MIRA INFORM REPORT
|
Report Date : |
11.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOBHA LIMITED |
|
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Formerly Known
As : |
SOBHA DEVELOPERS LIMITED (w.e.f. 08.05.2006) SOBHA DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road (ORR),
Devarabisanhalli, Bellandur Post, Bangalore – 560103, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.08.1995 |
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Com. Reg. No.: |
08-018475 |
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Capital
Investment / Paid-up Capital : |
Rs. 980.640 Millions |
|
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CIN No.: [Company Identification
No.] |
L45201KA1995PLC018475 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS03591A |
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PAN No.: [Permanent Account No.] |
AABCS7723E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company is in the
business of real estate development and also undertakes contract work for
corporates. |
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No. of Employees
: |
3354 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 64000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy operational risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
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High |
B2 |
|
Very High |
C1 |
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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 = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
March 21, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2+ |
|
Rating Explanation |
Strong Degree of safety and low credit risk |
|
Date |
March 21, 2014 |
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 PARTED BY
|
Name : |
Mr. Ganesh V |
|
Designation : |
Accountant Head |
|
Contact No.: |
91-80-49320000 |
|
Date : |
07.11.2014 |
LOCATIONS
|
Registered/ Corporate Office 1 / Marketing Office 1 : |
‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road (ORR),
Devarabisanhalli, Bellandur Post, Bangalore – 560103, Karnataka, India |
|
Tel. No.: |
91-80-49320000/ 25594139 |
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Fax No.: |
91-80-49320444/ 25594138 |
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E-Mail : |
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Website : |
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Factories : |
Interiors
Division Plot No: 9, KIADB Industrial Area, Jigani Bommasandra Link Road,
Bommasandra, Hennagara Post , Anekal
Taluk, Bangalore - 560 105, Karnataka, India Tel No.: 91-80-22631700 / 27839012/3/4/5 Fax No.: 91-80-27839017 E-mail: retail.sil@sobha.com
Glazing and
Metal Works Division Plot No: 10,
Bommasandra Jigani Link Road, Anekal Taluk, Bommasandra , Bangalore - 560 105
Karnataka, India Tel No.:
91-80-27839018/ 22631702 / 27839019 Fax No.:
91-80-27839021 Concrete
Products Division Plot No: 329,
Bommasandra Jigani Link Road, Industrial Area, Jigani Anekal Taluk, Bangalore
- 560 105, Karnataka, India Tel No.: 91-80-27825177 / 27825220 Fax No.: 91-80-27825777 E-mail: enquiry@sobhaconcreteproducts.com
Restoplus Spring
Mattress Division Plot No. 9, Bommasandra, Jigni Link Road, Industrial Area, Hennagara
Post, Bommasandra, Bangalore, Karnataka, Indai. Fax No.: 91-80-22631710 E-mail: sobha.restoplus@sobha.com
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Regional Office
1 : |
5th Floor, Rider House, Sector 4 136 – P, Gurgaon – 122003,
Haryana, India |
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Tel No.: |
91-124 – 485555 |
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Email: |
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Regional Office |
Also Located at: ·
Pune ·
Kerala ·
Chennai ·
Coimbatore
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. PNC Menon |
|
Designation : |
Chairman Emeritus |
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Name : |
Mr. Ravi PNC Menon |
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Designation : |
Chairman |
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Name : |
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Designation : |
Vice Chairman and Managing Director |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B.Com, ACA, ACS |
|
Experience : |
29 Years |
|
Date of Appointment : |
01.06.2001 |
|
Last Employment : |
Grasim Industries Limited |
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|
|
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Name : |
Mr. P. Ramakrishnan |
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Designation : |
Deputy Managing Director |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
BE,MBA |
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Experience : |
27 Years |
|
Date of Appointment : |
15.03.2007 |
|
Last Employment : |
Enares Infranet Private Limited |
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|
|
Name : |
Mr. Melevetil Damodaran |
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Designation : |
Independent Director |
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|
Name : |
Dr. S.K. Gupta |
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Designation : |
Independent Director |
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Name : |
Mr. R. V. S. Rao |
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Designation : |
Independent Director |
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|
Name : |
Mr. Anup Shah |
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Designation : |
Independent Director |
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Name : |
Dr. Punita Kumar Sinha |
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Designation : |
Independent Director |
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Name : |
Mr. Raj Pillai |
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Designation : |
Executive Director Concrete Products Division |
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|
Name : |
Mr. Sanjay Khosla |
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Designation : |
Executive Director Sales and Marketing - Bangalore |
KEY EXECUTIVES
|
Name : |
Mr. Kishore Kayarat |
|
Designation : |
Company Secretary and Compliance Officer |
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|
Name : |
Anup S Shah Law Firm |
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Designation : |
Legal Advisors |
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|
Name : |
Mr. Lt Gen Mathew Mammen |
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Designation : |
Advisor |
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Name : |
Mr. Sanjaya Sarathy |
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Designation : |
Regional Director |
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Name : |
Mr. Ganesh Venkataraman |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Varghese P V |
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Designation : |
CEO – Shobha |
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|
Name : |
Harish Babu |
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Designation : |
CEO – Interiors Division |
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|
Name : |
Mr. Rajan Nambiar |
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Designation : |
Advisor |
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|
Name : |
Mr. Raghu Balan |
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Designation : |
Executive Vice President -QST |
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Name : |
Mr. Raghav Menon |
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Designation : |
Executive Vice President- Sobha Mattresses Division |
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|
Name : |
Mr. Surajit Chanda |
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Designation : |
Regional Head (Pune) |
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Audit Committee: |
Mr. R V S Rao – Chairman Mr. M Damodaran – Member Dr. S K Gupta – Member Mr. Anup Shah – Member Mr. J C Sharma – Member |
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Stakeholders Relationship Committee: |
Dr. S K Gupta – Chairman Mr. Ravi PNC – Menon Member Mr. J C Sharma – Member |
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Nomination, Remuneration and Governance Committee: |
Mr. Anup Shah – Chairman Dr. S K Gupta – Member Mr. R V S Rao – Member Mr. J C Sharma – Member |
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Risk Management Committee: |
Mr. Anup Shah – Chairman Mr. Ravi PNC Menon – Member Mr. J C Sharma – Member |
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Corporate Social Responsibility Committee: |
Mr. Anup Shah – Chairman Mr. J C Sharma – Member Mr. P Ramakrishnan – Member |
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Share Transfer Committee: |
Mr. J C Sharma – Chairman Mr. Ravi PNC Menon – Member Mr. P Ramakrishnan – Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter and
Promoter Group |
||
|
|
|
|
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|
45000 |
0.05 |
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|
45000 |
0.05 |
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|
45000 |
0.05 |
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|
|
|
|
|
59364300 |
60.54 |
|
|
59364300 |
60.54 |
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Total shareholding of Promoter
and Promoter Group (A) |
59409300 |
60.58 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2772541 |
2.83 |
|
|
553493 |
0.56 |
|
|
53272 |
0.05 |
|
|
30821043 |
31.43 |
|
|
34200349 |
34.88 |
|
|
|
|
|
|
1342233 |
1.37 |
|
|
|
|
|
|
2185856 |
2.23 |
|
|
195283 |
0.20 |
|
|
730847 |
0.75 |
|
|
163690 |
0.17 |
|
|
20635 |
0.02 |
|
|
11 |
0.00 |
|
|
1710 |
0.00 |
|
|
126678 |
0.13 |
|
|
418123 |
0.43 |
|
|
4454219 |
4.54 |
|
Total Public shareholding (B) |
38654568 |
39.42 |
|
Total (A)+(B) |
98063868 |
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) |
98063868 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is in
the business of real estate development and also undertakes contract work for
corporates. |
|
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
3354 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Statutory Auditors : |
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|
Name : |
SR Batliboi and Associates LLP Chartered Accountant |
|
Address : |
UB City, Canberra Block, 12th and 13th Floor,
No.24, Vittal Mallya Road, Bangalore-560001, Karnataka, India |
|
Tel. No.: |
91-80-67275000 |
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Fax No.: |
91-80-22106000 |
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Subsidiaries |
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|
Other Related
Parties [Enterprise owned or significantly influenced by key
management personnel] |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
5000000 |
7% Redeemable Preference Shares |
Rs.100/- each |
Rs.500.000 Millions |
|
|
Total |
|
Rs. 2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
98063868 |
Equity Shares |
Rs.10/- each |
Rs.980.638 Millions |
|
|
|
|
|
(a) Reconciliation of the
shares outstanding at the beginning and end of the reporting year
|
|
31-Mar-13 |
|
|
Equity
shares |
No of Shares |
Rs. In Millions |
|
At the beginning of the year |
98063868 |
980.640 |
|
Issued
during the year - |
- |
-- |
|
Outstanding at the end of the year |
98063868 |
980.640 |
(b) Terms/ rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs.10 per share.
Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in ensuing Annual General Meeting. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of shareholders holding more than 5%
shares in the Company
|
|
31-Mar-13 |
|
|
Equity
shares of Rs. 10 each fully paid up |
No of Shares in Millions |
Holding Percentage |
|
Mrs. Sobha Menon |
41.350 |
42.16% |
|
Mr.
P.N.C. Menon |
12.490 |
12.74% |
|
Mr. P.N.C. Menon and Mrs. Sobha Menon (Jointly) |
5.490 |
5.60% |
Note : As per of the Company, including its register of shareholders/ members and other declaration received from shareholders regarding beneficial interest, the above shareholding represent both legal and beneficial ownership of shares.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
980.640 |
980.640 |
980.640 |
|
(b) Reserves &
Surplus |
21449.160 |
20186.850 |
19024.230 |
|
(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) |
22429.800 |
21167.490 |
20004.870 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
390.280 |
149.040 |
244.400 |
|
(b) Deferred tax
liabilities (Net) |
1009.770 |
638.110 |
330.370 |
|
(c) Other long term
liabilities |
177.620 |
177.620 |
177.620 |
|
(d) long-term provisions |
20.040 |
14.470 |
20.680 |
|
Total Non-current
Liabilities (3) |
1597.710 |
979.240 |
773.070 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10691.690 |
10784.640 |
10849.490 |
|
(b) Trade payables |
5629.980 |
4072.990 |
3212.710 |
|
(c) Other current
liabilities |
10478.050 |
8424.940 |
4636.150 |
|
(d) Short-term provisions |
1371.550 |
1264.910 |
1236.270 |
|
Total Current Liabilities
(4) |
28171.270 |
24547.480 |
19934.620 |
|
|
|
|
|
|
TOTAL |
52198.780 |
46694.210 |
40712.560 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3209.720 |
3128.010 |
2739.600 |
|
(ii) Intangible Assets |
38.410 |
40.730 |
57.930 |
|
(iii) Capital
work-in-progress |
412.230 |
0.000 |
12.750 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2323.580 |
2478.300 |
1539.130 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4404.920 |
4287.900 |
5501.940 |
|
(e) Trade receivables |
123.270 |
20.230 |
51.250 |
|
(e) Other Non-current
assets |
67.090 |
88.620 |
78.850 |
|
Total Non-Current Assets |
10579.220 |
10043.790 |
9981.450 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
20619.840 |
15879.560 |
14365.370 |
|
(c) Trade receivables |
2467.930 |
1646.730 |
1117.190 |
|
(d) Cash and cash
equivalents |
741.990 |
545.230 |
532.950 |
|
(e) Short-term loans and
advances |
14453.180 |
13978.110 |
12573.670 |
|
(f) Other current assets |
3336.620 |
4600.790 |
2141.930 |
|
Total Current Assets |
41619.560 |
36650.420 |
30731.110 |
|
|
|
|
|
|
TOTAL |
52198.780 |
46694.210 |
40712.560 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
21128.890 |
18030.210 |
13965.680 |
|
|
Other Income |
158.770 |
76.730 |
62.730 |
|
|
TOTAL (A) |
21287.660 |
18106.940 |
14028.410 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Land Purchase Cost |
2319.220 |
1136.370 |
2586.680 |
|
|
Cost of Materials
Consumed |
1725.300 |
1078.090 |
1011.010 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(4850.410) |
(1487.650) |
(4591.010) |
|
|
Purchase of project
materials |
7000.200 |
5045.120 |
2867.090 |
|
|
Subcontractor and lobour
charges |
5168.860 |
3465.080 |
2803.940 |
|
|
Employees benefits
expense |
1864.580 |
1635.450 |
1267.490 |
|
|
Other expenses |
2898.790 |
2368.300 |
3681.360 |
|
|
TOTAL (B) |
16126.540 |
13240.760 |
9626.560 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
5161.120 |
4866.180 |
4401.850 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1368.650 |
1428.660 |
1061.710 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3792.470 |
3437.520 |
3340.140 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
655.840 |
559.650 |
387.780 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
3136.630 |
2877.870 |
2952.360 |
|
|
|
|
|
|
|
Less |
TAX (H) |
1071.210 |
912.140 |
943.860 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
2065.420 |
1965.730 |
2008.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
363.700 |
213.820 |
104.520 |
|
|
Capital Goods |
177.260 |
121.890 |
22.940 |
|
|
TOTAL IMPORTS |
540.960 |
335.710 |
127.460 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
21.06 |
20.06 |
20.48 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
9.78 |
10.90 |
14.38 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
24.43 |
26.99 |
31.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.36 |
6.51 |
7.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.14 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.49 |
0.52 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48 |
1.49 |
1.54 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
980.640 |
980.640 |
980.640 |
|
Reserves & Surplus |
19024.230 |
20186.850 |
21449.160 |
|
Net worth |
20004.870 |
21167.490 |
22429.800 |
|
|
|
|
|
|
long-term borrowings |
244.400 |
149.040 |
390.280 |
|
Short term borrowings |
10849.490 |
10784.640 |
10691.690 |
|
Total borrowings |
11093.890 |
10933.680 |
11081.970 |
|
Debt/Equity ratio |
0.555 |
0.517 |
0.494 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
13965.680 |
18030.210 |
21128.890 |
|
|
|
29.104 |
17.186 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
13965.680 |
18030.210 |
21128.890 |
|
Profit |
2008.500 |
1965.730 |
2065.420 |
|
|
14.38% |
10.90% |
9.78% |
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 |
No |
|
8] |
No.
of employees |
Yes |
|
9] |
Name
of person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover
of firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
-------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
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 |
No |
|
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 |
LITIGATION DETAILS
CASE PENDING
|
High Court of
Karnataka - Bangalore Bench |
ITA 110/2012 |
|
THE COMMISSIONER OF INCOME-TAX |
Respondent/Defnt.
Name |
M/S SOBHA DEVELOPERS |
|||
|
Petnr./Appnt.
Advocate |
K V ARAVIND |
Respnt./Defnt.
Advocate |
|||
|
Date Filed |
22/05/2012 |
Classification |
District |
Bangalore City |
|
|
Stage |
HEARING |
Last Posted For |
ADMISSION |
|
|
|
Last Action Taken |
ADMIT/RULE |
Last Date of Action |
11/06/2012 |
Next Hearing Date |
|
|
Latest Order |
LIST ITA 116/12 |
|
|||
|
Before Hon'ble
Judge/s |
D.V.SHYLENDRA KUMAR B.MANOHAR |
|
|||
Lower Court Details [Appeal from below case.]
|
Case No |
Court Name |
Disposal Dt |
|
ITA 1026/2010 |
INCOME TAX APPELLATE TRIBUNAL BANGALORE |
16/12/2011 |
Details of the Daily Order
(Click on date of order to get full order)
|
Sl No |
Honble Judge |
Date of Order |
|
1 |
HONBLE DVSKJ & BMJ |
Financial Overview
Performance
Standalone:
During the financial year 2013-14, the Company has on a standalone basis, registered total revenue of Rs. 21287.660 million as compared to Rs. 18106.940 million in the previous year, showing an increase of 17% Y-O-Y.
Operational Overview
Completed Projects
During the year, the Company has executed and handed over 7 residential projects covering an area of 2.340 million square feet and 19 contractual projects covering an area of 4.340 million square feet resulting in an aggregate development of 6.680 million square feet.
The Company has completed 92 residential projects in 5 cities and 247 contractual projects in 21 cities covering about 62.930 million square feet of area since inception.
Ongoing Projects
The Company currently has 48 ongoing residential projects located in 9 cities aggregating to 30.610 million square feet of developable area. It has 31 ongoing contractual projects located in 11 cities aggregating to 9.670 million square feet under various stages of construction.
The Company has a geographic presence in 24 cities and 13 states across India.
Business Overview
Sobha Developers Limited is a public limited Company with its equity shares listed on National Stock Exchange of India Limited and the Bombay Stock Exchange Limited. The issued, subscribed and paid-up capital of the Company is ` 980,638,680 (Rupees Ninety Eight Crores Six Lakhs Thirty Eight Thousand Six Hundred and Eighty only) divided into 98,063,868 (Nine Crores Eighty Lakhs Sixty Three Thousand Eight Hundred and Sixty Eight only) equity shares of Rs. 10 each. During the year, there was no change in the capital structure of the Company.
The operations of the Company can be categorized into two main verticals:
• Construction and development of residential and commercial projects
• Contractual projects
A summary of completed and ongoing projects as on March 31, 2014 has been detailed in the Management Discussion and Analysis Report titled as Management Report forming part of the Annual Report.
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10521061 |
28/08/2014 * |
500,000,000.00 |
ADITYA BIRLA FINANCE LIMITED |
Indian Rayon Compound,
Veraval, Gujarat - 362266, |
C22232649 |
|
2 |
10505792 |
21/06/2014 |
3,000,000,000.00 |
ORIENTAL BANK OF COMMERCE |
21/15 THE LANDMARK,
MG ROAD, BANGALORE, Karnataka |
C09139924 |
|
3 |
10507094 |
11/06/2014 |
700,000,000.00 |
THE FEDERAL BANK LIMITED |
St. Mark's Road
Branch, Halcyon Complex, #9, St. |
C09919549 |
|
4 |
10500334 |
03/06/2014 * |
2,500,000,000.00 |
Standard Chartered Bank |
112, "Serenity",, 5th Block, Koramangala, Bangalore, Karnataka - 560095, INDIA |
C05933999 |
|
5 |
10471782 |
21/07/2014 * |
600,000,000.00 |
Bank of India |
Bangalore Large
Corporate Branch, 15 Vectra House, |
C14479398 |
|
6 |
10448755 |
22/07/2013 |
700,000,000.00 |
DHANLAXMI BANK LIMITED |
DHANALAKSHMI BANK BUILDINGNAICKANAL, Naickanal, TRICHUR, Kerala - 680001, INDIA |
B84865161 |
|
7 |
10429577 |
24/09/2014 * |
1,700,000,000.00 |
PNB HOUSING FINANCE LIMITED |
9TH FLOORANTRIKSH
BHAWAN, 22 K G MARG, NEW DELHI, |
C24790339 |
|
8 |
10398850 |
31/12/2012 |
670,000,000.00 |
BANK OF MAHARASHTRA |
NO. 19, UTTARADHI
MUTT ROAD, BASAVANAGUDI BRANCH, |
B66433095 |
|
9 |
10364563 |
27/06/2012 |
300,000,000.00 |
Bank of India |
Bangalore Large
Corporate Branch, 15 Vectra House, |
B43223452 |
|
10 |
10364565 |
27/06/2012 |
1,000,000,000.00 |
Bank of India |
Bangalore Large
Corporate Branch, 15 Vectra House, |
B43224336 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Term loans from banks |
150.000 |
0.000 |
|
Total |
150.000 |
0.000 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Guarantees given by the Company |
4524.650 |
3700.820 |
|
Claims against the Company, not acknowledged as debts |
0.000 |
846.720 |
|
Income tax matters in dispute |
3.940 |
3.940 |
|
Sales tax matters in dispute |
331.370 |
363.440 |
|
Service tax matters in dispute |
1441.880 |
1182.310 |
|
|
6301.840 |
6097.230 |
The Company does not expect any reimbursement in respect of the above contingent liability and it is not practicable to estimate the timings of the cash outflows, if any, in respect of matters above pending resolution of the arbitration/ appellate proceedings and it is not probable that an outflow of resources will be required to settle the above obligations/claims.
Note:
The Company is also involved in certain litigation for lands acquired by it for construction purposes, either through joint development agreements or through outright purchases, the impact of which is not quantifiable. These cases are pending with various courts and are scheduled for hearings. After considering the circumstances and legal advice received, management believes that these cases will not adversely effect its financial statements.
Service tax matters in dispute includes demands raised for joint development agreements, the tax impact of which for future years is not ascertainable. The Company has evaluated such arrangements for tax compliance and based on experts opinion, the management is of the view that the tax positions are appropriate.
UNAUDITED
FINANCIAL RESULTS FOR QUARTER ENDED 30TH JUNE, 2014
|
Particulars |
3 Months ended
30.06.2014 |
|
|
(Unaudited) |
|
1. Income from Operation |
|
|
(a)
Net sales/ Income from operations (net of excise) |
5630.000 |
|
(b)Share
of profit in a subsidiary partnership firm |
47.000 |
|
(b)
Other operating income |
18.000 |
|
Total
income from operations (net) |
5695.000 |
|
|
|
|
2
Expenses |
|
|
(a)
(Increase)/decrease in finished goods, stock in trade and work in progress |
(2266.000) |
|
(b)
Land Cost |
1252.000 |
|
(c)
Cost of materials consumed |
477.000 |
|
(d)
Purchase of project material |
2032.000 |
|
(e)
Subcontractor and labour charges |
1561.000 |
|
(f)
License fees and plan approval charges |
85.000 |
|
(g)
Employee benefits expense |
461.000 |
|
(h)
Depreciation and amortisation expense |
172.000 |
|
(i)
Other expenses |
131.000 |
|
Total
expenses |
4505.000 |
|
3 Profit from operations before other income, finance costs items (1-2) |
1190.000 |
|
4
Other Income |
62.000 |
|
5 Profit from ordinary activities before finance costs (3+4) |
1252.000 |
|
6
Finance cost |
407.000 |
|
7 Profit from ordinary activities after finance costs but before
exceptional Items (5-6) |
845.000 |
|
8
Exceptional Items |
-- |
|
9 Profit
from ordinary activities before tax (7+8) |
845.000 |
|
10
Tax expense |
282.000 |
|
11 Net
profit/ (loss) from ordinary activities after tax (9-10) |
563.000 |
|
12
Extraordinary Items |
-- |
|
13
Net profit/ (loss) for the period |
563.000 |
|
14
Paid - up equity share capital (Face Value of Rs 10/- per share) |
981.000 |
|
15
Reserves excluding Revaluation Reserve as per balance sheet of previous
accounting year |
|
|
16
Earnings Per Share (EPS) |
|
|
a)
Basic and diluted EPS before Extraordinary items for the period, for the year
to date and for the previous year (not annualised) |
5.74 |
|
b) Basic and diluted EPS after Extraordinary
items for the period, for the year to date and for the previous year (not
annulised) |
5.74 |
|
|
|
|
Particulars |
Quarter ended
30.06.2014 |
|
|
(Unaudited) |
|
A PARTICULARS OF
SHAREHOLDING |
|
|
1 Public
shareholding |
|
|
- Number of Shares |
38654568 |
|
- Percentage of shareholding |
39.42% |
|
|
|
|
2 Promoter and
Promoter Group Shareholding |
|
|
a) Pledged/ Encumbered |
|
|
- Number of shares |
10700000 |
|
- Percentage of Share (as a % of the total
shareholding of promoter and promoter group) |
18.01% |
|
- Percentage of share (as a % of the total
share capital of the company) |
10.91% |
|
|
|
|
b) Non-encumbered |
|
|
- Number of shares |
48709300 |
|
- Percentage of Share (as a % of the total
shareholding of promoter and promoter group) |
81.99% |
|
- Percentage of share (as a % of the total
share capital of the company) |
49.67% |
|
|
|
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
-- |
|
disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the
quarter |
-- |
Note
As the Company's business activity primarily falls within a single business and geographical segment, there are no additional disclosures to be provided under Accounting Standard 17 'Segment Reporting'.
During the quarter ended December 31, 2013, the Company was subjected to search
and seizure operation under section 132 of the Income Tax Act, 1961 (the
‘Act’). The Company has received notice u/s 153A of the Act during the quarter
ended June 30, 2014, whereby the Company has revised the income tax returns for
the assessment years 2008-09 to 2013-14 for certain additional disallowances.
There is no additional tax charge in the financial results, since the
management is of the view that the disallowances are mainly on account of
timing differences. Pending final assessment, no adjustments are required to be
made in the financial results for the quarter ended June 30, 2014.
During the quarter ended June 30, 2014, based on internal and external
technical evaluation, management has adopted the useful life of assets as per
Schedule II of The Companies Act, 2013, with effect from April 01, 2014.
Accordingly, the useful life of certain assets required a change from the
previous estimates and the written down value of such assets as at April 01,
2014 is being depreciated over the revised remaining useful life.
If the Company had continued with the previously assessed useful lives, charge
for depreciation would have been lower and profit for the quarter ended June
30, 2014 would have been higher by Rs. 12.310 million for the assets held as at
April 01, 2014. Further, the carrying value of Rs. 16.660 million, in case of
assets with Nil revised remaining useful life as at April 01, 2014 is reduced
after tax adjustment from the retained earnings as at such date.
This statement has been reviewed by the Audit Committee and taken on record at
the meeting of the Board of Directors of the Company held on August 08, 2014.
The auditors have conducted a Limited review of the above financial results for
the quarter ended June 30, 2014.
The figures for the preceding quarter ended March 31, 2014 represent the
derived figures between the audited figures in respect of the financial year
ended March 31, 2014 and the published year-to-date figures up to December 31,
2013, being the date of the end of the third quarter of the financial year ended
March 31, 2014, which were subjected to a limited review, as required under
Clause 41 (I) (d) of the Listing Agreement.
The figures of the previous year / period have been regrouped / reclassified,
wherever necessary.
FIXED ASSETS
- Freehold Land
- Leasehold
Land
- Factory
Building
- Plant and
Machinery
- Scaffolding
Items
- Furniture and
Fixtures
- Vehicles
- Computers
- Office
Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.45 |
|
|
1 |
Rs. 97.76 |
|
Euro |
1 |
Rs. 76.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.