |
0.00 |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
56434095 |
74.48 |
|
|
56434095 |
74.48 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held of grand total (A)+(B)+(C) |
|
|
1 |
Rajesh Patil |
1,54,86,031 |
20.44 |
|
2 |
Naresh Patil |
1,49,49,148 |
19.73 |
|
3 |
Milind Kolte |
64,42,156 |
8.50 |
|
4 |
Sunita Patil |
70,06,861 |
9.25 |
|
5 |
Vandana Patil |
70,24,319 |
9.27 |
|
6 |
Sunita Kolte |
55,24,553 |
7.29 |
|
7 |
Ankita Patil |
1,027 |
0.00 |
|
|
Total |
5,64,34,095 |
74.48 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
|
|
|
|
1 |
Rameshkumar S Goenka |
1814000 |
2.39 |
|
2 |
Goldman Sachs India Fund Limited |
1057078 |
1.40 |
|
|
Total |
2871078 |
3.79 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in business of construction of residential, commercial. |
GENERAL INFORMATION
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
S P C M and Associates (Formerly known as Bora Kasat and Company) Chartered Accountants |
|
Address : |
1211/B, Shukrawar Peth, Subhash Nagar, Pune- 411002, Maharashtra, India |
|
Tel. No.: |
91-20-24479119 |
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Fax No.: |
91-20-24486663 |
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E-Mail : |
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Subsidiaries : |
|
|
|
|
|
Associates/Enterprises
/Joint Ventures over which key Management Personnel have significant
influence : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75774909 |
Equity Shares |
Rs.10/- each |
Rs.757.749
Millions |
|
|
|
|
|
i Of the Above Shares, 2,19,02,252 shares are allotted as fully paid by way of bonus Shares by capitalization of General Reserve and 2,88,72,185 Shares allotted as Right Shares on 8th December 2006 at a premium of Rs. 18.18 each.
ii The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Board of Directors in their meeting on 29th May, 2012, proposed a final dividend of Rs. 1.60 per equity share. The Proposal is subject to the approval of shareholders at the Annual General meeting. The total dividend appropriation for the year ended 31st March, 2012 amounted to Rs. 140.908 Millions including Corporate Dividend Tax of Rs. 19.668 Millions. During the year ended 31st March, 2011, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 1.60. The total dividend appropriation for the year ended 31st March, 2011 amounted to Rs. 140.908 Millions including Corporate Dividend Tax of Rs.19.668 Millions.
iii The
reconciliation of the number of shares outstanding and the amount of share
capital:
|
|
31.03.2012 |
|
|
Particulars |
No. of Shares |
Amount in Millions) |
|
Shares at the beginning |
75,774,909 |
757.749 |
|
Shares issued on exercise of employee stock options |
- |
- |
|
Shares at the end |
75,774,909 |
757.749 |
In the fiscal year 2006, the Company instituted the Employee Stock Option Scheme 2006. The Board of Directors and shareholders approved the scheme in the month September 2006 and October 2006 respectively, which provides for the issue of 780,000 Equity Shares to the employees. The Remuneration Committee administers the Employees Stock Option Scheme 2006 (ESOS) and options were granted in month of September 2006.
The Company has allotted 2,28,277 shares till 31st March 2010. The ESOS outstanding at the beginning of 2010-11 was 551,723 shares. During the 2010-11, the Company has issued 2,93,655 Equity Shares of Rs. 10/- each at a premium of Rs.30/- per share to each employee under the scheme and the remaining 2,58,068 shares lapsed.
iv The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share.
v Shareholders holding more than 5% of the
Capital are as
|
SR. |
Name of the
Shareholder |
Holding |
31.03.2012 |
|
|
NO. |
|
|
NOS |
Amount in Millions) |
|
1 |
Mr. Rajesh Patil |
20.44% |
15,486,031 |
154.860 |
|
2 |
Mr. Naresh Patil |
19.73% |
14,949,148 |
149.491 |
|
3 |
Mr. Milind Kolte |
8.50% |
6,442,156 |
64.422 |
|
4 |
Mrs. Sunita Kolte |
7.25% |
5,497,037 |
54.970 |
|
5 |
Mrs. Sunita Patil |
9.14% |
6,929,082 |
69.291 |
|
6 |
Mrs. Vandana Patil |
9.17% |
6,945,519 |
69.455 |
|
|
TOTAL |
74.23% |
56,248,973 |
562.490 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
757.749 |
757.749 |
|
(b) Reserves & Surplus |
|
6463.839 |
6294.664 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
7221.588 |
7052.413 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
192.164 |
180.726 |
|
(b) Deferred tax liabilities (Net) |
|
1.433 |
0.000 |
|
(c) Other long term
liabilities |
|
12.155 |
7.350 |
|
(d) long-term
provisions |
|
1240.589 |
1027.926 |
|
Total Non-current
Liabilities (3) |
|
1446.341 |
1216.002 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
258.225 |
195.724 |
|
(b) Trade payables |
|
151.629 |
130.545 |
|
(c) Other current
liabilities |
|
381.488 |
327.738 |
|
(d) Short-term
provisions |
|
260.340 |
416.922 |
|
Total Current
Liabilities (4) |
|
1051.682 |
1070.929 |
|
|
|
|
|
|
TOTAL |
|
9719.611 |
9339.344 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
107.837 |
77.819 |
|
(ii) Intangible Assets |
|
8.250 |
8.946 |
|
(iii) Capital work-in-progress |
|
0.000 |
11.682 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
4044.730 |
4332.381 |
|
(c) Deferred tax assets (net) |
|
0.000 |
1.281 |
|
(d) Long-term Loan and Advances |
|
2205.697 |
1737.754 |
|
(e) Other
Non-current assets |
|
12.490 |
41.603 |
|
Total Non-Current
Assets |
|
6379.004 |
6211.466 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
229.417 |
361.644 |
|
(b) Inventories |
|
2233.042 |
1885.015 |
|
(c) Trade receivables |
|
290.109 |
203.771 |
|
(d) Cash and cash
equivalents |
|
99.142 |
170.935 |
|
(e) Short-term loans
and advances |
|
397.699 |
388.647 |
|
(f) Other current
assets |
|
91.198 |
117.866 |
|
Total Current Assets |
|
3340.607 |
3127.878 |
|
|
|
|
|
|
TOTAL |
|
9719.611 |
9339.344 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
754.813 |
|
|
2] Share Application Money |
|
|
5896.729 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
6651.542 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
461.071 |
|
|
2] Unsecured Loans |
|
|
69.800 |
|
|
TOTAL BORROWING |
|
|
530.871 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7182.413 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
97.556 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
4479.878 |
|
|
DEFERREX TAX ASSETS |
|
|
2.887 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1881.358 |
|
|
Sundry Debtors |
|
|
359.419 |
|
|
Cash & Bank Balances |
|
|
104.813 |
|
|
Other Current Assets |
|
|
180.617 |
|
|
Loans & Advances |
|
|
1724.547 |
|
Total
Current Assets |
|
|
4250.754 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
168.195 |
|
|
Other Current Liabilities |
|
|
328.731 |
|
|
Provisions |
|
|
1152.772 |
|
Total
Current Liabilities |
|
|
1649.698 |
|
|
Net Current Assets |
|
|
2601.056 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.036 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7182.413 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
967.806 |
1391.401 |
600.627 |
|
|
|
Other Income |
175.223 |
123.050 |
257.696 |
|
|
|
TOTAL (A) |
1143.029 |
1514.451 |
858.323 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Construction / Development |
387.963 |
|
451.834 |
|
|
|
Employee Benefits Expenses |
122.211 |
128.353 |
|
|
|
|
Ipo Expenses and Amortisation |
46.582 |
47.618 |
|
|
|
|
Other expenses |
99.368 |
109.324 |
|
|
|
|
TOTAL (B) |
656.124 |
707.479 |
451.834 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
486.905 |
806.972 |
406.489 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
62.047 |
46.627 |
63.929 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
424.858 |
760.345 |
342.560 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.737 |
11.656 |
11.271 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
412.121 |
748.689 |
331.289 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
108.439 |
222.229 |
54.726 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
303.682 |
526.460 |
276.563 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2980.479 |
2634.929 |
2465.402 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
36.772 |
40.000 |
18.000 |
|
|
|
Dividend |
140.908 |
140.908 |
88.486 |
|
|
BALANCE CARRIED
TO THE B/S |
3106.481 |
2980.481 |
2634.929 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
4.01 |
6.95 |
3.67 |
|
|
|
Diluted |
-- |
-- |
3.65 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Net Sales |
366.900 |
397.300 |
492.400 |
557.400 |
|
Total Expenditure |
244.500 |
246.600 |
368.200 |
432.300 |
|
PBIDT (Excl OI) |
122.500 |
150.700 |
124.200 |
125.100 |
|
Other Income |
44.100 |
76.100 |
108.500 |
267.500 |
|
Operating Profit |
166.600 |
226.900 |
232.700 |
392.600 |
|
Interest |
18.400 |
19.400 |
27.800 |
32.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
148.300 |
207.400 |
204.900 |
359.800 |
|
Depreciation |
03.400 |
03.600 |
03.800 |
03.800 |
|
Profit Before Tax |
144.900 |
203.800 |
201.100 |
356.000 |
|
Tax |
38.400 |
62.100 |
49.600 |
85.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
106.500 |
141.800 |
151.400 |
270.300 |
|
Extraordinary Items |
0.000 |
0.000 |
(13.300) |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
106.500 |
141.800 |
138.100 |
270.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
26.57
|
34.76 |
32.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
42.58
|
53.80 |
55.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.26
|
14.99 |
7.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.11 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06
|
0.05 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.18
|
2.92 |
2.58 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Payables for Purcashe of Land |
98.664
|
95.901 |
168.195 |
|
Payables for Purcashe of Supplies |
52.965
|
34.644 |
|
|
Total |
151.629
|
130.545 |
168.195 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
PERFORMANCE REVIEW
The Company has always endeavored to enhance lives by creating great places to live and work. The Company is one of the leading real estate developers with over two decades of real estate experience. From last 21 years, it has been engaged in the development of integrated townships and other large mixed-use and stand-alone developments in the residential, commercial and retail segments. It has taken lead in promoting the affordable housing segment of the residential property market. The business is being carried on by the Company on its own as well through various joint venture partners.
During the year, the total revenue of the Company stood at Rs. 1143.029 Millions as compared to Rs. 1514.451 Millions in the previous year. In the last year’s total revenue, there was one off item i.e. sale of plot of Rs. 666.100 Millions. The Profit before Tax for the year ended 31st March, 2012 stood at Rs. 412.121 Millions as compared to Rs. 748.689 Millions in the corresponding period of the previous year. The profit after Tax was Rs. 303.682 Millions, compared to Rs. 526.460 Millions during 2010-11.
Unsecured Loan
(Rs.
in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Unsecured Public Deposits |
61.807 |
36.520 |
|
Loans and advances from related parties |
0.000 |
54.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from Subsidiary Company |
16.747 |
0.000 |
|
Unsecured Deposits from Public |
29.115 |
24.490 |
|
Total |
107.669 |
115.010 |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OVERVIEW
India is the second most preferred destination for foreign investors. India is a country that has been able to restore investor confidence in its markets, even during the toughest of times. Increase in capital inflows, foreign direct investments (FDI) and overseas entities’ participation reflect the fact that Indian markets have fared well in recent times. Moreover, foreign companies are viewing the South-Asian nation as a strategic hub for their operations and investments owing to investor-friendly policy environment, positive eco-system and huge potential for growth. The cumulative FDI flows of for April 2011-January 2012 aggregated to US$ 26.19 billion, exceeding the total FDI of US$ 19.43 billion for 2010-11 fiscal.
However, inflation and capital runaway has been the two main factors hurting the economy. Inflation was above
9% for most part of the year and RBI had done around 13 interest rate hike decision since December 2010 to curb inflation. Country’s economic momentum has been dragging due to the monetary tightening and inflation issues. Capital outflows, domestic corruption and policy paralysis (lack of policy developments) have also given a massive blow to the economic sentiments here.
REAL ESTATE OVERVIEW
The Indian economy has witnessed robust growth in the last few years and is expected to be one of the fastest
growing economies in the coming years. Real estate in India contributes about 5 per cent to India’s gross domestic product (GDP). The real estate sector in India assumed greater prominence with the liberalization of the economy, as the consequent increase in business opportunities and labour migration led to rising demand for commercial and housing space. At present, the real estate and construction sectors are playing a crucial role in the overall development of India’s core infrastructure. The real estate industry’s growth is linked to developments in the retail, hospitality and entertainment Industries, economic services and information technology (IT) enabled services etc. This sector happens to be the second largest employer after agriculture. The total revenue generated in 2010-11 stood at US$ 66.8 billion and is expected to grow at the rate of 30 per cent over the next decade. The size of the Indian real estate market is expected to touch US$ 180 billion by 2020.
Demand is expected to grow at a compound annual growth rate (CAGR) of about 19 per cent between 2010 and 2014—Tier 1 metropolitan cities are projected to account for about 40 per cent of this. Growing requirements of space from sectors such as education, healthcare and tourism provide opportunities in the real estate sector. FDI of more than US$ 9 billion was infused in real estate in the last decade. Real estate emerged as the popular sector for private equity funds who invested around US$1,700 million in this sector during 2011.
Urban population has been increasing and is expected to cross 590 million by 2030. Urbanization and growing household income are some of the major factors that influence demand for residential real estate and growth in the retail sector.
Residential Market
Overview and Outlook
Following the global economic crisis, the residential real estate sector showed signs of recovery in India‘s major cities such as improved buyer confidence and increasing prices. In other residential markets, consumer demand was consistent and fueled demand, but consumer growth was affected by factors such as rising interest rates, inflation and socio-political conflicts. Due to high construction costs and inflation, several developers raised property prices, thereby impacting the sector. The RBI also increased home loan interest rates, which affected real estate consumers. Overall, higher prices and rising financing costs resulted in a decrease of property sales throughout 2011.
Housing shortages remain one of the biggest challenges for India. The property market in India from 2011 to 2015 is likely to witness a demand for approximately 3.94 million housing units, growing at a CAGR of 11%. Of this total demand, the mid-range housing segment is expected to drive the maximum demand of 45%. The majority of developers are concentrating on this segment which would help reduce the supply-demand gap. The supply of residential units is expected to be highest in the cities of Mumbai and the NCR in order to cater to the rising demand. Despite the expected increase in the demand and supply, the gap in Tier-I cities is likely to remain substantial, with demand exceeding supply by at least 2.5 times between 2011 and 2015.
Product wise
performance
With a proven track record of more than two decades, Kolte-Patil Developers Limited is one of the most respected real estate companies in and around Pune. With expertise in all aspects of real estate business and excellent execution track record, Kolte-Patil is poised to take a quantum jump. Kolte-Patil’s development focus is on high growth centers of India viz. Pune, Bengaluru and Mumbai. So far they have developed 7 million square feet of saleable area under 30 projects across Pune and Bengaluru.
New Projects
Life Republic
They launched their Integrated Township “Life Republic” at Hinjewadi, Pune this year. Life Republic offered a unique way of living for thinking minds. The thoughtful use of integrated media along with various collaterals helped Life Republic generate immense awareness and popularity within a short span of time and resulted in 300 plus booking on day of launch itself.
This Integrated Township offers variety of residential options with top-class physical as well as social infrastructure. The execution has already started with focus on creativity, sensitivity and sustainability.
The nerve of this Township would be its ‘Spine Boulevard’ (the main internal road) which would be nearly as wide as the Pune – Mumbai expressway
Downtown
They have planned an integrated development in Kharadi to create a haven of luxuries and convenience for you. Adorned with exquisite beautification of landscapes, water garden and podium gardens will raise the bar of expectations of every Puneite. It will be a stunning destination to LIVE, WORK, SHOP, DINE and HANGOUT. All that you wish for- From smart homes to luxurious abodes PROJECT KHARADI has it all.
Downtown is consists of project like Beryl comprising of 2 and 3 bhk apartment ranging from area of 1555-1755 sq. ft. Next is Cheryl comprising of 2 and 3 BHK trendy apartments with the area of 1565-1630 sq. ft. Langston is another project which offers 2 and 3 BHK budget apartment of 1144-1507 sq. ft. Fall in love with nature downtown present Senona with the beauty of nature surrounding you at every beat, Senona is a place where you feel much closer to nature with the own beautiful garden balcony. Spread across 4 acres of land Senona offers 3 BHK area size of 1880-2035 sq. ft.
Tuscan Estate
Tuscan Estate, exquisite 3 BHK Apartments and 4 BHK Penthouses, for those who want to capture those moments the small intimacies of life. With amazing highlights and alluring lifestyle; the Collage Homes at Tuscan Estate reminds you constantly of the moments that speak for itself, the moments that you don’t want to miss, the moments that defines who you are, the moments that you have captured deep inside the heart. It’s a collage of elevation, location, amenities, space and specification. The collage homes vary from 1605-1820 sq. ft.
Florence
Florence, the very name imbibes a sense of prosperity set within a flourishing environment Here’s an impressive ensemble of all it takes to create an uber-class life style. It’s about taking pleasure in unimaginable luxuries. You are invited to luxuriate in the very own sanctuary to choose from 2, 3 and 4 BHK Apartments ranging from 1000 to 1630 sq. ft. and experience sheer exclusivity that will entice the world.
Alyssa
Alyssa is one of the most premium commercial spaces to house ventures in Bangalore. A boutique place in three floors on Richmond Road, Bengaluru. Alyssa boasts state of the art amenities to do business in style. Designed with elegant décor, swanky interiors and classic architecture, this magnificent property is well set to shine as a gem in the crown of the city. The building consists of basement, ground, mezzanine and 3 upper floors. The ground and mezzanine floor is being considered as showroom space and the upper floors for office use. The total saleable area of the building is approx. 43,000 sq. ft, having 75 car parks at the basement.
Kormanagala
Commercial Project
The project is strategically located on Sarjapura Main Road, Koramangala III Block, Bengaluru. This mixed use commercial project is coming up in the land area of approx. 58,000 sq. ft.
Utsav Raaga – Kannur
road
Utsav brings back a concept in living that has always been a part of life in India i.e. a life that has always been celebrated as a community. Utsav offers an entire spectrum of homes under a single umbrella - value homes, luxury homes, villas and gated communities that celebrate life and living.
The first of the offerings under Utsav is Raaga- thoughtfully designed, competitively priced quality homes on Kannur Road near Thanissandra. Raaga is spread over 4.5 acres and will comprise 12 Blocks to be built in II Phases. These 590 homes offer optimal value in terms of location, convenience, lifestyle and price.
Raaga’s strategic location is one of its major pluses, as it in the heart of North Bangalore one of the hottest real
estate destinations today.
Within easy reach of the International Airport, close proximity to many educational institutions of repute (Vidyashilp Academy, Reva Engineering College, Delhi Public School) , excellent hospitals, leisure avenues and great connectivity to prime locations like Hebbal, Manyata Tech Park, Hennur, Old Madras Road, Raaga offers an option in living that is guaranteed to garner appreciation and returns in equal measure.
Horamavu Residential
Project
It is located 10 km from M. G. Road, Brigade Road and Commercial Street and in the vicinity of the Outer Ring
Road, which connects to Hebbal, Manyata Tech Park, Baghmane Tech Park, ITPL, Old Madras Road, Whitefield and the International Airport.
It is spread over 7 acres of land with seven towers of B + G + 12 floors having 618 units. This residential complex consists of two, three, four bedroom and penthouse apartments with a host of luxury amenities. It is a Joint Development project with Dinesh Ranka and KPDL is having 70% share in the project.
Awards
Life republic has recently received an award by Realty Plus Excellence Award ‘West’ for its “Innovative Real
Estate Marketing Campaign of the year.”
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
Sr. No. |
Particulars |
31.03.2012 |
|
1 |
Claims not Acknowledged as debts |
196.009 |
|
2 |
Guarantees issued by the Company on behalf of Subsidiary Companies and Associates** |
2055.000 |
|
3 |
Income Tax Matters (Pending in Appeals) |
3,29.594 |
FIXED ASSETS:
- Building
- Furniture and Fixtures
- Plant and Machinery
- Vehicles
- Computers
AS PER WEBSITE DETAILS:
PRESS RELEASE:
KOLTE-PATIL EYES
SALES CLOSE TO RS 9000.000-10000.000 MILLIONS IN FY14
Sujay Kalele, Chief Executive Officer of Kolte-Patil Developers credits realty developer’s projects in Pune and Bangalore for their robust performance in the second quarter. The company more than doubled its net profit at Rs 196.000 Millions in the quarter in focus and sold 0.8 million square feet at the average prices of Rs 4,300 per square feet in Pune alone.
"We have plans of launching three new projects in Bangalore, which would total to about more than half a million square feet coupled with one big launch in Pune, which will add upto about a million square feet," Kalele told CNBC-TV18 in an interview.
Kalele says the firm is in the process of signing two new redevelopment projects in Mumbai. "We hope to close out this financial year at Rs 6000.000 Millions of topline," he said adding, next year the company is eyeing a topline of close to Rs 9000.000-10000.000 Millions.
AIMING RS. 6000.000
MILLIONS TOPLINE THIS FISCAL: KOLTE-PATIL DEVELOPERS
Sujay Kalele, CEO of Kolte-Patil Developers, is very optimistic about prospects in cities like Pune and Bangalore. He states that profit after tax margins are between 15 and 18 per cent and he expects it to be maintained at these levels.
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.60.59 |
|
|
1 |
Rs.92.92 |
|
Euro |
1 |
Rs.78.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.