MIRA INFORM REPORT
|
Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
LODHA DEVELOPERS PRIVATE LIMITED (w.e.f. 11.01.2013) |
|
|
|
|
Formerly Known
As : |
LODHA DEVELOPERS LIMITED (w.e.f. 02.08.2009) LODHA DEVELOPERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
216, Shah and Nahar Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.09.1995 |
|
|
|
|
Com. Reg. No.: |
11-093041 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1181.080 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200MH1995PTC093041 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04567D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1490J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is
engaged in development / construction of real estate and selling the
immovable properties to various customers. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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 BY
|
Name : |
Mr. Bharat Kumar Jain |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-23024400 |
|
Date : |
29.01.2014 |
LOCATIONS
|
Registered Office : |
216, Shah and Nahar Industrial Estate, |
|
Tel. No.: |
91-22-24968488 |
|
Fax No.: |
91-22-24936428 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
Lodha Pavllion, Appolio Mills Compound, N M Joshi Marg, Mahalaxmi,
Mumbai – 400011, |
|
Tel. No.: |
91-22-23024400 |
|
Fax No.: |
91-22-23000693 |
|
E-Mail : |
DIRECTORS
As on 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 |
|
DIN No.: |
00265994 |
|
|
|
|
Name : |
Mr. Abhinandan Mangal Prabhat Lodha |
|
Designation : |
Managing irector |
|
Address : |
12, Anupam CHS Limited, 11, Manav Mandir Road, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1981 |
|
Date of Appointment : |
21.01.2004 |
|
DIN 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. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
Not Divulged |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shanker and Kapani Chartered Accountants |
|
Address : |
NTC House, 2nd Floor, 15, N. M. Marg, Ballard Estate, Mumbai
– 400038, Maharashtra, India |
|
Tel. No.: |
91-22-22695719 |
|
Fax No.: |
91-22-22695720 |
|
E-Mail : |
|
|
PAN No. .: |
AAKFS6521L |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries : |
CIN No.: U45201MH2006PTC163909
CIN No.: U45300MH2007PTC173730
CIN No.: L27109WB1962PLC025605
CIN No.: U99999MH1994PTC076937
CIN No.: U70101MH1994PTC081108
CIN No.: U70109MH2007PTC166867
CIN No.: U45202MH2007PTC169025
CIN No.: U45202MH2009PTC192088
CIN No.: U99999MH1964PTC012859
CIN No.: U70104MH1935PLC002249
CIN No.: U72200MH2006PTC160863
CIN No.: U70109MH2010PTC204217
CIN No.: U65993MH1980PLC192516
CIN No.: U65923MH2012PLC227536
CIN No.: U74999DL2005PTC135519
CIN No.: U45200MH1988PTC048628
CIN No.: U45201MH2006PTC166482
CIN No.: U45400MH2007PTC169353
CIN No.: U45201MH2007PTC166680
U45201MH2007PTC166673
CIN No.: U92110MH1972PTC015915
CIN No.: U45201MH2007PTC166681
CIN No.: U70102MH2007PTC166919
CIN No.: U45200MH2007PTC168707
CIN No.: U45200MH2008PTC177494
U70102MH2008PTC183617
CIN No.: U70102MH2007PTC169350
CIN No.: U45400MH2007PTC169315
CIN No.: L99999AP1947PLC00067
CIN No.: U45201MH2006PTC166591
CIN No.: U40100MH2008PTC17750
CIN No.: U45203MH2008PTC186176
CIN No.: U45200MH1996PTC100732
U70100MH2005PTC154993
CIN No.: U45201MH2006PTC165646
CIN No.: U70102MH2007PTC168407
CIN No.: U70100MH1985PTC038213
CIN No.: U45200MH2007PTC166830 |
|
|
|
|
Others : |
CIN No.: U70101MH2011PTC218789
CIN No.: U45200MH2007PTC168913
CIN No.: U70100MH1987PTC042108
CIN No.: U45208MH2007PLC173729
|
|
|
|
|
Enterprises which are owned, or have Significant
influence of or are partners with key Management personnel and their Relatives: |
|
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 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.37 |
9.13 |
3.52 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
NA |
NA |
0.24 |
|
|
|
|
|
|
|
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
|
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 |
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 |
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) |
Resp. Adv:- |
WADIA GHANDY AND COMPANY (628) |
|||
|
District:- |
MUMBAI |
|||||
|
Bench:- |
DIVISION |
|||||
|
|
||||||
|
Status:- |
Pre-Admission |
Category:- |
WRIT PETITIONS (INCOME TAX) |
|||
|
Last Date:- |
09.10.2014 |
Stage:- |
IN CHAMBER |
|||
|
Coram:- |
HON’BLE THE CHIEF JUSTIC HON’BLE SHRI JUSTICE M.S. SANKLECHA |
|||||
|
|
|
|||||
|
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.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.