MIRA
INFORM REPORT
|
Report Date : |
30.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
LODHA DEVELOPERS PRIVATE LIMITED (11.01.2013) |
|
|
|
|
Formerly Known
As : |
LODHA DEVELOPERS LIMITED (w.e.f. 02.08.2009) LODHA DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
216, Shah and Nahar Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
25.09.1995 |
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|
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Com. Reg. No.: |
11-093041 |
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|
Capital
Investment / Paid-up Capital : |
Rs.1081.080 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200MH1995PTC093041 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUML04567D |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACL1490J |
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|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
The Company is engaged
in development / construction of real estate and selling the immovable
properties to various customers. |
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|
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|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The company has taken huge external borrowing, which acts as
threatening to the liquidity position of the company. The rating reflects company’s established brand name of the company in
the real estate industry in Mumbai supported professionally qualified and
experienced promoters and diverse product portfolio rendering to all segments
of (residential) real estate. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered 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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB (Withdrawn) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
02.08.2013 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-23024400)
LOCATIONS
|
Registered Office : |
216, Shah and Nahar Industrial Estate, |
|
Tel. No.: |
91-22-24968488 |
|
Fax No.: |
91-22-24936428 |
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E-Mail : |
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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 28.09.2012
|
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 No: |
00266089 |
|
|
|
|
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 |
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DIN No.: |
00265994 |
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|
|
|
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 No.: |
00266041 |
|
|
|
|
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 No.: |
00370053 |
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
As on 28.09.2012
|
Names of Equity 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 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Lodha Pranik Landmark Developers Private Limited,
India |
|
20000000 |
|
Total |
|
20000000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Bodies corporate |
65.74 |
|
Directors or relatives of Directors |
34.26 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is
engaged in development / construction of real estate and selling the
immovable properties to various customers. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· UCO Bank, Pali Hill Branch, 72, Gautam Apartment, Pali Hill Road, Mumbai – 400050, Maharashtra, India · State Bank of India, Commercial Branch, N. G. V. Vaidya Marg, P. B. No. 10141, Fort, Mumbai – 400023, Maharashtra, India · Punjab and Sind Bank, J K Somani Building, British Hotel Lane, Fort, Mumbai – 400 023, Maharashtra, India · HDFC Bank Limited ·
Bank of Baroda, V. P. Road Branch, 136,
Vithalbhai Patel Road,, Mumbai - 400004, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Shanker and Kapani Chartered Accountants |
|
Address : |
NTC House, 2nd Floor, 15, N. M. Marg, Ballard Estate, Mumbai
– 400 038, |
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Tel. No.: |
91-22-22695719 |
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Fax No.: |
91-22-22695720 |
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E-Mail : |
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|
PAN : |
AAKFS6521L |
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Subsidiaries : |
·
Lodha Land Developers Private Limited CIN No.: U45201MH2006PTC163909 ·
Lodha Novel Buildfarms Private Limited CIN No.: U45300MH2007PTC173730 ·
National Standard (India) Limited CIN No.: L27109WB1962PLC025605 ·
Lodha Estate Private Limited CIN No.: U99999MH1994PTC076937 ·
Macrotech Constructions Private Limited CIN No.: U70101MH1994PTC081108 ·
Siddhnath Residential Paradise Private Limited CIN No.: U70109MH2007PTC166867 ·
Lodha Crown Buildmart Private Limited CIN No.: U45202MH2007PTC169025 ·
Proficient Buildwell Private Limited CIN No.: U45202MH2009PTC192088 ·
Simtools Private Limited CIN No.: U99999MH1964PTC012859 ·
Shreeniwas Cotton Mills Limited CIN No.: U70104MH1935PLC002249 ·
Nabhiraja Software Design Private Limited CIN No.: U72200MH2006PTC160863 ·
Krona Realties Private Limited CIN No.: U70109MH2010PTC204217 ·
Kidderpore Holdings Limited CIN No.: U65993MH1980PLC192516 ·
Lodha Home Finance Limited CIN No.: U65923MH2012PLC227536 ·
Jawala Real Estate Private Limited CIN No.: U74999DL2005PTC135519 ·
Arihant Premises Private Limited CIN No.: U45200MH1988PTC048628 ·
Ajitnath Hi-Tech Builders Private Limited CIN No.: U45201MH2006PTC166482 ·
Mahavir Build Estate Private Limited CIN No.: U45400MH2007PTC169353 ·
Naminath Builders And Farms Private Limited CIN No.: U45201MH2007PTC166680 ·
Lodha Hi-Rise Builders Private Limited U45201MH2007PTC166673 ·
Odeon Theatres and Properties PRIVATE Limited CIN No.: U92110MH1972PTC015915 ·
International Airport Builders and Management
Services Private Limited CIN No.: U45201MH2007PTC166681 ·
Lodha Developers UK Limited ·
Lodha Buildcon Private Limited CIN No.: U70102MH2007PTC166919 ·
Lodha Elevation Buildcon Private Limited CIN No.: U45200MH2007PTC168707 ·
Sarvavasa Buildtech and Farms Private Limited CIN No.: U45200MH2008PTC177494 ·
Suryakrupa Constructions Private Limited U70102MH2008PTC183617 ·
CIN No.: Aasthavinayak Estate Company Private
Limited CIN No.: U70102MH2007PTC169350 ·
Samvara Buildtech Private Limited CIN No.: U45400MH2007PTC169315 ·
Sanathnagar Enterprises Limited CIN No.: L99999AP1947PLC00067 ·
Futuretech Constructions & Precast Private
Limited CIN No.: U45201MH2006PTC166591 ·
Palava Utilities Private Limited CIN No.: U40100MH2008PTC17750 ·
Lodha Ultimate Buildtech And Farms Private
Limited CIN No.: U45203MH2008PTC186176 ·
Lodha Construction Private Limited CIN No.: U45200MH1996PTC100732 ·
Lodha Dwellers Private Limited U70100MH2005PTC154993 ·
CIN No.: Microtec Constructions Private Limited CIN No.: U45201MH2006PTC165646 ·
Hi-Class Developers Private Limited ·
Lodha Pranik Landma RK Developers ·
Sahajanand Hi-Tech Constructions Private Limited CIN No.: U70102MH2007PTC168407 ·
Cowtown Land Development Private Limited CIN No.: U70100MH1985PTC038213 ·
Lodha Impression Real Estate Private Limited CIN No.: U45200MH2007PTC166830 |
|
|
|
|
Others : |
·
Lodha Pranik Landmark Developers Private Limited CIN No.: U70101MH2011PTC218789 ·
Lodha Healthy Constructions And Developers
Private Limited CIN No.: U45200MH2007PTC168913 ·
Lodha Builders Private Limited CIN No.: U70100MH1987PTC042108 ·
Lodha Fincorp Distribution Services LLP ·
Lodha Family Discretionary Trust ·
Lodha Facilities Management Limited CIN No.: U45208MH2007PLC173729 ·
Lodha Pallazzo ·
Mahavir Associates ·
Vivek Enterprises ·
Lodha Charitable Trust |
|
|
|
|
Enterprises which are owned, or have Significant
influence of or are partners with key Management personnel and their Relatives: |
·
Shree Sainath Enterprises |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300180000 |
Equity Shares |
Rs.5/- each |
Rs.1500.900 Millions |
|
20000000 |
Preference Shares |
Rs.5/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.1600.900
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
216216000 |
Equity Shares |
Rs.5/- each |
Rs.1081.080 Millions |
|
20000000 |
Preference Shares |
Rs.5/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.1181.080
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1181.080 |
1081.080 |
1081.080 |
|
(b) Reserves & Surplus |
5766.0150 |
683.632 |
382.188 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6947.095 |
1764.712 |
1463.268 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7.610 |
0.000 |
0.126 |
|
(b) Deferred tax liabilities (Net) |
87.796 |
122.152 |
106.256 |
|
(c) Other long term liabilities |
146.689 |
98.647 |
67.289 |
|
(d) long-term provisions |
15.837 |
7.095 |
14.936 |
|
Total Non-current Liabilities (3) |
257.932 |
227.894 |
188.607 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
28477.521 |
17910.542 |
9829.014 |
|
(b) Trade payables |
1812.526 |
603.337 |
496.479 |
|
(c) Other current
liabilities |
3644.963 |
1515.662 |
4867.956 |
|
(d) Short-term provisions |
77.382 |
2.692 |
1.902 |
|
Total Current Liabilities (4) |
34012.392 |
20032.233 |
15195.351 |
|
|
|
|
|
|
TOTAL |
41217.419 |
22024.839 |
16847.226 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
47.630 |
37.194 |
53.311 |
|
(ii) Intangible Assets |
20.325 |
22.305 |
23.117 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10048.414 |
728.503 |
2893.738 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
363.983 |
157.743 |
114.477 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
10480.352 |
945.745 |
3084.643 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
214.279 |
0.000 |
0.220 |
|
(b) Inventories |
8551.786 |
2338.862 |
1817.844 |
|
(c) Trade receivables |
1297.448 |
201.707 |
478.899 |
|
(d) Cash and cash
equivalents |
914.515 |
1545.649 |
242.346 |
|
(e) Short-term loans and
advances |
16944.597 |
16815.659 |
10991.439 |
|
(f) Other current assets |
2814.442 |
177.217 |
231.835 |
|
Total Current Assets |
30737.067 |
21079.094 |
13762.583 |
|
|
|
|
|
|
TOTAL |
41217.419 |
22024.839 |
16847.226 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
2794.014 |
|
|
|
Other Income |
|
|
(25.764) |
|
|
|
TOTAL (A) |
4814.137 |
3325.570 |
2768.250 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
|
|
1825.994 |
|
|
|
Employee related expenses |
|
|
98.565 |
|
|
|
Administrative selling other expenses |
|
|
196.326 |
|
|
|
TOTAL (B) |
4648.774 |
2894.720 |
2120.885 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
647.365 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
461.292 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
|
|
186.073 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
|
|
29.386 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
165.363 |
430.850 |
156.687 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.949 |
127.212 |
59.267 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
162.414 |
303.638 |
97.420 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
284.295 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
381.715 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
21.768 |
30.761 |
11.645 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
NA |
59.358 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.69 |
NA |
0.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.37 |
9.13 |
3.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA |
5.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.54 |
2.04 |
1.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.24 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.10 |
10.15 |
6.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90 |
1.05 |
0.91 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
1081.080 |
1081.080 |
1181.080 |
|
Reserves & Surplus |
382.188 |
683.632 |
5766.015 |
|
Net
worth |
1463.268 |
1764.712 |
6947.095 |
|
|
|
|
|
|
long-term borrowings |
0.126 |
0.000 |
7.610 |
|
Short term borrowings |
9829.014 |
17910.542 |
28477.521 |
|
Total
borrowings |
9829.140 |
17910.542 |
28485.131 |
|
Debt/Equity
ratio |
6.717 |
10.149 |
4.100 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
2,768.250 |
3,325.570 |
4,814.137 |
|
|
|
20.133 |
44.761 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
2,768.250 |
3,325.570 |
4,814.137 |
|
Profit |
97.420 |
303.638 |
162.414 |
|
|
3.52% |
9.13% |
3.37% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
1.822 |
0.127 |
0.702 |
|
Total |
1.822 |
0.127 |
0.702 |
|
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 |
Yes |
|
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 |
Yes |
LISTING DETAILS:
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation Date:- |
07/08/2014 |
|||||
|
Lodging No.:- |
WPL/2096/2014 |
Filing Date:- |
07/08/2014 |
|||
|
|
||||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX (CENTRAL –IV) MUMBAI |
Respondent:- |
LODHA DEVELOPERS PRIVATE LIMITED |
|||
|
Petn.Adv:- |
TEJVEER SINGH MASTAN SINGH (I3678) |
|
|
|||
|
District:- |
MUMBAI |
|||||
|
|
||||||
|
Bench:- |
DIVISION |
|||||
|
Status:- |
Pre-Admission |
Category:- |
WRIT PETITIONS (INCOME TAX) |
|||
|
Last Date:- |
19/08/2014 |
Stage:- |
|
|||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|||||
|
|
|
|||||
|
Act :- |
Income Tax Act, 1961 |
Under Section: 245D(2C) |
||||
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Rupee term loans from banks |
2099.397 |
3149.676 |
|
Rupee term loans from others |
1250.500 |
2250.100 |
|
Loans and advances from related parties |
9954.429 |
765.535 |
|
Other loans and advances, others |
1394.053 |
1538.383 |
|
Total |
14698.379 |
7703.694 |
Merger of Lodha Novel
Buildfarms Private Limited a wholly owned subsidiary of the company, with the
company
Lodha Novel Buildfarms Privater Limited (‘LNBFPL’), a wholly owned subsidiary of the Company has been merged with the Company with effect from 26thAugust, 2013 consequent to filing of certified copy of the order of Hon’ble High Court of Bombay with the Registrar of Companies. The Appointed Date for the merger was 1stApril, 2012. Accordingly, present accounts of the Company for the year 2012-2013 includes accounts of LNBFPL also.
CHANGE IN STATUS OF
THE COMPANY
Prior to 11thJanuary, 2013, the Company was a public limited company. However, w.e.f. 11thJanuary, 2013 the Company has been converted into a private limited company consequent to issue of Fresh Certifcate of Incorporation by the Registrar of Companies, Maharashtra.
FINANCIAL OVERVIEW
On standalone basis, the Company achieved revenue of Rs.4814.137 Millions for the financial year 2012-2013 as compared to the total income of Rs.3325.570 Millions for the previous financial year 2011-2012, an increase of 44.76%. The net profit before tax for the financial year 2012-2013 stood at Rs.165.363 Millions as compared to Rs.430.850 Millions for the previous financial year 2011-2012. The Company recorded a net profit after tax of Rs.162.414 Millions for the year as against the net profit after tax of Rs.303.638 Millions achieved during the previous financial
Year 2011-2012.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10455513
|
23/10/2013
|
3,000,000,000.00
|
Bank
of Baroda |
136,
Vithalbhai Patel Road, Mumbai - 400004, Mumbai, Maharashtra - 400004, INDIA |
B87733887
|
|
2 |
10432230
|
28/05/2013
|
26,800,000.00
|
RELIGARE
FINVEST LIMITED |
D3, P3B,,
District Centre, Saket, New Delhi, Delhi - 110017, INDIA |
B77578029
|
|
3 |
10424937
|
16/04/2013
|
45,000,000.00
|
RELIGARE
FINVEST LIMITED |
D3,
P3B,, District Centre, Saket, New Delhi, Delhi - 110017, INDIA |
B74867342
|
|
4 |
10422943
|
03/04/2013
|
345,000,000.00
|
PNB
HOUSING FINANCE LIMITED |
9TH
FLOORANTRIKSH BHAWAN, 22 K G MARG, NEW DELHI, |
B74128331
|
|
5 |
10393540
|
13/12/2012
|
2,250,000,000.00
|
Bank
of Maharashtra |
INDUSTRIAL
FINANCE BRANCH - MUMBAI, DR. V. B. GANDHI MARG, FORT,MUMBAI, MAHARASHTRA -
400001, INDIA |
B64701774
|
|
6 |
10393413
|
29/10/2012
|
2,750,000,000.00
|
Punjab
& Sind Bank |
J.K.
SOMANI BUILDING, BRITISH HOTEL LANE, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B64682263
|
|
7 |
10382229
|
05/10/2012
|
1,200,000,000.00
|
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
Ramon
House 169 Backbay Reclamation, H T Parekh Marg, Mumbai, Maharashtra - 400020,
India |
B60346913
|
|
8 |
10346172
|
28/03/2012
|
350,000,000.00
|
State
Bank of India |
Commercial
Branch, NGN Vaidya Marg,, Fort, Horniman Circle, Mumbai, Maharashtra -
400023, INDIA |
B36533461
|
|
9 |
10337316
|
10/02/2012
* |
8,250,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian
Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra
- 400001, INDIA |
B33049545
|
|
10 |
10277945
|
07/01/2011
|
3,000,000,000.00
|
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
Ramon
House 169 Backbay Reclamation, H T Parekh Marg, Mumbai, Maharashtra - 400020,
India |
B05550082
|
|
11 |
10227307
|
03/10/2013
* |
700,000,000.00
|
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
Ramon
House 169 Backbay Reclamation, H T Parekh Marg, Mumbai, Maharashtra - 400020,
India |
B86922044
|
|
12 |
10185446
|
18/04/2012
* |
1,900,000,000.00
|
Punjab
and Sind Bank |
J K
Somani Building,, British Hotel Lane, Fort, Mumbai, Maharashtra - 400023, INDIA |
B37665791 |
* Date of charge modification
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
NEWS:
SELLING A 17-ACRE PROJECT IN SOUTH MUMBAI, LODHA STYLE
From outside, the metal and glass facade of Lodha’s new residential project, The Park in Pandurang Budhkar Marg in Mumbai’s office hub Worli, looks like a corporate headquarter. The 10,000-sq-ft sales office inside, with quotes by renowned poets on glass walls, is equally striking.
Almost every table in the office has a copy of The Economist on it, which
carries the advertisement of The Park. This weekly newspaper, as it calls
itself, seldom carries Indian real estate advertisements.
After buying a 17-acre plot from DLF, the country’s largest developer, for
Rs.27270.000 Millions in August 2012, Lodha has done everything to woo
customers to the project in a rather slow property market in Mumbai. DLF had
bought the land from National Textiles Corp for Rs.7020.000 Millions in 2005.
In all, the developer is building six towers of 75 storeys each and 12 villas
around a six-acre park on the 70 feet high elevated plot. Lodha says it has got
booking for all 1,350 apartments in three towers, which were released in the
market in the last seven-and-a-half months. Total applications received were
2,300.
This, of course, excludes 225 applications in the recently announced Trump
Tower, where the apartments are likely to be over Rs 80.000 Millions for a
three-bedroom home and Rs 100.000 Millions for four-bedroom ones
How it managed
Lodha has spent nearly three times more money on marketing and advertisement
compared to any of its project including the World Towers, one of the tallest
residential projects it is building in the vicinity, says its chief marketing
officer R Karthik. Besides The Economist, the group also advertised in Fortune
and GQ.
The Park has many firsts in the Central Mumbai market. To begin with, two
towers in the project were pre-launced in January this year, on first-come,
first-served basis, wherein buyers needed to submit application in two weeks’
time with a price quotation.
The company got 1,300 applications for 750 apartments under the project
code-named as Blue Moon. The towers carried two, three and four bedroom
apartments ranging from 1,300 sq ft to 2,000 sq ft and apartments were priced
around Rs 23,700 a sq ft or Rs 32.000 Millions.
This configuration was a masterstroke by Lodha in the South Mumbai market,
which lacked affordable two-bedroom apartments, realty consultants said. Prices
for ready to move in apartments in the area hover around Rs 30,000 a sq ft.
“In today’s environment, you cannot get a two-bedroom apartment for Rs 30.000
Millions in south Mumbai and prices have reached Rs 25.000 Millions for
two-bedroom flats in Goregaon and Jogeshwari (on Mumbai’s western suburbs),”
said the chief executive of a property consultancy, requesting anonymity. “You
should also remember that very few developers are building two-bedroom
apartments in South Mumbai.”
The developer also roped in Bollywood celebrity Aishwarya Rai Bachchan as brand
ambassador for the project during its launch. Aishwarya is believed to have been
paid over Rs 50.000 Millions.
Lodha also did a multi-city launch in August for the project in Mumbai, Delhi,
Surat, Kolkata, Ahmedabad, and Dubai. It got over 1,000 applications for 600
apartments for a tower codenamed as ‘Full Moon’ and is in the process of
allocating apartments.
The tower had two bed-room apartments starting at 1,305 sq ft with a price of
Rs 244710.000 or Rs 33.000 Millions and three BHKs starting at 1,539 sq ft with
a price of Rs 33.900 Millions. The latest attraction in the project was Lodha’s
tie-up with US-based realty tycoon Donald Trump, known for high-rise buildings
in Manhattan, for an 800-foot tall Trump Tower inside the Park. The tower is
codenamed as Gold Moon. For the Trump Towers, the company has already received
225 applications during the pre-launch. The construction for 77-storey Trump
Tower is expected to be completed by 2018. The tower is likely to get launched
January next year in the presence of US realty tycoon Donald Trump himself.
The developer is yet to launch two more towers and 12 villa project on the plot.
Project details:
The six acre park is core of the project, says Lodha’s Karthik, adding “Worldover, the buildings surrounding parks have maximum value. We conceptualized six acre park and building towers around that.”
The developer says the project will have six swimming pools including a 30 meter swimming pool( touted the biggest in Mumbai), covered pool for women among others; a full-fledged cricket ground, a 50,000 sq ft club house, tennis court and other sports facilities. Boxing ring by boxing icon Evander Holyfield’s boxing ring and dancing academy by dancing star Sandip Soparkar are added attractions, says the developer.
Significance:
The quick project launches under The Park are significant from Lodha’s strategy of ‘buy-sell-build’ and overall slowdown in Mumbai property market, say the company insiders and property consultants.
Lodha bought the land from DLF in August 2012 and launched in January 2013, which explains the speed with which the developer moved, said a consultant.
Karthik says the company does not believe in land banking.
“We do not sit on land. We buy land, launch projects and move on. That’s why we could achieve sales of Rs 100000.000 Millions from sub Rs 10000.000 Millions six years ago,” Karthik said.
Sanjay Dutt, managing director of global property consultant Cushman & Wakefield believes that the apartment specifications such as unit sizes, pricing were aligned with current market conditions.
“The project is perceived when the market was soft. So apartment sizes and pricing were in tune with the current market conditions,” Dutt said.
“Secondly, it is one of the few land parcels in Mumbai which is more than 15 acres. Any project where land is this big is differentiated from other developments,” Dutt said.
Issues:
Developers and investors Business Standard spoke to, raised concerns about the density of apartments in the project given that it is 17 acre development.
“If you have six to seven towers and thousands of apartments, there will be so much density in the project which might lead to congestion,” said a director of a realty company building project in the South Mumbai.
“The entire Pandurang Budhkar Marg stretch is already congested. How will they make so many cars enter and exit,” he said.
Abhisheck Lodha, managing director of the group, in an earlier interview said the company is working with the government to decongest the road.
A Lodha executive said the project is designed in such a way that the towers are located within sufficient distance between two and a lot of amenities and green patches in between.
A chief executive officer of a private equity fund said if the developer is selling Rs 32.500 Millions apartment and a Rs 90.000 Millions apartment in the same complex, there will be issues with buyer profile in the project.
“You can not target a middle class, lower middle class and upper class buyer in the same complex,” the CEO said.
But Karthik says that the developer is doing a lot of work in buyer profiling. “We are targeting fairly homogeneous set of customers who can live together. They are in SEC A plus category.”
THE LODHA GROUP, INDIA’S PREMIER LUXURY DEVELOPER ANNOUNCES TRUMP®
TOWER MUMBAI
The creator of the world’s most successful real estate brand, Trump, marks its entry into India’s commercial capital, Mumbai, through a relationship with India’s largest real estate developer, the Lodha Group. Trump Tower Mumbai will be the signature tower at The Park at Worli, forming part of Lodha’s newly-launched and immensely successful 17.5 acre master-planned neighbourhood.
“I am proud to announce Trump Tower Mumbai – which will be one of India’s most
luxurious residences. This incredible tower will offer the Indian consumer the
very best in exclusive living, in the heart of South Mumbai. The Lodha Group,
the developers of this project, are well known for their iconic developments
and I am looking forward to working with them to present this masterpiece that
will undoubtedly redefine the Mumbai skyline,” said Donald J. Trump.
Trump Tower Mumbai, surrounded by the 7 acre Park and located in South Mumbai’s
preeminent location within Worli in South Mumbai, will soar over 800 feet into
the city’s skyline providing stunning views of the Arabian Sea. A gleaming
golden edifice with a magnificent curtain-wall golden façade, the tower will
have uber-luxe 3, 4 and 5 bedroom residences. The residences will come with
dazzling interiors including German Poggenpohl kitchens, 5-fixture master
bathrooms, indoor Jacuzzi tubs, built-in TV’s, an elite 7-level security setup
and the very best of every aspect of interior design. Not only will the
residents have access to the Park, the exclusive 7 acres of world class landscapes,
but will also enjoy world-class concierge, valet and facility management
services. Since its launch in August 2013, The Park has witnessed unprecedented
interest from the market, with over 450 bookings worth over Rs. 2,500 Millions
being received on the first day of the applications being accepted.
“We are very excited to announce our association with the Trump Brand, one of
the world’s most respected and prominent real estate companies representing the
finest developments at the best locations. Through its iconic projects, Trump
has changed the skyline of many global cities including New York and we are
confident that the Trump Tower Mumbai, with its stunning design and prime
location in Worli, will have the same impact on Mumbai. With the world-class
development and operating standards set by Trump and Lodha Group’s leadership
and superior expertise in luxury real estate in India, the Trump Tower Mumbai
will usher in a new standard of branded luxury living in India,” said Abhishek
Lodha, Managing Director, Lodha Group.
The Lodha Group has been at the forefront of developing designer luxury homes and iconic residences in Mumbai, and continues this trend in its association with Trump.
Bookings for this iconic building are expected to begin in the coming months
and prices are expected to be over Rs. 80.000 Millions for the 3 BHK and Rs.
100.000 Millions for the 4 BHK residences.
LODHA'S NEW WORLI LAUNCH RECEIVES
BOOKINGS WORTH RS 25000.000 MILLIONS ON DAY 1
MUMBAI: Lodha Group's recently launched masterplanned neighbourhood in Worli (Mumbai), The Park, witnessed unprecedented interest with over 450 bookings worth over Rs 25000.000 Millions being received on the first day of the applications being accepted.
Lodha had launched The Park with Mrs. Aishwarya Rai Bachchan as the brand
ambassador at a widely publicized press event a few days ago. This has been
followed by a global launch in 7 cities - Mumbai, Dubai, Delhi, Kolkata, Pune,
Ahmedabad and Surat. Applications to purchase units have been received from
across the country, along with strong interest from NRI's in the UAE and USA.
Amidst all the gloom about the Indian economy, the successful launch of this
development has surprised market watchers. However, according to a leading
South Mumbai based broker, "There has been a tremendous interest across
India and from overseas customers as well. This is largely on account of the
excellent location, world class design and amenities, and Lodha's brand and
credibility in the market. Also the success of their pre-launch of this
property under Codename Bluemoon where they received over USD 1 billion of
applications in January 2013 and the good returns that buyers in that
pre-launch have enjoyed, has given lot of confidence to new buyers that this is
by far the best development to buy into from a quality and returns
perspective."
It is understood that these bookings are for the first residences around the Park and prices range from Rs 36.000 Millions to Rs 100.000 Millions for 2, 3 and 4 BHK residences, created by some of the finest brands and designers across the globe.
The Park is a 17 acre master-plan district, located at Worli, on the property
purchased by Lodha in 2012 for Rs 27270.000 Millions from DLF. The Lodha Group
plans to develop a variety of different projects around this park, ranging from
high rises, town houses, luxury retail and even a few select bungalows. A part
of the 17 acre property has been exclusively designed as a tribute to nature
with 7 acres of world class landscapes set on top of a 70 feet tall 'hill' at
Worli, South Mumbai. Inspired by the great urban parks around the world, The
Park offers an ideal urban lifestyle, one that is currently not possible in
Mumbai. With over 7-acres of space, which is equivalent to 6 football fields
put together, or about 1.5 times the size of the world's largest cricket
ground, The Park is a tapestry of experiences, pulsating with vibrant life and
activity.
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.60.47 |
|
|
1 |
Rs.100.15 |
|
Euro |
1 |
Rs.79.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
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.