MIRA
INFORM REPORT
|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
D S KULKARNI DEVELOPERS LIMITED
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Registered
Office : |
‘DSK House’, 1187/60, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
20.09.1991 |
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Com. Reg. No.: |
11-063340 |
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Capital
Investment / Paid-up Capital : |
Rs.258.010 Millions |
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CIN No.: [Company Identification
No.] |
L45201PN1991PLC063340 |
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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 engaged in the business of
Real Estate Development. |
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No. of Employees
: |
Information declined by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. The company has achieved decent profitability from its operational
activities. Trade relations are fair. Business is active. Payment terms are reported
to be usually 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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs.39000 mn this financial year and has a debt of Rs.350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs.35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB (Term Loan) |
|
Rating Explanation |
Moderate risk of default regarding timely
servicing of financial obligations. |
|
Date |
October 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 (Fund Based) |
|
Rating Explanation |
Minimal degree of safety and very high credit
risk. |
|
Date |
October 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-24466446
LOCATIONS
|
Registered/ Head Office : |
‘DSK House’, 1187/60, J. M. Road, Shivajinagar, Pune –
411005, Maharashtra, India |
|
Tel. No.: |
91-20-66047100/ 66047110/ 66047151/ 66047215/ 66047130 |
|
Fax No.: |
91-20-25535772 |
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E-Mail : |
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Website : |
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Mumbai Office : |
"DSK House", 1st and 2nd Floor, Veer Savarkar
Marg (Cadel Road), Next to Mayor's Bungalow, Shivaji Park, Mumbai – 400028,
Maharashtra, India |
|
Tel. No.: |
91-22-24466446/ 24462443 |
|
Fax No.: |
91-22-24440163 |
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Bangalore Office : |
S-209, Suraj Ganga Arcade, 332/7, 15th Cross, Jayanagar -
2nd Block, Bangalore - 560011, Karnataka, India |
|
Tel. No.: |
91-80-26572852/ 26572683 |
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Kolhapur Office : |
DSK Toyota 1243/74, Shivaji Udyamnagar, Kolhapur,
Maharashtra, India |
|
Tel. No.: |
91-231-2655316 |
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Solapur Office : |
Asavari Anand Saraph House of Forms 'Prakash', 957, North
Sadar Bazar, Solapur – 413003, Maharashtra, India |
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Tel. No.: |
91-217-2319808 |
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E-mail : |
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Aurangabad Office : |
Bapat Wadi, H.No-5-5-98, New Osmanpura, Behind Sant
Eaknath Rang Mandir, |
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E-mail : |
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US
Representatives : |
D S K Developers Corp, 160 Schalks Crossing Road,
Plainsboro, NJ 08536 |
|
Tel. No.: |
1 609 269 2352 |
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Fax No.: |
1 609 275 7382 |
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E-Mail : |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. D. S. Kulkarni |
|
Designation : |
Chairman and Managing Director |
|
DIN No.: |
00394027 |
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Name : |
Mr. V. C. Joshi |
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Designation : |
Executive Director |
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DIN No.: |
00549735 |
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Name : |
Dr. M. K. P. Setty |
|
Designation : |
Executive Director |
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Date of Birth/Age : |
04.08.1933 |
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Date of Appointment : |
29.09.2010 |
|
DIN No.: |
00151350 |
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|
Name : |
Mr. K. K. Taparia |
|
Designation : |
Executive Director |
|
DIN No.: |
01829829 |
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|
|
|
Name : |
Mr. R. D. Kharosekar |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
08.11.1941 |
|
Date of Appointment : |
29.09.2010 |
|
DIN No.: |
03075915 |
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|
|
|
Name : |
Mr. Shirish Kulkarni |
|
Designation : |
Executive Director |
|
DIN No.: |
01850287 |
KEY EXECUTIVES
|
Name : |
Mr. Amol Purandare |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2013)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12295000 |
47.65 |
|
|
12295000 |
47.65 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
12295000 |
47.65 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
200000 |
0.78 |
|
|
2400 |
0.01 |
|
|
202400 |
0.78 |
|
|
|
|
|
|
1473495 |
5.71 |
|
|
|
|
|
|
2931569 |
11.36 |
|
|
4867501 |
18.87 |
|
|
4031043 |
15.62 |
|
|
4030032 |
15.62 |
|
|
1011 |
0.00 |
|
|
13303608 |
51.56 |
|
Total Public
shareholding (B) |
13506008 |
52.35 |
|
Total (A)+(B) |
25801008 |
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) |
25801008 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 Million 
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Promoter and Promoter Group
|
S. No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares (including underlying shares assuming
full conversion of warrants and convertible securities) as a % of diluted
share capital |
|||
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
||
|
1 |
Deepak Sakharam Kulkarni |
54,08,269 |
20.96 |
0 |
0.00 |
0.00 |
20.96 |
|
2 |
Shirish Deepak Kulkarni |
15,20,000 |
5.89 |
0 |
0.00 |
0.00 |
5.89 |
|
3 |
Amit Deepak Kulkarni |
4,64,025 |
1.80 |
0 |
0.00 |
0.00 |
1.80 |
|
4 |
Hemanti Deepak Kulkarni |
48,97,308 |
18.98 |
2075000 |
42.37 |
8.04 |
18.98 |
|
5 |
Tanvi Shirish Kulkarni |
4,600 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
6 |
M K Panduranga Setty |
450 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
7 |
Makarand Sakharam Kulkarni |
348 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
|
Total |
1,22,95,000 |
47.65 |
2075000 |
16.88 |
8.04 |
47.65 |
(*) The term encumbrance has the same
meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
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 |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Ashok Kumar Parmar |
3213575 |
12.46 |
12.46 |
|
|
2 |
Chander Trilokchand Bhatia |
2000000 |
7.75 |
7.75 |
|
|
3 |
Asha Chander Bhatia |
1950000 |
7.56 |
7.56 |
|
|
|
Total |
7163575 |
27.76 |
27.76 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons (together with PAC)
belonging to the category “Public” and holding more than 5% of the total number
of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Ashok Kumar Parmar |
3213575 |
12.46 |
12.46 |
|
|
2 |
Chander Trilokchand Bhatia |
2000000 |
7.75 |
7.75 |
|
|
3 |
Asha Chander Bhatia |
1950000 |
7.56 |
7.56 |
|
|
|
Total |
7163575 |
27.76 |
27.76 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of
Real Estate Development. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management. |
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Bankers : |
· Bank of Maharashtra · Bank of Baroda · Central Bank of India · Indian Overseas Bank · IDBI Bank Limited · State Bank of India · Syndicate Bank · ICICI Bank Limited · Sangli Urban Co-Operative Bank Limited ·
Kalyan Janata Sahakari Bank Limited ·
Punjab National Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
|
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|
Auditors : |
|
|
Name : |
Gokhale, Tanksale and Ghatpande Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
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|
Step-down
Subsidiaries : |
· DSK Woods, LLC |
|
|
|
|
Subsidiaries : |
· DSK Developers Corporation · DSK Township Projects Private Limited (Formerly Known as DSK SEZ Projects (Pune) Private Limited) · DSK Southern Projects Private Limited |
|
|
|
|
Enterprises
owned or significantly influenced by key management personnel or their
relatives |
· Ambiance Ventures Estates and Developments Private Limited · Amit and Company · Ascent Promoters and Developers Private Limited · Crystal Promoters and Developers Private Limited · Chandradeep Promoters and Developers Private Limited · D. S. Kulkarni and Associates · D. S. Kulkarni and Company · D. S. Kulkarni Constructions Private Limited · DSK Digital Technologies Private Limited · DSK Global Education and Research Private Limited · DSK Infotech Private Limited ·
DSK Milkotronics Private Limited · DSK Motors Limited · DSK Mototrucks Private Limited · DSK Motowheels Private Limited · DSK Prabhu Granite LLP · DSK Sales and Services · DSK Tricone Infrastructure and Construction Limited · DSK Worldman Projects Private Limited (Formerly known as DSK Worldman Computers Private Limited) · Fairyland Promoters and Developers Private Limited · Gharkul · Greengold Farms and Forests Private Limited. · Growrich Agroforestry Private Limited · Hexagon Capital Services Private Limited · Holyland Agroforestry Private Limited · Mangesh Agencies · Mangesh Enterprises · Mangesh Sales Corporation · Sapphire Promoters and Developers Private Limited · Shri Saptashrungi Oil Mills Private Limited · Telesmel |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25801008 |
Equity Shares |
Rs.10/- each |
Rs.258.010 Millions |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
period
|
|
No. of Shares |
|
Shares outstanding at the beginning of the reporting period |
25801008 |
|
Shares allotted during the reporting period |
-- |
|
Shares forfeited during the reporting period |
-- |
|
Shares bought back during the reporting period |
-- |
|
Shares outstanding at the end of the reporting period |
25801008 |
Shares in the company
held by each shareholder holding more than 5 per cent shares specifying the
number of shares held
|
|
No. of Shares |
|
H. D. Kulkarni |
4897308 |
|
D. S. Kulkarni |
4510951 |
|
S. D. Kulkarni |
1520000 |
|
Ashok Parmar |
3116630 |
|
Chander Bhatia |
2000000 |
|
Asha Bhatia |
1950000 |
|
Total |
17994889 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
258.010 |
258.010 |
258.010 |
|
(b) Reserves & Surplus |
4652.037 |
4499.782 |
4356.414 |
|
(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) |
4910.047 |
4757.792 |
4614.424 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2252.872 |
1381.958 |
1107.730 |
|
(b) Deferred tax liabilities (Net) |
10.663 |
8.328 |
7.695 |
|
(c) Other long term liabilities |
2.560 |
2.560 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
2266.095 |
1392.846 |
1115.425 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
1859.299 |
2153.076 |
3362.504 |
|
(b) Trade payables |
158.891 |
83.679 |
144.748 |
|
(c) Other current liabilities |
3760.047 |
2743.699 |
1775.326 |
|
(d) Short-term provisions |
583.373 |
490.699 |
420.564 |
|
Total Current
Liabilities (4) |
6361.610 |
5471.153 |
5703.142 |
|
|
|
|
|
|
TOTAL |
13537.752 |
11621.791 |
11432.991 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
402.705 |
413.303 |
412.693 |
|
(ii) Intangible Assets |
1.780 |
2.440 |
3.113 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
2.994 |
0.802 |
0.000 |
|
(b) Non-current Investments |
491.287 |
507.287 |
507.016 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
13.780 |
16.278 |
0.000 |
|
Total Non-Current
Assets |
912.546 |
940.110 |
922.822 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
11094.734 |
9317.928 |
9438.120 |
|
(c) Trade receivables |
35.256 |
19.552 |
19.008 |
|
(d) Cash and cash equivalents |
310.295 |
164.860 |
290.803 |
|
(e) Short-term loans and advances |
663.601 |
729.787 |
380.807 |
|
(f) Other current assets |
521.320 |
449.554 |
381.431 |
|
Total Current
Assets |
12625.206 |
10681.681 |
10510.169 |
|
|
|
|
|
|
TOTAL |
13537.752 |
11621.791 |
11432.991 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
541.044 |
1936.544 |
2002.835 |
|
|
|
Other Income |
28.570 |
16.751 |
14.406 |
|
|
|
TOTAL (A) |
569.614 |
1953.295 |
2017.241 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Land/or Development expenses |
1723.937 |
1310.871 |
1279.864 |
|
|
|
Office and administration expenses |
66.456 |
60.447 |
63.409 |
|
|
|
Employee benefits expense |
103.380 |
89.816 |
74.891 |
|
|
|
Selling expenses |
74.167 |
77.653 |
77.177 |
|
|
|
Other Expenses |
0.000 |
0.000 |
22.722 |
|
|
|
Increase/(Decrease) in inventories of Finished Tenements and Work-in-Progress |
(1773.720) |
115.551 |
193.284 |
|
|
|
Exceptional Items |
(17.918) |
(32.303) |
5.099 |
|
|
|
Extra-ordinary items |
0.000 |
2.497 |
0.000 |
|
|
|
TOTAL (B) |
176.302 |
1624.532 |
1716.446 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
393.312 |
328.763 |
300.795 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
94.730 |
61.908 |
37.907 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
298.582 |
266.855 |
262.888 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.300 |
14.255 |
11.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
284.282 |
252.600 |
251.295 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
99.996 |
79.246 |
84.589 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
184.286 |
173.354 |
166.706 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1322.140 |
1178.773 |
1042.991 |
|
|
|
|
|
|
|
|
|
|
Prior
Year’s Adjustment |
1.844 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
25.801 |
25.801 |
25.801 |
|
|
|
Tax on Dividend |
4.385 |
4.186 |
4.385 |
|
|
BALANCE CARRIED
TO THE B/S |
1474.396 |
1322.140 |
1178.773 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Advance against tenements |
0.000 |
0.000 |
0.051 |
|
|
|
Interest from subsidiary |
19.183 |
15.485 |
12.068 |
|
|
TOTAL EARNINGS |
19.183 |
15.485 |
12.119 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Construction materials |
0.000 |
3.966 |
5.545 |
|
|
TOTAL IMPORTS |
0.000 |
3.966 |
5.545 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.14 |
6.72 |
6.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
32.35 |
8.87 |
8.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
52.54 |
13.04 |
12.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.18 |
2.27 |
2.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.05 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.84 |
0.74 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1..98 |
1.95 |
1.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
258.010 |
258.010 |
258.010 |
|
Reserves & Surplus |
4,356.414 |
4,499.782 |
4,652.037 |
|
Net
worth |
4,614.424 |
4,757.792 |
4,910.047 |
|
|
|
|
|
|
long-term borrowings |
1,107.730 |
1,381.958 |
2,252.872 |
|
Short term borrowings |
3,362.504 |
2,153.076 |
1,859.299 |
|
Total
borrowings |
4,470.234 |
3,535.034 |
4,112.171 |
|
Debt/Equity
ratio |
0.969 |
0.743 |
0.838 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
2,002.835 |
1,936.544 |
541.044 |
|
|
|
(3.310) |
(72.061) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
2,002.84 |
1,936.54 |
541.044 |
|
Profit |
166.706 |
173.354 |
184.286 |
|
|
8.32% |
8.95% |
34.06% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Borrowings |
782.303 |
631.974 |
NA |
|
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Deposits from public |
1079.776 |
779.884 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Interest accrued but not due on borrowings |
40.232 |
92.217 |
|
Current maturities of deposits from Public |
476.406 |
783.070 |
|
Current maturity of Inter corporate deposits |
278.920 |
467.775 |
|
|
|
|
|
Total |
1875.334 |
2122.946 |
OPERATIONS:
The year witnessed
a growth in the total income from 1837.700 Millions to Rs.2343.300 Millions
principally attributable to increase in construction activity because the
projects undertaken were in different stages of completion. The profit for the
year was Rs.184.300 Millions against Rs.173.300 Millions for the earlier year.
The Indian Real
Estate industry had many reformist expectations in the year just gone by, which
did not materialize. On the contrary, due to lack of definitive policy
initiatives, high inflation and therefore high interest rates, the real estate
market, probably temporarily, lost its sheen from buyers’ perspective. The
present economic conditions do not augur well to contain inflation and interest
rates. The ever widening Current Account Deficit (CAD) may throw the currency
out of gear and nudge Reserve Bank of India to tighten liquidity to control
ill-effects of the above. Liquidity tightening may dampen buyers’ interest in
real estate. Though the immediate future looks hazy, the Company is confident
of its progress and growth in the business on account of unmatched brand pull
and launching of “never-seen-before” township in the outskirts of Pune.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
The country still
enjoys a status of an Emerging Market and is attempting to reach to the
Developed Nation Status. India is well integrated with rest of the world. The
global economic conditions and geo-political factors do influence the Indian
economy. The recent happenings in the global markets have impacted their
country and thereby the business sentiments.
The Indian economy
saw a profound slowdown in the mining and manufacturing sectors. Mining was
stalled due to legal enforcements on illegal mining thereby affecting the
manufacturing sector in different ways. Capacity utilization was not upto the
estimations; however service sector performed relatively better.
India’s services
sector has emerged as a prominent sector in terms of its contribution to
national and state incomes. It generates bulk employment and creates economic
empowerment with the masses. Nevertheless, due to inflation at its high,
consumption has remained sluggish and is eroding financial savings of the
households.
Fiscal 2013 was
dominated by RBI initiatives to boost liquidity in a slowing down economy. RBI,
however, remained cautious about interest rates despite reduction in headline
inflation. RBI’s monetary policy initiatives are mostly guided by upward risks
to inflation and high volatility in rupee. This has forced economists to revise
down the GDP estimates.
Internationally,
Eurozone crisis is seemingly continuing, however US economy has shown some
improvement. But still Global Economy remains subdued and everyone is keeping
an eye on the triggers affecting this Economy as a whole.
REAL ESTATE SECTOR
OVERVIEW
The real estate
sector in India has earned the distinction of being one of the fastest growing
markets in the World. It has attracted not only domestic investors but foreign
investors as well. The growth of the industry is attributed mainly to a large
population base, rising income levels and rapid urbanisation.
The real estate
sector has been transforming itself from being an unorganised sector to a
dynamic and organized sector over the past decade. Government policies will
always remain instrumental in providing support to this sector especially after
recognising the need for infrastructure development to ensure better standard
of living for its citizens. In addition to this, adequate infrastructure forms
a prerequisite for sustaining the long-term growth momentum of the economy.
The overall Indian
Real Estate sector is expected to grow at a CAGR of 19% but Tier I cities still
dominate the major chunk of this. Growing infrastructure requirements from Tier
II cities are providing numerous opportunities to this sector to grow locally.
Construction development (including townships, housing, built-up infrastructure
and construction-development projects) continue to attract foreign direct
investment (FDI). The Ministry of Housing and Urban Poverty Alleviation has
planned to introduce a single-window system for clearance of all real estate
projects across the country. The system could bring down the average approval
time from the current 196 days to 45-60 days which is a positive move by the
government.
The Real Estate
Regulator is expected to govern the functioning of real estate sector. If the
Bill goes through, the Company believes that it will contribute to the
organization and growth of real estate sector through smooth approvals,
transparency, predictability and accountability. This may help curb unwarranted
practices by small players and help customers to have their say in the project
making.
THE OUTLOOK
In spite of double
digit growth seen in the real estate sector in recent past years, substantial
housing shortage is still prevalent in India mostly in the urban and semi-urban
areas owing to migration and increase in trend of nuclear families. Real estate
growth in rural areas is still lagging. Government schemes like Indira Awas
Yojana or Rajeev Gandhi Awas Yojana are expected to improve housing situation
for the needy. The union budget for FY 2013-14 has provided Rs.60000.000
Millions for rural housing development.
Government’s
continuous focus on improvement in economy, especially new economy sectors may
lead to upsurge in industrial and business activities in Tier II and Tier III
cities thereby wide-opening residential market. Industrial hubs near cities
will create construction opportunities. This will provide a positive
environment for global investors to invest though FDI. The new hubs are giving
opportunities to set up special township which is a city within itself.
FINANCIAL PERFORMANCE
The company has
registered an increase of 28% in revenues from operations. Profit before tax is
increased by 13% and Profit after tax and EPS by 6% each. The Company’s current
ratio is 1.99 times and Debt-Equity Ratio is 0.84. With the completion of some
ongoing projects, launch of new projects and the Special Township project in
this fiscal, the Company’s income is expected to grow with rise in profits.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
1. Guarantee is respect of secured loans obtained by subsidiary |
1000.000 |
1000.000 |
|
Balance of secured loans as at end of year |
993.071 |
1022.394 |
|
2. Guarantee to Pune Municipal Corporation |
60.000 |
0.000 |
|
3. Tax Matters under appeal** |
75.346 |
44.663 |
|
4. Cases filed against the Company |
63.834 |
72.015 |
|
|
|
|
|
Total at the end of the reporting period |
2192.251 |
2139.072 |
** Income tax
demands comprise demand from the Indian tax authorities for payment of
additional tax upon completion of their tax review for the financial years 2004-05,
2005-06, 2006-07, 2007-08, 2008-09, 2009-10 and 2010-11. The tax demands are
mainly on account of disallowance of a portion of the tax holiday claimed by
the Company under the Income tax Act. The matter is pending before the
Commissioner of Income tax (Appeals)/Income Tax Appellate Tribunal/High Court
of Judicature at Mumbai. The Company is contesting the demands and the
management, including its tax advisors, believe that its position will likely
be upheld in the appellate process. No tax expense has been accrued in the
financial statements for the tax demand raised. The management believes that
the ultimate outcome of this proceeding will not have a material adverse effect
on the Company’s financial position and results of operations.
In the opinion of
the Board, all the assets other than fixed assets and non-current investments
have a value on realization in the ordinary course of business at least equal
to the amount at which they are stated.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
|
S. No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10475664 |
15/01/2014 |
300,000,000.00 |
TATA CAPITAL
HOUSING FINANCE LIMITED |
ONE FORBES, DR V
B GANDHI MARG, FORT, MUMBAI, MAHARASHTRA -
400001, INDIA |
B95524047 |
|
2 |
10468632 |
06/12/2013 |
250,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B92907401 |
|
3 |
10456254 |
30/09/2013 |
16,000,000.00 |
RELIANCE CAPITAL
LTD |
"H"
BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
B88032339 |
|
4 |
10423907 |
28/03/2013 |
14,000,000.00 |
RELIANCE CAPITAL
LTD |
"H" BLOCK
1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
B74487307 |
|
5 |
10392401 |
07/12/2012 |
910,000,000.00 |
BANK OF
MAHARASHTRA |
BAJIRAO ROAD BRANCH,
JANMANGAL, 1177, BUDHWAR PETH, PUNE, MAHARASHTRA - 411002, INDIA |
B64302292 |
|
6 |
10392571 |
29/10/2012 |
200,000,000.00 |
SREI Equipment
Finance Private Limited |
'VISHWAKARM',
86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B64366404 |
|
7 |
10368649 |
02/08/2012 |
500,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, India |
B44946788 |
|
8 |
10354171 |
15/04/2012 |
292,217,223.00 |
SREI Equipment
Finance Private Limited |
'VISHWAKARM', 86C,
TOPSIA ROAD, KOLKATA, West BENGAL - 700046, INDIA |
B39144928 |
|
9 |
10337416 |
01/02/2012 |
35,000,000.00 |
RELIANCE CAPITAL
LTD |
"H"
BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
B32888000 |
|
10 |
10330315 |
04/01/2012 |
50,000,000.00 |
Sangali Urban
Co-Operative Bank Ltd. |
PRADHAN
KARYALAY, 404, KHANABHAG,, SANGALI, MAHARA |
B30069264 |
|
11 |
10316145 |
15/10/2011 |
330,000,000.00 |
Bank of
Maharashtra |
BAJIRAO ROAD,
PUNE, Maharashtra - 411002, INDIA |
B24743312 |
|
12 |
10305387 |
27/09/2011 * |
100,000,000.00 |
SREI Equipment
Finance Private Limited |
'VISHWAKARM',
86C, TOPSIA ROAD, KOLKATA, West BENGAL - 700046, INDIA |
B25688243 |
|
13 |
10305396 |
15/08/2011 |
41,500,000.00 |
SREI Equipment
Finance Private Limited |
'VISHWAKARM',
86C, TOPSIA ROAD,, KOLKATA, West BENGAL - 700046, INDIA |
B20138210 |
|
14 |
10295662 |
22/11/2013 * |
150,000,000.00 |
SREI EQUIPMENT
FINANCE LIMITED |
'VISHWAKARM', 86C,
TOPSIA ROAD,, KOLKATA, West BENGAL - 700046, INDIA |
B90644063 |
|
15 |
10292270 |
28/05/2011 * |
55,000,000.00 |
SREI Equipment
Finance Private Limited |
'VISHWAKARM',
86C, TOPSIA ROAD, KOLKATA, West BENGAL - 700046, INDIA |
B16877870 |
|
16 |
10285315 |
05/05/2011 |
2,995,902.00 |
SREI Equipment
Finance Private Limited |
'VISHWAKARM',
86C, TOPSIA ROAD, KOLKATA, West BENGAL - 700046, INDIA |
B12344347 |
|
17 |
10250655 |
30/09/2010 |
68,200,000.00 |
RELIANCE
CONSUMER FINANCE PRIVATE LIMITED |
F-1, FIRST
FLOOR, THE METROPOLE, BUND GARDEN ROAD, (ADJACENT TO INOX COMPLEX), PUNE,
MAHARASHTRA - 411001, INDIA |
A98316961 |
|
18 |
10210653 |
26/03/2010 |
25,000,000.00 |
RELIANCE CAPITAL
LTD |
"H" BLOCK
1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
A82454166 |
|
19 |
10147947 |
02/03/2009 |
12,000,000.00 |
Reliance Capital
Limited |
1ST FLOOR, H BLOCK,
DHIRUBHAI AMBANI KNOWLEDGE, CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA -
400710, INDIA |
A58610379 |
|
20 |
10141959 |
08/03/2013 * |
50,000,000.00 |
The Kalyan
Janata Sahakari Bank Limited |
H.O.-'NIHARIKA',OPP.RAILWAY
STATION,KALYAN (W), HADAPSAR BRANCH, PUNE, MAHARASHTRA - 411028, INDIA |
B72194657 |
|
21 |
10126218 |
30/03/2012 * |
1,002,000,000.00 |
Central Bank of
India |
DECCAN GYMKHANA
BRANCH, PUNE, MAHARASHTRA - 411004, INDIA |
B38227104 |
|
22 |
90091437 |
15/10/2011 * |
50,000,000.00 |
Bank of
Maharashtra |
BAJIRAO ROAD,
PUNE, MAHARASHTRA - 411002, INDIA |
B24744146 |
|
23 |
90088318 |
28/08/2000 |
545,000.00 |
KOTAK MAHINDRA
PRIMUS LIMITED |
36-38A; NARIMAN BHAVAN,
227; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
24 |
90090809 |
11/11/1998 |
3,749,000.00 |
INDIAN RENEWABLE
ENERGY DEVELOPMENT AGENCY LTD. |
CORE-4A; EAST
COURT; 1ST FLOOR, INDIA HABITAT CENTRE, NEW DELHI, Delhi - 110003, INDIA |
- |
|
25 |
90089816 |
25/01/1993 |
42,000,000.00 |
BANK OF
MAHARASHTRA |
BAJIRAO ROAD
BRANCH, PUNE, MAHARASHTRA - 411002, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
· Land
· Plant and Machinery
· Office Machinery
· Furniture and Fixtures
· Vehicles
Intangible Assets
· Computer Software
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.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.